One month into Quarter 4! Let’s reflect on Octobers’ market stats and exceed our real estate goals as we prepare for the following term.
As always, we’ve taken the liberty and complied a list of October’s Market Stats, comparing 2020 and 2021.
Take a look at all of the stats for Connecticut and the New Haven, Middlesex, and New London Counties.
Connecticut Market Statistics
|Number of Sales||4,701||3,524||-28.6%|
|Average Days to Sell||56||40||-33.3%|
|Median Sale Price||$325,000||$336,000||+3.3%|
|Number of Sales||1,135||1,041||-8.6%|
|Average Days to Sell||61||40||-41.6%|
|Median Sale Price||$194,600||$212,000||+8.5%|
As you can see, October 2021 has remained consistent with the previous months in a significantly lower quantity of inventory from the past year. The amount of single-family homes has gone down since October 2020. As we look at the number of active listings, October did not match or increase for Connecticut residents. However, the average number of days to sell has gone down by 33.3%, bringing the median sale price up by 3.3%.
As for condominiums, we have also seen a drop in number of active listings and only a slight decrease in number of sales. In fact, as of October 2021, the number of listings has gone down by 24.6%. However, the number of sales has made a small decrease of 8.6%. Just like single-family homes, it has taken an average of 40 days to sell condominium units, and the median sale price has gone up by 8.5%.
New Haven County Market Statistics
|Number of Sales||1,001||783||-24.4%|
|Average Days to Sell||47||37||-23.8%|
|Median Sale Price||$275,000||$305,000||+10.4%|
|Number of Sales||289||250||-14.5%|
|Average Days to Sell||65||36||-57.4%|
|Median Sale Price||$169,000||$190,688||+12%|
In October 2020, we had 1,941 active listings for single-family homes. This year, there was a decrease of 10.6%, and the number of sales went down by 24.4%. With such changes, the average number of days to sell single-family homes has also decreased by 23%. However, when comparing the median sale price between 2020 and 2021, there was a positive change of 10% to $305,000.
Condominium units also had a shortage this year, only making 441 active listings. The number of sales decreased by 14.5%, and the average days to sell has gone down by 57%. As for the median sale price, there’s been an increase of 12% to $190,688.
Middlesex County Market Statistics
|Number of Sales||294||188||-43%|
|Average Days to Sell||60||50||-18%|
|Median Sale Price||$339,500||$375,000||+9%|
|Number of Sales||64||57||-11.5%|
|Average Days to Sell||58||25||-79.5%|
|Median Sale Price||$173,500||$160,000||-8%|
Middlesex county has also had a hard time trying to surpass last year’s numbers. Single-family homes were short of 2020’s active listings by 26%. The number of sales has also shown a decrease in this year’s results, 43% to 188. However, the average number of days to sell has gone down while the median sale price has increased by 9%.
Condominiums around this time of year have shown to have low numbers of active listings. Down by 18.9%, active listings have not yet surpassed 100. Sales this year have decreased by 11.5%, and average days to sell has fallen from 58 to 25. The median sale price continues to decrease, falling 8% to $160,000.
New London County Market Statistics
|Number of Sales||398||312||-24.2%|
|Average Days to Sell||55||35||-44.4%|
|Median Sale Price||$278,400||$293,000||+5%|
|Number of Sales||54||59||+8%|
|Average Days to Sell||113||31||-113%|
|Median Sale Price||$147,050||$173,000||+16%|
New London county saw a 7% decrease in active listings in October 2021. For single-family homes, sales went down by 24.2%, and it took an average of 35days to sell a home this year, compared to 55 days in October 2020. The median sale price this year was $293,000, an increase from last year’s results by 5%.
The number of condo units actively listed has gone down this year by 54%, while sales have increased by 8%. On average, the number of days to sell has gone down by 113%, and the median sale price increases by 16%.
We hope this helps you understand the trends across the state as you navigate through your real estate needs. While it is apparent that the seasons are changing, the market stats are too. 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 11/3/21, with no exclusions.