Throughout the summer, homes have continued to move in Middlesex, New London, and New Haven counties, particularly homes under $400,000. Below, we compare sales of single-family homes between July 2018 and July 2019 in these three shoreline counties.
Middlesex County
In Middlesex County, the average sale price for single-family homes jumped from $273,335 in July 2018 to $309,099 in July 2019. This increase in average sales price is the most significant for the three shoreline counties we are comparing.
The number of houses sold, however, dropped from 318 closed sales in 2018 to 286 in 2019. Even with this drop in properties sold, the volume of sales was higher in 2019, due to the average sale price of each home being higher.
Middlesex County
| July 2018 | July 2019 | |
| Active Listings | 2,184 | 2,059 |
| Average Days to Sell | 71 | 71 |
| Average Sale Price | $273,335 | $309,099 |
| Number of Sales | 318 | 286 |
| Volume of Sales | $72,433,722 | $74,183,738 |
New London County
New London County saw similar numbers between July 2018 and 2019. The average sale price did rise slightly in July 2019 to $251,311, up from $249,279. The number of sales dropped slightly but remained above 500 in July. New London County saw a decrease in volume of sales this July, down $7 million from July 2018.
New London County
| July 2018 | July 2019 | |
| Active Listings | 3,258 | 3,107 |
| Average Days to Sell | 66 | 78 |
| Average Sale Price | $249,279 | $251,311 |
| Number of Sales | 569 | 525 |
| Volume of Sales | $121,149,825 | $113,843,737 |
New Haven County
New Haven County saw a slight increase in both average sales price and number of sales in July 2019. The average sale price increased from $239,969 in 2018 to $250,322 in 2019. The number of sales increased by close to 80 properties, with 1,626 properties closed in July 2019. These increases cause the volume of sales to go up by over $20 million.
New Haven County
| July 2018 | July 2019 | |
| Active Listings | 7,178 | 6,823 |
| Average Days to Sell | 52 | 60 |
| Average Sale Price | $239,969 | $250,322 |
| Number of Sales | 1,549 | 1,626 |
| Volume of Sales | $301,161,585 | $321,941,729 |
One factor that is enticing some people to buy and others to refinance is the low interest rates on mortgage loans. Interest rates on 30-year loans recently hit a three-year low. FHA loans have interest rates in the mid 3’s, while Conventional loans, which are based more on credit scores, are between high 3’s and low 4’s. The rates have dropped significantly since January of this year, when FHA loans were in the low 4s and Conventional loans in the mid 4’s.
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Data Source: SmartMLS