Is the market shifting?
For the first time in over a year, we’re seeing the number of home sales begin to slow down. Read on to learn more about the July 2021 market stats for all of Connecticut, as well as New Haven, Middlesex, and New London counties.
Connecticut Market Statistics
Single-Family Homes
| 2020 | 2021 | +/- | |
| Active Listings | 11,403 | 8,902 | -21.93% |
| Number of Sales | 4,755 | 4,294 | -9.7% |
| Average Days to Sell | 68 | 32 | -52.94% |
| Median Sale Price | $325,000 | $369,900 | 13.82% |
Condominiums
| 2020 | 2021 | +/- | |
| Active Listings | 2,677 | 2,237 | -16.44% |
| Number of Sales | 1,000 | 1,094 | 9.4% |
| Average Days to Sell | 73 | 39 | -46.58% |
| Median Sale Price | $194,900 | $205,000 | 5.18% |
The number of single-family homes listed for sale decreased by almost 22% in July of 2021, compared to July 2020. The number of sales also decreased – by 9.7%, which marks the first occasion of this happening in over a year. The average days to sell decreased to 32 days compared to last year, and the median sale price increased by 13.82%, up to $369,900.
Condominium sales across the state also saw a decrease in the number of active listings (-16.44%), yet they maintained an increase in the number of sales (9.4%). The average days to sell a condo unit in July 2021 was 39 days, and the median sale price increased by over 5% to $205,000.
New Haven County Market Statistics
Single-Family Homes
| 2020 | 2021 | +/- | |
| Active Listings | 2,054 | 1,824 | -11.2% |
| Number of Sales | 951 | 869 | -8.62% |
| Average Days to Sell | 61 | 31 | -49.18% |
| Median Sale Price | $275,000 | $325,000 | 18.18% |
Condominiums
| 2020 | 2021 | +/- | |
| Active Listings | 596 | 530 | -11.07% |
| Number of Sales | 259 | 272 | 5.02% |
| Average Days to Sell | 76 | 33 | -56.58% |
| Median Sale Price | $167,100 | $185,000 | 10.71% |
For single-family homes in New Haven County, there was an 11% decrease in the number of listings, as compared to July 2020. There was also a drop in the number of sales, with a decrease of 8.62% year over year. The average days to sell dropped to 31 days, and the median sale price increased to $325,000, which was an 18% increase.
Condo units in New Haven County also had an 11% decrease in the number of listings, but the number of sales increased by 5%. On average it took 33 days for condos to sell in July 2021, and the median sale price increased by 10.71% to $185,000.
Middlesex County Market Statistics
Single-Family Homes
| 2020 | 2021 | +/- | |
| Active Listings | 705 | 607 | -13.9% |
| Number of Sales | 262 | 199 | -24.05% |
| Average Days to Sell | 75 | 31 | -58.67% |
| Median Sale Price | $310,000 | $364,500 | 17.58% |
Condominiums
| 2020 | 2021 | +/- | |
| Active Listings | 102 | 82 | -19.61% |
| Number of Sales | 45 | 51 | 13.33% |
| Average Days to Sell | 75 | 20 | -73.33% |
| Median Sale Price | $149,000 | $157,000 | 5.37% |
Middlesex County had 607 active listings in July 2021. The number of sales decreased by 24%, and it took an average of 31 days to sell. While the number of sales went down, the median sale price increased 17.58% to $364,500.
Condos also saw a decrease in the number of active listings, by 19.61%. However, the number of sales increased by 13.33%. With an average of 20 days to sell, the median sale price increased to $157,000.
New London County Market Statistics
Single-Family Homes
| 2020 | 2021 | +/- | |
| Active Listings | 807 | 718 | -11.03% |
| Number of Sales | 418 | 364 | -12.92% |
| Average Days to Sell | 66 | 22 | -66.67% |
| Median Sale Price | $275,000 | $300,554 | 9.29% |
Condominiums
| 2020 | 2021 | +/- | |
| Active Listings | 146 | 104 | -28.77% |
| Number of Sales | 43 | 60 | 39.53% |
| Average Days to Sell | 52 | 35 | -32.69% |
| Median Sale Price | $155,000 | $145,500 | -6.13% |
Just like Middlesex county and the rest of the Connecticut Market, New London County saw a 11% decrease in active listings in July 2021’s statistics. The number of sales also decreased by 12.92%. On average, it took just 22 days to sell the single-family homes, and the median sale price was $300,554, an increase of 9.29%
The number of condo units listed for sale also saw a decrease of 28.77% However, when it comes to the number of sales for condominiums, an increase has gone up to 39.53%. It took an average of 35 days to sell condos in New London County in comparison to 52 days last year. The median sale price increased by 6.13%, up to $145,500.
While trends continue across the state with low inventory, fast sales, and increasing sale prices, this is the first time we have begun to see a slow down in the number of sales. This could mean that buyers are slowing down their search, and marks a notable shift for local markets.
**All statistics pulled from SmartMLS on 8/10/21, with no exclusions.