December 2023 Connecticut Market Stats

by | Jan 4, 2024 | Market Statistics | 0 comments

The Connecticut real estate market is ever-changing, and understanding the latest market statistics is essential for anyone looking to buy, sell, or invest in the area. In this blog post, we’ll provide an overview of the current state of the real estate market in Connecticut, with a focus on both single-family homes and condominiums. These market statistics will shed light on what’s happening in your local housing market and help you make informed decisions.

Single-Family Homes

2022 2023 +/-
Active Listings 4,055 3,752 -7.47%
Number of Sales 2,408 2,130 -11.5%
Average Days to Sell 40 35 -12.5%
Median Sale Price $345,000 $385,000  11.6%

 

Let’s begin by examining the market statistics for single-family homes in Connecticut:

Active Listings: A decline from 4,055 to 3,752 active listings in 2023 (-7.47%) signifies a tightening inventory, shaping market conditions.

Number of Sales: The market saw a decline of 11.5% in the number of sales, dropping from 2,408 to 2,130 homes sold.

Average Days to Sell: Properties spent less time on the market, with the average days to sell decreasing by 12.5%, from 40 days to 35 days.

Median Sale Price: Witnessing an impressive 11.6% surge, the median sale price rose from $345,000 in 2022 to $385,000 in 2023.

What This Means for Buyers, Sellers, and Investors (Single Family)

Buyers: Shrinking inventory and escalating prices pose challenges for buyers, necessitating swift decision-making and financial readiness. Pre-approval and strategic negotiation could enhance their chances in a competitive market.

Sellers: The upsurge in median sale prices and decreased days on market favor sellers. Strategic pricing and highlighting property strengths are essential to attract motivated buyers in this dynamic environment.

Investors: Despite reduced inventory and higher prices, the market remains attractive for investment due to potential appreciation. Investors should conduct thorough research and leverage expert insights to identify promising opportunities.

    1. Tips and Recommendations (Single-Family Homes):

      • Stay informed about market trends.
      • Be flexible in your buying or selling strategy.
      • Seek the guidance of real estate professionals for personalized advice.

     

    Condominiums

    2022 2023 +/-
    Active Listings 912 924  1.3%
    Number of Sales 650 615 -5.4%
    Average Days to Sell 38 30 -21%
    Median Sale Price $230,000 $265,000  15.22%

     

    Here is the breakdown of the condominium market in Connecticut:

    Active Listings: The condominium market witnessed a slight increase in active listings from 912 in 2022 to 924 in 2023 (+1.3%), indicating stability in inventory levels.

    Number of Sales: There was a decline of 5.4% in the number of condominium sales, dropping from 650 in 2022 to 615 in 2023.

    Average Days to Sell: Condominiums were selling faster, with the average days to sell decreasing significantly by 21%, from 38 days in 2022 to 30 days in 2023.

    Median Sale Price: The median sale price for condominiums experienced a remarkable increase of 15.22%, rising from $230,000 in 2022 to $265,000 in 2023.

    What this means for Buyers, Sellers, and Investors (Condominiums)

    Buyers: Despite a decrease in sales and rising prices, the reduced days on market suggest the need for swift decision-making. Buyers should be proactive and consider pre-approval to compete effectively in a competitive market.

    Sellers: The significant increase in median sale prices and shorter selling periods favor sellers. Properly staging and pricing properties strategically could attract motivated buyers in this dynamic market.

    Investors: The condominium market presents opportunities with substantial price appreciation. However, investors should conduct thorough due diligence and seek professional advice to capitalize on potential investment prospects.

      Conclusion:

      The condominium market in Connecticut exhibits significant changes in 2023, offering both opportunities and challenges for those involved in real estate transactions. Understanding these market statistics is crucial for informed decision-making by buyers, sellers, and investors alike.

      Whether you’re considering purchasing, selling, or investing in condominiums, staying well-informed about these market dynamics is essential. Seek guidance from real estate professionals, assess trends diligently, and remain adaptable to make the most of this evolving real estate landscape.

      For tailored advice or to explore available condominium properties in Connecticut, reach out to our experienced team. Stay proactive, stay informed, and make well-calculated decisions in this dynamic real estate climate.

      **All statistics pulled from SmartMLS on 12/5/23, with no exclusions.