July marked another month with a high level of transactions in Connecticut. In fact, July 2020 marked the highest number for both pending and closed sales in a month for single-family homes! There were 5,056 homes that went under contract and 4,684 closings in July, the most there has ever been since the induction of the MLS.
Keep reading as we break down single-family and condominium market statistics across Connecticut and in New London, Middlesex, and New Haven Counties.
|Number of Sales||3,849||4,684||21.69%|
|Average Days to Sell||65||68||4.62%|
|Average Sale Price||$391,039||$454,863||16.32%|
|Number of Sales||856||988||15.42%|
|Average Days to Sell||72||73||1.39%|
|Average Sale Price||$215,121||$242,978||12.95%|
Throughout the state, inventory remains low with a decrease of over 12% in active listings of single-family homes. Even with fewer homes on the market, there was an increase of over 21% in the number of sales. An increase of 16% brought the average sale price to $454,863 for a single-family residence in Connecticut.
Condominiums followed a similar trend in July, with a decrease in units for sale by over 14%. The number of condo sales increased by over 15%, and the average sale price rose to $242,978.
New London County
|Number of Sales||335||413||23.28%|
|Average Days to Sell||72||65||-9.72%|
|Average Sale Price||$291,232||$320,948||10.2%|
|Number of Sales||46||43||-6.52%|
|Average Days to Sell||77||52||-32.47%|
|Average Sale Price||$152,009||$194,119||27.7%|
Single-family homes in New London County saw the biggest decline in the number of listings, with a drop of over 41% compared to July 2019. Again, there was still an increase in sales – by over 23%. This market also saw a decrease in days on market, which means homes are selling on average 7 days faster than this time last year. The average sale price increased by over 10%, up to $320,948.
There was a decrease of more than 13% for the number of condos for sale in New London County. The number of sales dropped just slightly compared to last July, but condos were selling at a much faster rate at an average of 55 days on market. The average sale price of condominiums increased by almost 28% to $194,119.
|Number of Sales||190||255||34.21%|
|Average Days to Sell||65||75||15.38%|
|Average Sale Price||$346,019||$356,216||2.95%|
|Number of Sales||31||45||45.16%|
|Average Days to Sell||129||75||-41.86%|
|Average Sale Price||$165,591||$195,204||17.88%|
The number of single-family homes listed for sale in Middlesex decreased by over 26% in July 2020. Both the number of properties that sold and the average sale price increased, by 34.21% and 2.95%, respectively.
Condominiums in Middlesex also saw a decline in active listings, by 8.63% The number of sales increased by over 45%, and the average days to sell dropped from 129 in July 2019 to 75 in July 2020. The average sale price increased by almost 18% to $195,204.
New Haven County
|Number of Sales||866||938||8.31%|
|Average Days to Sell||63||62||-1.59%|
|Average Sale Price||$294,506||$322,757||9.59%|
|Number of Sales||220||255||15.91%|
|Average Days to Sell||77||77||0%|
|Average Sale Price||$180,528||$203,690||12.83%|
New Haven County single-family homes saw a decrease in active listings by 27%. Like the rest of the state, this did not slow home sales, which increased by over 8% compared to July 2019. The average sale price also increased by over 9% to $322,757.
The number of condos for sale in New Haven County decreased by over 23%. Condo sales went up by almost 16% in July 2020, and the price increased by close to 13% to $203,690, on average.
With record-breaking pending sales in July, we will continue to see a high number of closings in August and September. Buyers are taking advantage of low mortgage rates. Sellers, on the other hand, have the benefit of less competition with low inventory.
**All statistics pulled from SmartMLS on 8/11/20, with no exclusions.