July 2019 Market Stats

Throughout the summer, homes have continued to move in Middlesex, New London, and New Haven counties, particularly homes under $400,000. Below, we compare sales of single-family homes between July 2018 and July 2019 in these three shoreline counties. 

Middlesex County

In Middlesex County, the average sale price for single-family homes jumped from $273,335 in July 2018 to $309,099 in July 2019. This increase in average sales price is the most significant for the three shoreline counties we are comparing. 

The number of houses sold, however, dropped from 318 closed sales in 2018 to 286 in 2019. Even with this drop in properties sold, the volume of sales was higher in 2019, due to the average sale price of each home being higher.

Middlesex County

July 2018 July 2019
Active Listings 2,184 2,059
Average Days to Sell 71 71
Average Sale Price $273,335 $309,099
Number of Sales 318 286
Volume of Sales $72,433,722 $74,183,738

 

New London County

New London County saw similar numbers between July 2018 and 2019. The average sale price did rise slightly in July 2019 to $251,311, up from $249,279. The number of sales dropped slightly but remained above 500 in July. New London County saw a decrease in volume of sales this July, down $7 million from July 2018.

New London County

July 2018 July 2019
Active Listings 3,258 3,107
Average Days to Sell 66 78
Average Sale Price $249,279 $251,311
Number of Sales 569 525
Volume of Sales $121,149,825 $113,843,737

 

New Haven County

New Haven County saw a slight increase in both average sales price and number of sales in July 2019. The average sale price increased from $239,969 in 2018 to $250,322 in 2019. The number of sales increased by close to 80 properties, with 1,626 properties closed in July 2019. These increases cause the volume of sales to go up by over $20 million. 

New Haven County

July 2018 July 2019
Active Listings 7,178 6,823
Average Days to Sell 52 60
Average Sale Price $239,969 $250,322
Number of Sales 1,549 1,626
Volume of Sales $301,161,585 $321,941,729

One factor that is enticing some people to buy and others to refinance is the low interest rates on mortgage loans. Interest rates on 30-year loans recently hit a three-year low. FHA loans have interest rates in the mid 3’s, while Conventional loans, which are based more on credit scores, are between high 3’s and low 4’s. The rates have dropped significantly since January of this year, when FHA loans were in the low 4s and Conventional loans in the mid 4’s.

Interested in learning more about the market stats for your town?

Questions? Contact Us!

 

Data Source: SmartMLS

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