The trend from January 2020 continued into February. Low inventory, coupled with buyers who are looking to purchase and historic-low mortgage rates, means that homes in Connecticut are selling. We are certainly feeling these effects in our marketplaces: since January 1st, One + Company has helped sell over 75 homes in the local area.
Take a look at some of the February market statistics to see what we are talking about.
Connecticut Market Statistics
| Single-Family Homes | |||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 13,475 | 12,270 | -8.94% |
| Number of Sales | 1,849 | 1,906 | 3.08% |
| Average Days to Sell | 93 | 93 | 0% |
| Average Sale Price | $314,762 | $338,321 | 7.48% |
| Highest Sale | $5,550,000: 38 Dairy Road, Greenwich | ||
| Condominiums | |||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 2,955 | 2,751 | -6.90% |
| Number of Sales | 476 | 517 | 8.61% |
| Average Days to Sell | 83 | 82 | -1.2% |
| Average Sale Price | $187,565 | $212,252 | 13.16% |
| Highest Sale | $3,200,000: 680 Steamboat Road, Unit #3, Greenwich | ||
For single-family homes in Connecticut, inventory remains low, with an 8.94% decrease in active listings, compared to February 2019. However, the number of sales across the state increased by over 3%, with 1,906 homes sold and 1,331 pending in February 2020. The average sale price also increased by 7.48%, bringing the average price up to $338,321 in February 2020.
Condominium units in Connecticut saw similar trends. Inventory went down by 6.9%, with an 8.61% increase in the number of units sold. The average sale price rose over 13%, up to $212,252 for condos in February 2020.
New London County Market Statistics
| Single-Family Homes | |||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 1,226 | 1,064 | -13.21% |
| Number of Sales | 197 | 169 | -14.21% |
| Average Days to Sell | 91 | 95 | 4.4% |
| Average Sale Price | $232,616 | $258,109 | 10.96% |
| Highest Sale | $1,150,000: 218 Old Black Point Road, East Lyme | ||
| Condominiums | |||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 164 | 168 | 2.44% |
| Number of Sales | 24 | 28 | 16.67% |
| Average Days to Sell | 73 | 76 | 4.11% |
| Average Sale Price | $136,642 | $169,741 | 24.22% |
| Highest Sale | $448,950: 45 Hope Street, Unit #4, East Lyme | ||
In New London County, there was a 13% decrease in active listings and a 14% decrease in single-family homes sold. The average sale price increased in February 2020 to $258,109, up from $232,616 in February 2019.
Condos in New London County had an increase in both the number of active listings (168) and the number of units sold (28). The sale price increased by 24% to $169,741 in February 2020.
Middlesex County Market Statistics
|
Single-Family Homes |
|||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 821 | 777 | -5.36% |
| Number of Sales | 84 | 105 | 25% |
| Average Days to Sell | 107 | 108 | 0.93% |
| Average Sale Price | $305,409 | $342,370 | 12.10% |
| Highest Sale | $3,000,000: 25 Pettipaug Avenue, Old Saybrook | ||
|
Condominiums |
|||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 141 | 109 | -22.7% |
| Number of Sales | 26 | 16 | -38.46% |
| Average Days to Sell | 162 | 114 | -29.63% |
| Average Sale Price | $150,404 | $259,283 | 72.39% |
| Highest Sale | $665,000: 3 Belhaven, Unit #3, Cromwell | ||
In Middlesex County, there was a 25% increase in the number of single-family sales, bringing the number of homes sold to over 100 for the month. The average sale price also saw a significant increase compared to February 2019, up to $342,370.
Condominiums in Middlesex saw a decrease in the number of active listings and the number of sales. The average sale price increased, but with just 16 condos sold throughout the month, this average is from a small number of closings.
New Haven County Market Statistics
|
Single-Family Homes |
|||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 2,501 | 2,204 | -11.88% |
| Number of Sales | 421 | 419 | -0.48% |
| Average Days to Sell | 91 | 78 | -14.29% |
| Average Sale Price | $243,684 | $244,839 | 0.47% |
| Highest Sale | $1,100,000: 442 Tepi Drive, Southbury | ||
|
Condominiums |
|||
| Feb. 2019 | Feb. 2020 | +/- | |
| Active Listings | 762 | 660 | -13.39% |
| Number of Sales | 110 | 144 | 30.91% |
| Average Days to Sell | 67 | 67 | 0% |
| Average Sale Price | $149,602 | $160,491 | 7.28% |
| Highest Sale | $689,000: 66 High Street, Unit #8, Guilford | ||
In New Haven County, the number of active listings dropped more than 11%, but the number of single-family sales (419) and average sale price ($244,839) remained similar to last February. Homes did, however, sell more quickly in February 2020, taking an average of 78 days to close, compared to 91 in February 2019.
Condo units in New Haven County saw a decrease in inventory and an increase in the number of sales, which means that condos are sought after in the local market. Because of this, the average sale price increase by over 7% to $160,491.
**All statistics pulled from SmartMLS on 3/10/20, with no exclusions.
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