Economists believe this will be the best year in winter real estate. If November is any indication of what is to come, they may be right. Keep reading as we break down single-family and condominium market statistics across Connecticut and in New Haven, Middlesex, and New London Counties.
Connecticut Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Active Listings | 14,213 | 9,712 | -31.67% |
| Number of Sales | 2,694 | 3,899 | 44.73% |
| Average Days to Sell | 77 | 53 | -31.17% |
| Average Sale Price | $348,458 | $450,007 | 29.14% |
Condominiums
| 2019 | 2020 | +/- | |
| Active Listings | 2,931 | 2,407 | -17.88% |
| Number of Sales | 695 | 944 | 35.83% |
| Average Days to Sell | 77 | 53 | -31.17% |
| Average Sale Price | $215,060 | $246,690 | 14.71% |
An inventory shortage remains across Connecticut, with a 31% decrease in single-family active listings in November 2020. However, the number of sales increased dramatically – by 44% compared to this time last year. WIth such a competitive market, it’s no surprise that properties are moving faster than last year, spending an average of 53 days on the market. The average sale price increased by 29%, up to $450,007.
Condominium sales remain active as well. There was a 17% decrease in units listed for sale, but a 35% increase in the number of sales in November 2020. The average days to sell matched single-family sales at 53 days, while the average sale price increased by 14% compared to last November, up to $246,690.
New Haven County Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Active Listings | 2,524 | 1,952 | -22.66% |
| Number of Sales | 601 | 868 | 44.43% |
| Average Days to Sell | 69 | 44 | -36.23% |
| Average Sale Price | $261,727 | $325,385 | 24.32% |
Condominiums
| 2019 | 2020 | +/- | |
| Active Listings | 709 | 522 | -26.38% |
| Number of Sales | 177 | 220 | 24.29% |
| Average Days to Sell | 84 | 49 | -41.67% |
| Average Sale Price | $193,286 | $206,713 | 6.95% |
In New Haven County, the number of single-family homes for sale decreased by 22%. The number of sales in November 2020 increased by 44%, and the average days to sell dropped to 44 days. Single-family homes in New Haven sold for an average of $325,385, a 24% increase from last November.
The number of condo units listed for sale decreased by 26%, while the number of sales saw a 24% increase. It took just 49 days for a unit to sell, on average. The average sale price in November 2020 increased by almost 7% to $206,713.
Middlesex County Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Active Listings | 952 | 723 | -24.05% |
| Number of Sales | 161 | 232 | 44.1% |
| Average Days to Sell | 81 | 61 | -24.69% |
| Average Sale Price | $321,994 | $389,045 | 20.82% |
Condominiums
| 2019 | 2020 | +/- | |
| Active Listings | 115 | 87 | -24.35% |
| Number of Sales | 32 | 41 | 28.13% |
| Average Days to Sell | 90 | 39 | -56.67% |
| Average Sale Price | $188,245 | $174,643 | -7.23% |
In Middlesex County, the number of active single-family listings decreased by 24% in November 2020. Compared to the previous year, the number of sales increased by 44%, taking an average of 61 days to sell. There was also an increase in the average sale price, up 20% to $389, 045.
As far as condo units, there was a 24% decrease in the number of units for sale. The number of sales increased by 28%, and the average days to sell dropped to 39 days in November 2020. The average sale price also saw a decrease, down 7% to $174,643.
New London County Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Active Listings | 1,313 | 749 | -42.96% |
| Number of Sales | 242 | 290 | 19.83% |
| Average Days to Sell | 80 | 53 | -33.75% |
| Average Sale Price | $279,015 | $345,275 | 23.75% |
Condominiums
| 2019 | 2020 | +/- | |
| Active Listings | 190 | 121 | -36.32% |
| Number of Sales | 36 | 57 | 58.33% |
| Average Days to Sell | 73 | 54 | -26.03% |
| Average Sale Price | $174,593 | $178,933 | 2.49% |
In New London County, the number of active single-family listings in November 2020 decreased by almost 43% compared to the previous year. The number of sales increased by 19%. Average days on market decreased to 53 days last month, an the average sale price increased by 23% to $345,275.
Condominium sales in New London County saw a 36% decrease in active listings, and 58% increase in the number of sales in November 2020. It took 54 days to sell, on average, and the average sale price increased by 2% to $178,933.
There continues to be a great deal of activity in the residential real estate market across all of Connecticut. Both single-family properties and condominium units are selling quickly, with increased sale prices throughout the state. Buyers also continue to have an incentive to buy, with mortgage rates below 3%.
Are you interested in making a move in 2021?
Contact Us!**All statistics pulled from SmartMLS on 12/7/20, with no exclusions.