October 2020 Market Stats

One month into Quarter 4, the real estate market in Connecticut hasn’t shown signs of slowing down. As mortgage rates remain low, buyers continue to actively search for new homes. With inventory still low, this means that homes are selling for more while spending fewer days on the market. 

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 Stats: October 2020

Single-Family Homes

20192020+/-
Active Listings15,98011,151-30.22%
Number of Sales3,0064,65454.82%
Average Days to Sell7557-24%
Average Sale Price$338,802$482,50242.41%

Condominiums

20192020+/-
Active Listings3,1832,635-17.22%
Number of Sales7971,12240.78%
Average Days to Sell7361-16.44%
Average Sale Price$224,895$243,7768.4%

Across the state of Connecticut, there was a 30% decrease in single-family homes listed for sale last month. Even with fewer homes on the market, there was an almost 55% increase in the number of sales, with 4,654 closings taking place in October 2020. Homes sold on average in 57 days for 42% more than they did in October 2019. 

Condominium sales across the state saw a 40% increase in closings, despite a 17% decrease in listings. These units sold in 61 days, on average. The average sale price increased by 8% compared to the previous year. 

New Haven County Market Stats: October 2020

Single-Family Homes

20192020+/-
Active Listings2,8672,233-22.11%
Number of Sales62799558.69%
Average Days to Sell7448-35.14%
Average Sale Price$277,492$329,18541.33%

Condominiums

20192020+/-
Active Listings776540-30.41%
Number of Sales19628545.41%
Average Days to Sell7261-15.28%
Average Sale Price$182,925$198,6588.6%

In New Haven County, there was a 22% decrease in the number of single-family homes listed for sale. The number of sales increased by 58%, up to 995 closings in October 2020. It took just 48 days for homes to sell, on average, with a 41% increase in the average sale price. 

Condos in New Haven County saw a 30% decrease in the number of listings, with a 45% increase in the number of sales in October 2020. The average sale price increased by over 8% compared to last October. 

Middlesex County Market Stats: October 2020

Single-Family Homes

20192020+/-
Active Listings1,031779-24.44%
Number of Sales17529367.43%
Average Days to Sell7060-14.29%
Average Sale Price$351,056$433,46523.47%

Condominiums

20192020+/-
Active Listings125102-18.4%
Number of Sales346385.29%
Average Days to Sell10156-44.55%
Average Sale Price$218,216$208,746-4.34%

In Middlesex County, single-homes saw a 24% drop in active listings. However, there was a 67% increase in the number of closings in October 2020 compared to the previous year. The average days to sell dropped by 10 days, and the average sale price increased by 23%.

For condo units in Middlesex County, there was an 18% decrease in the number of active listings compared to last year. The number of sales almost doubled, and the average days to sell decreased by 44%. The average sale price dropped by 4%.

New London County Market Stats: October 2020

Single-Family Homes

20192020+/-
Active Listings1,395841-39.71%
Number of Sales31339425.88%
Average Days to Sell7556-25.33%
Average Sale Price$268,019$371,16338.48%

Condominiums

20192020+/-
Active Listings209146-30.14%
Number of Sales425428.57%
Average Days to Sell7811344.87%
Average Sale Price$202,510$184,864-8.71%

In New London County, there was a 39% decrease in inventory and a 25% increase in single-family sales in October 2020. Homes sold in 56 days, on average, while average sale prices increased by 38%. 

Condo units in New London County also saw a decrease in listings – by 30%. The number of sales increased by 28% in October 2020. However, the average days to sell increased by 44% and the average sale price decreased by 8%. 

The market remains active. If you are ready to buy or sell, contact us today!

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**All statistics pulled from SmartMLS on 11/9/20, with no exclusions. 

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