This week, we’ve compiled a list of market stats for this March, compared to 2021. Here’s a breakdown of all of the statistics for single-family homes and condominiums in Connecticut, as well as Middlesex, New London, and New Haven Counties.
Connecticut Market Statistics
|Number of Sales||2,997||2,424||-16%|
|Average Days to Sell||56||47||-16%|
|Median Sale Price||$325,000||$349,900||+7.6%|
|Number of Sales||889||806||-9.3%|
|Average Days to Sell||57||36||-36.8%|
|Median Sale Price||$209,950||$225,000||+7.2%|
Marchh 2022 has remained consistent with the previous months in a significantly lower quantity of inventory from the past year. The amount of single-family homes on the market has dropped significantly since March 2021. As we look at the number of active listings, March did not match or increase for Connecticut residents. However, the average number of days to sell went down by 16%, bringing the median sale price up by 7.6%.
As for condominiums, we have seen a drop in the number of active listings and sales. It has taken an average of 36 days for condos to sell, a notable decrease from the 2021 average of 57 days on the market. The median sale price has gone up by 7.2%.
New Haven County Market Statistics
|Number of Sales||644||556||-13.6%|
|Average Days to Sell||50||39||-22%|
|Median Sale Price||$286,000||$315,000||+10.2|
|Number of Sales||206||208||+0.97%|
|Average Days to Sell||40||30||-25%|
|Median Sale Price||$172,000||$174,000||+1.2%|
In March 2021, there were 1,192 active listings for single-family homes. This year, there was a decrease of 5.4%. Home sales went down 13.6%. The average number of days to sell single-family homes has also fallen by 22%. When comparing the median sale price between 2021 and 2022, there was a positive change of 10.2% to $315,000.
Condominium units also had a shortage this month, with just 307 active listings. The number of sales increased slightly and the average number of days to sell has gone down by 25%. As for the median sale price, there’s been an increase of 1.2% to $174,000.
Middlesex County Market Statistics
|Number of Sales||185||128||-30.1%|
|Average Days to Sell||61||53||-13.1%|
|Median Sale Price||$330,000||$367,500||+11.4%|
|Number of Sales||43||33||-23.3%|
|Average Days to Sell||48||12||-75%|
|Median Sale Price||$144,900||$150,500||+4%|
Middlesex County has had a difficult time trying to surpass last year’s numbers. Single-family homes were short of 2021’s active listings by 34.8%. The number of sales has shown a decrease of 30.1%. The average number of days to sell has gone down by 13% while the median sale price has increased by 11.4%.
The number of condominiums listed has seen a notable increase of 30.6%. Sales for the month of March have decreased by 23.3% compared to 2021, and the average days to sell have dramatically decreased from 48 to 12. The median sale price has increased 4% to $150,500.
New London County Market Statistics
|Number of Sales||241||200||-17%|
|Average Days to Sell||39||49||+25.6%|
|Median Sale Price||$266,000||$310,500||+16.7%|
|Number of Sales||55||52||-5.5%|
|Average Days to Sell||53||35||-34%|
|Median Sale Price||$148,000||$182,500||+23.3%|
New London county saw a 10.8% decrease in active listings in March 2022 compared to last year. For single-family homes, sales went down by 17%, and it took an average of 49 days to sell a home this year, an increase of 16%.
The number of condo units actively listed has gone down this year by 27%. Sales have decreased by 5.5%. On average, the number of days to sell has gone down by 34%, and the median sale price has increased by 23.3%.
We hope this helps you understand the trends across the state as you navigate through your real estate needs. Feel free to contact us to get connected with an agent who can help you with all your real estate questions and needs.
**All statistics pulled from SmartMLS on 4/4/22, with no exclusions.