This week, we’ve compiled a list of market stats for this May 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
Single-Family Homes
| 2021 | 2022 | +/- | |
| Active Listings | 7,569 | 6,495 | -15% |
| Number of Sales | 3,368 | 2,929 | -13% |
| Average Days to Sell | 40 | 29 | -27.5% |
| Median Sale Price | $341,000 | $375,000 | +9.9% |
Condominiums
| 2021 | 2022 | +/- | |
| Active Listings | 1,931 | 1,464 | -24% |
| Number of Sales | 911 | 873 | -4% |
| Average Days to Sell | 43 | 29 | -32.5% |
| Median Sale Price | $207,000 | $220,000 | +6.3% |
May 2022 has remained consistent with the previous months in a significantly lower inventory quantity from the past year. The amount of single-family homes on the market has dropped significantly since May 2021. May’s active listings did not match or increase for Connecticut residents. The average number of days to sell went down by 27.5%, bringing the median sale price up by almost 10%.
As for condominiums, we have seen a drop in the number of active listings and sales. It has taken an average of 29 days for condos to sell, a notable decrease from the 2021 average of 43 days on the market. The median sale price has gone up by 6.3% to $220,000.
New Haven County Market Statistics
Single-Family Homes
| 2021 | 2022 | +/- | |
| Active Listings | 1,450 | 1,377 | -5% |
| Number of Sales | 745 | 683 | -8.3% |
| Average Days to Sell | 39 | 28 | -28% |
| Median Sale Price | $300,000 | $345,000 | +15% |
Condominiums
| 2021 | 2022 | +/- | |
| Active Listings | 419 | 378 | -10% |
| Number of Sales | 218 | 210 | -4% |
| Average Days to Sell | 40 | 33 | -17.5% |
| Median Sale Price | $190,000 | $205,000 | +8% |
In May 2021, there were 1,450 active listings for single-family homes. This year, there has been a decrease of 5% to 1,377 homes listed. Home sales went down 8.3%, and the average number of days on the market decreased from 39 to 28. The median sale price rose by 15% in 2022, from $300,000 to $345,000.
This month, condominium units also had a shortage with just 378 active listings. The number of sales decreased slightly and the average number of days to sell went down by 17.5%. As for the median sale price, there’s been an increase of 8% to $205,000.
Middlesex County Market Statistics
Single-Family Homes
| 2021 | 2022 | +/- | |
| Active Listings | 470 | 367 | -21% |
| Number of Sales | 212 | 136 | -36% |
| Average Days to Sell | 33 | 27 | -18% |
| Median Sale Price | $341,250 | $370,000 | +8.5% |
Condominiums
| 2021 | 2022 | +/- | |
| Active Listings | 71 | 47 | -34% |
| Number of Sales | 41 | 59 | +44% |
| Average Days to Sell | 23 | 17 | -26% |
| Median Sale Price | $189,900 | $170,000 | -10% |
Middlesex County has had difficulty trying to surpass last year’s numbers. Single-family homes were short of 2021’s active listings by 21%. The number of sales has shown a decrease of 36%. The average number of days to sell has decreased from 33 to 27, while the median sale price has increased by 8.5%.
The number of condominiums listed has seen a notable decrease of 34%. Sales for the month of May have jumped 44% from 2021’s numbers. The average days to sell dropped from 23 to 17, and the median sale price has decreased 10% to $170,000.
New London County Market Statistics
Single-Family Homes
| 2021 | 2022 | +/- | |
| Active Listings | 572 | 524 | -8.4% |
| Number of Sales | 320 | 281 | -12% |
| Average Days to Sell | 33 | 25 | -24% |
| Median Sale Price | $288,450 | $319,000 | +10.6% |
Condominiums
| 2021 | 2022 | +/- | |
| Active Listings | 77 | 66 | -14% |
| Number of Sales | 44 | 57 | +30% |
| Average Days to Sell | 39 | 16 | -59% |
| Median Sale Price | $156,138 | $185,000 | +18.5% |
New London county saw a 8/4% decrease in active listings in May 2022 compared to last year. For single-family homes, sales went down by 12%, and it took an average of 25 days to sell a home this year, a decrease of 24%.
The number of condo units actively listed has gone down this year by 14%. Sales have increased from 2021 to 2022 by 30%. The number of days to sell has gone down by 59%, and the median sale price has increased to 18.5%.
We hope this helps you understand the trends across the state as you navigate through today’s market. Feel free to contact us to connect with an agent who can help you with all your real estate questions and needs.
**All statistics pulled from SmartMLS on 6/3/22, with no exclusions.