May 2020 Market Statistics

With over 20 closings in May, One + Company felt an increase in buyer activity compared to the low points of early April. Overall, inventory for the state remains low, which is keeping home values stable. 

Below, we review May 2020 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 17,552 12,106 -31.03%
Number of Sales 3,426 2,799 -18.3%
Average Days to Sell 77 71 -7.79%
Average Sale Price $372,461 $398,818 7.08%

Condominiums

2019 2020 +/-
Active Listings 3,414 2,633 -22.88%
Number of Sales 858 604 -29.6%
Average Days to Sell 72 70 -2.78%
Average Sale Price $207,323 $220,389 6.3%

Across the state, inventory remains low. For single-family residences, the number of listings dropped by 31% when compared to May 2019. The number of sales also dropped by 18% in May 2020. Home prices, however, have not been negatively impacted. In fact, the average sale price increased by just over 7% compared to May 2019. 

Condominium sales followed a similar trend. The number of active listings decreased by almost 23%, and the number of sales decreased by over 29%. The average sale price for condos in Connecticut increased by over 6%. 

 

New London County Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 1,474 1,014 -31.21%
Number of Sales 352 249 -29.26%
Average Days to Sell 73 66 -9.59%
Average Sale Price $283,681 $274,998 -3.06%

Condominiums

2019 2020 +/-
Active Listings 178 155 -12.92%
Number of Sales 43 33 -23.26%
Average Days to Sell 62 42 -32.26%
Average Sale Price $150,407 $146,165 -2.82%

In New London County, the number of single-family homes listed for sale decreased by over 31%. There were 249 closings in May 2020, a decrease from the previous year of 29.26%. The average sale price also dropped slightly, by 3%. 

Condos in Connecticut saw an almost 13% decrease in inventory and a 23% decrease in sales. Of the condo units that closed, they sold quickly – with an average of 42 days on the market, compared to 62 in May 2019. The average sale price also saw a slight decrease of 2.82%

 

Middlesex County Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 1,086 776 -28.55%
Number of Sales 207 167 -19.32%
Average Days to Sell 83 85 2.41%
Average Sale Price $309,982 $344,847 11.25%

Condominiums

2019 2020 +/-
Active Listings 148 108 -27.03%
Number of Sales 39 23 -41.03%
Average Days to Sell 73 128 75.34%
Average Sale Price $152,403 $158,066 3.72%

Single-family homes in Middlesex saw a 28.55% decrease in active listings and 19.32% decrease in the number of sales. The sale price increased by over 11% compared to May 2019, up to $344,847.

The number of condo units listed for sale decreased by 27% in May 2020, with 23 sales, down from 39 in May 2019. The average sale price increased slightly, by 3.72%

New Haven County Market Statistics

Single-Family Homes

2019 2020 +/-
Active Listings 3,214 2,199 -31.58%
Number of Sales 754 564 -25.2%
Average Days to Sell 72 60 -16.67%
Average Sale Price $284,922 $281,100 -1.34%

Condominiums

2019 2020 +/-
Active Listings 890 608 -31.69%
Number of Sales 228 156 -31.58%
Average Days to Sell 74 74 0%
Average Sale Price $184,457 $181,054 -1.84%

New London County also continued to see a decrease in inventory, with a 31.58% decrease of active listings for single-family homes in May 2020. The number of sales decreased by just over 25%. The average sale price dropped slightly to $281,100. 

Condos had a decrease of over 31% for both the number of active listings and the number of sales, compared to May 2019. The average sale price decreased by 1.84%.

Similar to April, the Connecticut housing market in May saw fewer active listings and fewer sales. However, the properties that are selling spend fewer days on the market and sale prices are stable or compared to last year, with increases in sales prices in many parts of the state. 

**All statistics pulled from SmartMLS on 6/10/20, with no exclusions. 

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