In Coastal New England, Home Sales Rebound as Prices
Three populous New England coastal states —
Massachusetts, Rhode Island, and Connecticut — saw
home sales stabilize or rebound in 2009, according to a
by Boston-based real estate information
clearinghouse The Warren Group.
The Warren Group collects sales data routinely from
Massachusetts registries of deeds and from Connecticut and
Rhode Island town halls, according to spokesperson Aglaia
Pikounis. The data show a slip of 1.9% in home sales in
Connecticut for 2009, the group reports, but that trend
reversed late in the year, as December home and condo sales
"A total of 24,401 single-family homes were sold in 2009 [in
Connecticut], down from 24,863 in 2008," the group reports.
"The total was boosted by a strong December, with single-family
home sales rising 34.8% to 2,216 from 1,644 in December 2008.
It was the strongest sales pace for the month of December since
2006." Condo sales rose 29% in December 2009 compared to
December 2008, the third monthly increase in a row.
In Massachusetts, sales were up 3% for all of 2009. Here
also, however, December sales posted a strong surge: Home sales
bounced up 16.8% from the previous December, while condo sales
surged 28.9% from the year-ago level.
Rhode Island showed the strongest annual sales increase of
the three states, posting a 12% gain on the year. The December
bounce was also strongest in Rhode Island, as home sales jumped
30% from December 2008, and condo sales soared 65.6%.
Median home prices were down for the year in all three
states, falling 13.8% in Rhode Island, 6.6% in Massachusetts,
and 10.1% in Connecticut. Here again, however, the end of the
year revealed signs of a rebound. In Connecticut, says the
Warren Group, "December’s median home price rose 3.6%
to $238,250 from $230,000 in December 2008. It was the first
increase in monthly median home prices year-over-year since
November 2007." The story was similar in Massachusetts: "In
December, the median home price actually rose 10.4% to $295,000
from $267,250 in December 2008. It was the first increase in
monthly median home prices year-over-year since September
2007." And in Rhode Island, likewise, prices began to creep
back from their recent record lows: "December’s median
home price managed to climb 3.8% to $197,200 from $190,000
during the same period in 2008. It was the second consecutive
month that monthly median home prices increased