August 2020 Market Statistics

Historically, real estate sales begin to slow in August, as the spring and summer markets end and families prepare to go back to school. This year, we continued to see a high volume of pending and closed sales while inventory remained low. 

Keep reading as we break down single-family and condominium market statistics across Connecticut and in New Haven, Middlesex, and New London Counties.

Connecticut

Single-Family Homes

20192020+/-
Active Listings16,60111,994-27.75
Number of Sales3,8364,70522.65%
Average Days to Sell6963-8.7%
Average Sale Price$384,193$492,39628.16%

Condominiums

20192020+/-
Active Listings3,3082,855-13.69%
Number of Sales87899913.78%
Average Days to Sell7067-4.29%
Average Sale Price$209,682$251,63320.01%

The number of single-family homes listed for sale in Connecticut dropped by 27.75% compared to August 2019. This didn’t stop closings from taking place, however, with an increase of over 22% in sales. Homes are also going for a higher sale price, with the average selling price increasing by over 28% to just under $500,000.

Condominium statistics follow a similar trend across the state. The number of condos listed for sale decreased by over 13%, while the number of sales increased by over 13%. The average sale price also increased, by 20% per unit to over $250,000. 

New Haven County

Single-Family Homes

20192020+/-
Active Listings3,0532,361-22.67%
Number of Sales83592410.66%
Average Days to Sell6352-17.46%
Average Sale Price$291,439$323,04510.84%

Condominiums

20192020+/-
Active Listings848649-23.47%
Number of Sales234233-0.43%
Average Days to Sell8576-10.59%
Average Sale Price$178,221$188,0255.5%

In New Haven County, the number of active listings for single-family homes decreased by more than 22%, with the number of sales increasing by over 10%. On average, homes sold 11 days more quickly than this time last year. The average sale price increase by almost 11% in August 2020. 

Condominium sales in New Haven County decreased by over 23%, with almost the same number of sales as August 2019. The average sale price increased by 5.5% this year. 

Middlesex County

Single-Family Homes

20192020+/-
Active Listings1,087815-25.02%
Number of Sales21625317.13%
Average Days to Sell7355-24.66%
Average Sale Price$342,229$385,74612.72%

Condominiums

20192020+/-
Active Listings136120-11.76%
Number of Sales445525%
Average Days to Sell8351-38.55%
Average Sale Price$182,560$203,00911.25

Single-family homes in Middlesex County saw a decrease of 25% in active listings. The number of sales rose by over 17% in August 2020. Homes sold significantly faster than last August, with a decrease in days on market by almost 25%. The average sale price increased by almost 13%.

The number of active listings for condo units decreased by almost 12% in August 2020, while the number of sales increased by 25%. Middlesex County condos also sold more quickly than last year, with a decrease in average days to sell by over 38%. The average sale price increased by over 11%.

New London County

Single-Family Homes

20192020+/-
Active Listings1,465889-39.32%
Number of Sales30738826.38%
Average Days to Sell7064-8.57%
Average Sale Price$279,404$325,15816.38%

Condominiums

20192020+/-
Active Listings170145-14.71%
Number of Sales435732.56%
Average Days to Sell7463-14.86%
Average Sale Price$158,581$212,45833.97%

Inventory in New London County follows the trend, with a 39% decrease of single-family homes listed for sale. The number of sales increased by 26% compared to last August. The average sale price also increased by 16%. 

Condo units listed for sale decreased by over 14%, while the number of units sold increased by more than 32%. The average sale price increased by almost 34% in August 2020. 

The number of pending sales remained high in August, which means there will be continued activity in September and October. 

Interested in learning more about market stats or what your home is worth?

**All statistics pulled from SmartMLS on 9/7/20, with no exclusions. 

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