March 2020 Market Statistics

March was a whirlwind of a month for all of us. As an essential business, the real estate industry was able to move forward with closings. Below, you can find the March market statistics for all of Connecticut, as well as New London, Middlesex, and New Haven Counties. 

Connecticut Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 14,423 12,463 -13.59%
Number of Sales 2,311 2,515 8.83%
Average Days to Sell 90 85 -5.56%
Average Sale Price $336,973 $358,159 6.29%
Highest Sale 293 Chapman Lane, Greenwich: $5,100,000

Condominiums

2019 2020 +/-
Active Listings 3,081 2,802 -9.06%
Number of Sales 670 598 -10.75%
Average Days to Sell 89 79 -11.24%
Average Sale Price $212,279 $215,761 1.64%
Highest Sale 3 River Oaks Drive, Stamford: $1,152,850

Throughout Connecticut, the trend of low inventory from January and February continued. There was a decrease of 13.59% in active listings of single-family homes, when compared to March of 2019. Even with the decrease in inventory, there was an 8.83% increase in sales, with 2,515 homes sold throughout the month. The average sale price also increased by 6.29%, up to $358,159.

For condominiums across Connecticut, there was also a decrease in the number of listings, down by 9.06%. There was a decrease in the number of condo units sold, down to 598 in March 2020, compared to 670 in March 2019. The average sales price did increase slightly, by 1.64%

 

New London County Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 1,282 1,077 -15.99%
Number of Sales 220 239 8.64%
Average Days to Sell 80 89 11.25%
Average Sale Price $249,123 $271,279 8.89%
Highest Sale 116 Al Harvey Road, Stonington: $2,648,000

Condominiums

2019 2020 +/-
Active Listings 177 160 -9.60%
Number of Sales 32 42 31.25%
Average Days to Sell 75 78 4%
Average Sale Price $134,120 $207,319 54.58%
Highest Sale 17 Water Street, Unit A7, Mystic: $720,000

Single-family homes in New London County saw a 15.99% decrease in listings. The number of sales increased by 8.64%. Keeping on trend with the entire state, the average sale price also increased by 8.89%, up to $271,279 in March 2020. 

The number of active listings for condos also went down by 9.6%, but there were 10 more sales in March 2020, compared to the previous year. The average sale price saw a significant increase, up to $207,319 in March 2020, compared to $134,120 in 2019.

 

Middlesex County Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 865 807 -6.71%
Number of Sales 117 150 28.21%
Average Days to Sell 93 92 -1.08%
Average Sale Price $317,878 $289,983 -8.78%
Highest Sale 157 Essex Street, Deep River: $785,000

Condominiums

2019 2020 +/-
Active Listings 146 114 -21.92%
Number of Sales 26 23 -11.54%
Average Days to Sell 65 149 129.23%
Average Sale Price $185,079 $197,016 6.45%
Highest Sale 25 Sheffield Street, Unit 7, Old Saybrook: $579,900

In Middlesex County, the number of active listings dropped by 6.71%, but the number of sales increased by 28.21% in March 2020. There was a decrease of 8.78% in sales price, dropping the average sale price below $300,000. 

The number of condos listed for sale in March 2020 was a 21.92% decrease compared to 2019. The number of sales also dropped from 26 to 23 in 2020. The average sale price increased by 6.45%

 

New Haven County Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 2,678 2,314 -13.59%
Number of Sales 494 521 5.47%
Average Days to Sell 81 73 -9.88%
Average Sale Price $261,556 $280,877 7.39%
Highest Sale 101 Garnet Park Road, Madison: $1,325,000

Condominiums

2019 2020 +/-
Active Listings 790 689 -12.78%
Number of Sales 179 141 -21.23%
Average Days to Sell 96 73 -23.96%
Average Sale Price $172,407 $163,604 -5.11%
Highest Sale 3 Turtle Bay Drive, Branford: $465,000

Single-family homes in New Haven County follow the trends of the state. The number of active listings decreased by 13.59% in March 2020, but the number of sales increased by 5.47%. The average sale price also increased by 7.39%, up to $280,877 in March 2020.

Condo units decreased in both the number of active listings (-12.78%) and the number of sales (-21.23%). The average sale price also decreased by 5.11%, down to $163,604 in March 2020. 

So what do all these numbers mean? Tune in below for an in-depth review:

If you have questions about the current market:

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**All statistics pulled from SmartMLS on 4/8/20, with no exclusions. 

 

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