Now in the last quarter of 2019, we are getting a more complete idea of the real estate market in Connecticut this year. In New Haven, New London, and Middlesex Counties, the average sales price of single family houses was higher in Quarters 1-3 in 2019 than 2018. While each county saw a slight decrease in the number of homes sold, there has not been a significant drop in activity, like other markets in the country are experiencing.
Below are market statistics for New Haven, New London, and Middlesex Counties for the first three quarters of 2019, compared to 2018.
New Haven County
The average sales price of single-family homes in New Haven County increased by 2.45% between January and September 2019, when compared to the same time frame in 2018. In 2018, the average sales price was $276,110. In 2019, that closing price rose to $282,870.
The town of New Haven saw the most significant increase in home sales price, increasing 19.99%, from $235,722 in 2018 to $282,848 in 2019. Waterbury also saw a notable increase at 12.06%, while Derby, East Haven, Guilford, Hamden, Madison, Meriden, Prospect, and West Haven all had increases of more than 5% in average sales price of single-family homes in 2019. Branford and Bethany had the most significant decreases in sales price, at -15.04% and -13.84%, respectively.
The number of single-family homes sold in the first three quarters was almost identical year to year: 5,850 homes sold in 2018, and 5,847 sold in 2019.
The three towns with the highest number of sales in 2019 were Wallingford (595), Milford (470), and Hamden (457). However, each of these three towns had fewer sales in 2019 than in 2018.
New London County
There was a slight increase in average sales price of single-family homes in New London County this year. In 2018, the average closing price was $274,318, and in 2019, it increased to $277,081.
While the countywide average was comparative year to year, some individual towns saw significant changes in average sales price. In 2019, Bozrah’s average sales price increased by 37.57% and Sprague had a 26.78% increase. In addition, Griswold, New London, Preston, and Voluntown all saw increases in average sales price of over 10% from 2018 in 2019. On the flip side, Franklin, Lyme, and North Stonington had decreases in the average sales price by over 15%.
The number of single-family homes sold during the same period dropped slightly: from 2,424 in 2018 to 2,376 in 2019.
Sprague more than tripled the number of homes sold, from 11 in 2018 to 34 in 2019. Waterford also had a significant increase in sales: 247 homes sold in 2019, compared to 211 in 2018.
Of these three Connecticut counties, Middlesex had the most dramatic change in average sales price: an increase of 6.97% in 2019. The average sales price in 2018 was $311,755, and in 2019, it increased to $333,481.
The towns with the most substantial increase in average sales include Old Saybrook (28.04%), East Haddam (14.89%), and Middlefield (13.02%). In fact, only 4 of the 15 towns in Middlesex saw a decrease in average sales in 2019, each by a minimal amount. Durham had the largest decrease at -2.17%, which is a difference of less than $7,000 of the average sales price.
Like New Haven and New London, Middlesex County also saw a slight decrease in the number of single-family homes sold. In 2018, 1,505 houses closed from January to September, and in 2019 that number dropped to 1,476.
Cromwell saw an increase of home sold by 23.68%, while Killingworth had the largest decrease of -31.94 percent in 2019.
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