This week, we’ve compiled a list of market stats for this December 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||3,534||2,319||-34%|
|Average Days to Sell||45||40||-11%|
|Median Sale Price||$339,900||$349,000||+2.7%|
|Number of Sales||974||624||-36%|
|Average Days to Sell||46||37||-20%|
|Median Sale Price||$210,000||$230,389||+10%|
December 2022 has remained consistent with the previous months in a significantly lower inventory quantity from the past year. December’s active listings did not match or increase for Connecticut residents. The average number of days to sell went down by 34%, bringing the median sale price up by almost 2%.
As for condominiums, we have seen a drop in the number of active listings and sales. It has taken an average of 37 days for condos to sell, a significant decrease from the 2021 average of 46 days on the market. The median sale price has gone up 10% to $230,389.
New Haven County Market Statistics
|Number of Sales||778||533||-31.5%|
|Average Days to Sell||43||37||-13.5%|
|Median Sale Price||$299,863||$306,000||+2%|
|Number of Sales||217||162||-25%|
|Average Days to Sell||42||34||-19%|
|Median Sale Price||$180,000||$207,500||+15%|
In December 2021, there were 1,027 active listings for single-family homes. This year, there has been an increase of 7.5% to 1,104 homes listed. Home sales were down 31.5%, and the average number of days on the market decreased from 43 to 37. The median sale price rose by 2% in 2022, from $299,863 to $306,000.
This month, condominium units also had a shortage, with just 286 active listings. The number of sales decreased by 25%, and the average number of days to sell went down by 19%. As for the median sale price, there’s been an increase of 15% to $207,500.
Middlesex County Market Statistics
|Number of Sales||196||140||-28%|
|Average Days to Sell||51||35||-31.4%|
|Median Sale Price||$357,000||$385,500||+8%|
|Number of Sales||49||21||-57%|
|Average Days to Sell||45||63||+40%|
|Median Sale Price||$188,000||$190,000||+1.06%|
Middlesex County has had difficulty trying to surpass last year’s numbers. Single-family homes were short of 2021’s active listings by 3.5%. The number of sales has shown a decrease of 28%. The average number of days to sell has decreased from 51 to 35, while the median sale price has increased by 8%.
The number of condominiums listed has seen a notable decrease of 23.4%. Sales for the month of December have fallen 57% from 2021’s numbers. The average days on market increased by 40%, and the median sale price increased 1.06% to $190,000.
New London County Market Statistics
|Number of Sales||325||218||-33%|
|Average Days to Sell||42||34||-19%|
|Median Sale Price||$315,000||$303,000||-3.8%|
|Number of Sales||50||37||-26%|
|Average Days to Sell||44||17||-61%|
|Median Sale Price||$171,688||$181,000||5.4%|
New London county saw a slight decrease in active listings in December 2022 compared to last year. For single-family homes, sales went down by 33%, and it took an average of 34 days to sell a home this year, an eight day decrease from 2021. The median sale price decreased by almost 4% to $303,000.
The number of condo units actively listed has slightly decreased since 2021. Sales have decreased from 2021 to 2022 by 26%. The number of days to sell has gone down by 61%, and the median sale price has increased 5.4% to just over $180K.
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 1/2/23, with no exclusions.