This week, we’ve compiled a list of market stats for this July compared to 2021. Here’s a breakdown of all of the statistics for single-family homes and condominiums in Connecticut, as well as Middlesex, New London, and New Haven Counties.
Connecticut Market Statistics
|Number of Sales||4,329||3,330||-23%|
|Average Days to Sell||32||28||-12.5%|
|Median Sale Price||$367,000||$401,400||+9.4%|
|Number of Sales||1,103||903||-18%|
|Average Days to Sell||38||30||-21%|
|Median Sale Price||$205,000||$240,000||+17%|
July 2022 has remained consistent with the previous months in a significantly lower inventory quantity from the past year. The amount of single-family homes on the market has dropped significantly since July 2021. July’s active listings did not match or increase for Connecticut residents. The average number of days to sell went down by 12.5%, bringing the median sale price up by almost 10%.
As for condominiums, we have seen a drop in the number of active listings and sales. It has taken an average of 30 days for condos to sell, a notable decrease from the 2021 average of 38 days on the market. The median sale price has gone up by 17% to $240,000.
New Haven County Market Statistics
|Number of Sales||876||699||-20%|
|Average Days to Sell||31||27||-13%|
|Median Sale Price||$322,000||$358,000||+11%|
|Number of Sales||274||236||-14%|
|Average Days to Sell||33||25||-24%|
|Median Sale Price||$185,000||$215,000||+16%|
In July 2021, there were 1,653 active listings for single-family homes. This year, there has been a decrease of 3.3% to 1,598 homes listed. Home sales were down 20%, and the average number of days on the market decreased from 31 to 27. The median sale price rose by 11% in 2022, from $322,000 to $358,000.
This month, condominium units also had a shortage with just 335 active listings. The number of sales increased slightly, and the average number of days to sell went down by 24%. As for the median sale price, there’s been an increase of 16% to $215,000.
Middlesex County Market Statistics
|Number of Sales||201||196||-2.5%|
|Average Days to Sell||31||25||-19%|
|Median Sale Price||$364,500||$380,000||+4.4%|
|Number of Sales||51||41||-19%|
|Average Days to Sell||20||18||-10%|
|Median Sale Price||$157,000||$185,000||+18%|
Middlesex County has had difficulty trying to surpass last year’s numbers. Single-family homes were short of 2021’s active listings by 17%. The number of sales has shown a decrease of 2.5%. The average number of days to sell has decreased from 31 to 25, while the median sale price has increased by 4.4%.
The number of condominiums listed has seen a notable decrease of 25%. Sales for the month of July have fallen 19% from 2021’s numbers. The average days to sell decreased from 20 to 18, and the median sale price increased 18% to $185,000.
New London County Market Statistics
|Number of Sales||370||275||-25%|
|Average Days to Sell||22||28||+27%|
|Median Sale Price||$300,054||$330,000||+10%|
|Number of Sales||60||56||-6%|
|Average Days to Sell||35||33||-5.8%|
|Median Sale Price||$145,500||$202,250||+39%|
New London county saw a slight decrease in active listings in July 2022 compared to last year. For single-family homes, sales went down by 25%, and it took an average of 28 days to sell a home this year, an increase of 27%.
The number of condo units actively listed has gone down this year by 14%. Sales have decreased from 2021 to 2022 by just 6%. The number of days to sell has gone down by 5.8%, and the median sale price has increased 39% to just over $200K.
We hope this helps you understand the trends across the state as you navigate through today’s market. Feel free to contact us to connect with an agent who can help you with all your real estate questions and needs.
**All statistics pulled from SmartMLS on 8/5/22, with no exclusions.