This week, we’ve compiled a list of market stats for this October 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||3,568||2,622||-26.5%|
|Average Days to Sell||39||36||-7.7%|
|Median Sale Price||$335,000||$365,000||+9%|
|Number of Sales||1,066||744||-30.2%|
|Average Days to Sell||41||33||-20%|
|Median Sale Price||$212,000||$235,000||+11%|
October 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 October 2021. October’s active listings did not match or increase for Connecticut residents. The average number of days to sell went down by 7.7%, 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 33 days for condos to sell, a significant decrease from the 2021 average of 41 days on the market. The median sale price has gone up 11.4% to $235,000.
New Haven County Market Statistics
|Number of Sales||791||561||-29%|
|Average Days to Sell||37||35||-5%|
|Median Sale Price||$305,000||$340,000||+11.5%|
|Number of Sales||255||182||-28%|
|Average Days to Sell||36||29||-19%|
|Median Sale Price||$190,250||$208,000||+9%|
In October 2021, there were 1,498 active listings for single-family homes. This year, there has been a decrease of .07% to 1,487 homes listed. Home sales were down 29%, and the average number of days on the market decreased slightly from 37 to 35. The median sale price rose by 11.5% in 2022, from $305,000 to $340,000.
This month, condominium units also had a shortage, with just 340 active listings. The number of sales decreased by 28%, and the average number of days to sell went down by 19%. As for the median sale price, there’s been an increase of 9% to $208,000.
Middlesex County Market Statistics
|Number of Sales||192||141||-26.6%|
|Average Days to Sell||50||37||-26%|
|Median Sale Price||$375,000||$373,000||+.5%|
|Number of Sales||41||35||-14.6%|
|Average Days to Sell||30||14||-53%|
|Median Sale Price||$174,000||$195,000||+12%|
Middlesex County has had difficulty trying to surpass last year’s numbers. Single-family homes were short of 2021’s active listings by 13.5%. The number of sales has shown a decrease of 26.6%. The average number of days to sell has decreased from 50 to 37, while the median sale price has decreased by -.5%.
The number of condominiums listed has seen a notable decrease of 26%. Sales for the month of September have fallen 14.6% from 2021’s numbers. The average days on market were cut in half, and the median sale price increased 12% to $195,000.
New London County Market Statistics
|Number of Sales||315||260||-17.5%|
|Average Days to Sell||35||30||-14.3%|
|Median Sale Price||$292,000||$338,250||+15.8%|
|Number of Sales||59||38||-35.6%|
|Average Days to Sell||31||30||-3.2%|
|Median Sale Price||$173,000||$215,000||+24.2%|
New London county saw a slight decrease in active listings in October 2022 compared to last year. For single-family homes, sales went down by almost 20%, and it took an average of 30 days to sell a home this year, a five day decrease from 2021. The median sale price increased by 15.8% to $338,250.
The number of condo units actively listed has slightly decreased since 2021. Sales have decreased from 2021 to 2022 by 35.6%. The number of days to sell has gone down by 3.2%, and the median sale price has increased almost 24.2% to just over $215K.
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 11/8/22, with no exclusions.