This week, we’ve compiled a list of market stats for this November 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||3,399||2,384||-30%|
|Average Days to Sell||40||37||-7.5%|
|Median Sale Price||$335,000||$361,000||+7.8%|
|Number of Sales||928||725||-21%|
|Average Days to Sell||41||36||-12.2%|
|Median Sale Price||$202,000||$227,000||+13%|
November 2022 has remained consistent with the previous months in a significantly lower inventory quantity from the past year. November’s active listings did not match or increase for Connecticut residents. The average number of days to sell went down by 8.3%, bringing the median sale price up by almost 8%.
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 significant decrease from the 2021 average of 41 days on the market. The median sale price has gone up 13% to $227,000.
New Haven County Market Statistics
|Number of Sales||713||519||-27%|
|Average Days to Sell||41||36||-12.2%|
|Median Sale Price||$308,897||$329,900||+6.8%|
|Number of Sales||255||182||-28.63%|
|Average Days to Sell||36||29||-19%|
|Median Sale Price||$190,250||$208,000||+9.3%|
In November 2021, there were 1,295 active listings for single-family homes. This year, there has been an increase of 3% to 1,334 homes listed. Home sales were down 27%, and the average number of days on the market decreased from 41 to 36. The median sale price rose by 6.8% in 2022, from $308,897 to $329,900.
This month, condominium units also had a shortage, with just 340 active listings. The number of sales decreased by 28%, and the average number of days to sell went down by 19%. As for the median sale price, there’s been an increase of 9% to $208,000.
Middlesex County Market Statistics
|Number of Sales||234||146||-37%|
|Average Days to Sell||38||40||+5.3%|
|Median Sale Price||$350,000||$380,000||+8.6%|
|Number of Sales||39||27||-25%|
|Average Days to Sell||26||82||+215%|
|Median Sale Price||$172,500||$205,000||+19%|
Middlesex County has had difficulty trying to surpass last year’s numbers. Single-family homes were short of 2021’s active listings by 2.5%. The number of sales has shown a decrease of 37%. The average number of days to sell has increased slightly from 38 to 40, while the median sale price has increased by almost 9%.
The number of condominiums listed has seen a notable decrease of 22%. Sales for the month of September have fallen 25% from 2021’s numbers. The average days on market increased by over 200%, and the median sale price increased 19% to $205,000.
New London County Market Statistics
|Number of Sales||290||226||-22%|
|Average Days to Sell||36||37||+2%|
|Median Sale Price||$296,500||$310,000||+4.55%|
|Number of Sales||51||42||-17%|
|Average Days to Sell||34||33||-3%|
|Median Sale Price||$180,000||$170,450||-5.3%|
New London county saw a slight decrease in active listings in November 2022 compared to last year. For single-family homes, sales went down by 22%, and it took an average of 37 days to sell a home this year, a one day decrease from 2021. The median sale price increased by almost 5% to $310,000.
The number of condo units actively listed has slightly decreased since 2021. Sales have decreased from 2021 to 2022 by 17%. The number of days to sell has gone down by 3%, and the median sale price has decreased 5% to just over $170K.
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 12/5/22, with no exclusions.