With over 20 closings in May, One + Company felt an increase in buyer activity compared to the low points of early April. Overall, inventory for the state remains low, which is keeping home values stable.
Below, we review May 2020 statistics for all of Connecticut, as well as New London, Middlesex, and New Haven Counties.
Connecticut Market Statistics
|
Single-Family Homes |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 17,552 | 12,106 | -31.03% |
| Number of Sales | 3,426 | 2,799 | -18.3% |
| Average Days to Sell | 77 | 71 | -7.79% |
| Average Sale Price | $372,461 | $398,818 | 7.08% |
|
Condominiums |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 3,414 | 2,633 | -22.88% |
| Number of Sales | 858 | 604 | -29.6% |
| Average Days to Sell | 72 | 70 | -2.78% |
| Average Sale Price | $207,323 | $220,389 | 6.3% |
Across the state, inventory remains low. For single-family residences, the number of listings dropped by 31% when compared to May 2019. The number of sales also dropped by 18% in May 2020. Home prices, however, have not been negatively impacted. In fact, the average sale price increased by just over 7% compared to May 2019.
Condominium sales followed a similar trend. The number of active listings decreased by almost 23%, and the number of sales decreased by over 29%. The average sale price for condos in Connecticut increased by over 6%.
New London County Market Statistics
|
Single-Family Homes |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 1,474 | 1,014 | -31.21% |
| Number of Sales | 352 | 249 | -29.26% |
| Average Days to Sell | 73 | 66 | -9.59% |
| Average Sale Price | $283,681 | $274,998 | -3.06% |
|
Condominiums |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 178 | 155 | -12.92% |
| Number of Sales | 43 | 33 | -23.26% |
| Average Days to Sell | 62 | 42 | -32.26% |
| Average Sale Price | $150,407 | $146,165 | -2.82% |
In New London County, the number of single-family homes listed for sale decreased by over 31%. There were 249 closings in May 2020, a decrease from the previous year of 29.26%. The average sale price also dropped slightly, by 3%.
Condos in Connecticut saw an almost 13% decrease in inventory and a 23% decrease in sales. Of the condo units that closed, they sold quickly – with an average of 42 days on the market, compared to 62 in May 2019. The average sale price also saw a slight decrease of 2.82%
Middlesex County Market Statistics
|
Single-Family Homes |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 1,086 | 776 | -28.55% |
| Number of Sales | 207 | 167 | -19.32% |
| Average Days to Sell | 83 | 85 | 2.41% |
| Average Sale Price | $309,982 | $344,847 | 11.25% |
|
Condominiums |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 148 | 108 | -27.03% |
| Number of Sales | 39 | 23 | -41.03% |
| Average Days to Sell | 73 | 128 | 75.34% |
| Average Sale Price | $152,403 | $158,066 | 3.72% |
Single-family homes in Middlesex saw a 28.55% decrease in active listings and 19.32% decrease in the number of sales. The sale price increased by over 11% compared to May 2019, up to $344,847.
The number of condo units listed for sale decreased by 27% in May 2020, with 23 sales, down from 39 in May 2019. The average sale price increased slightly, by 3.72%
New Haven County Market Statistics
|
Single-Family Homes |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 3,214 | 2,199 | -31.58% |
| Number of Sales | 754 | 564 | -25.2% |
| Average Days to Sell | 72 | 60 | -16.67% |
| Average Sale Price | $284,922 | $281,100 | -1.34% |
|
Condominiums |
|||
| 2019 | 2020 | +/- | |
| Active Listings | 890 | 608 | -31.69% |
| Number of Sales | 228 | 156 | -31.58% |
| Average Days to Sell | 74 | 74 | 0% |
| Average Sale Price | $184,457 | $181,054 | -1.84% |
New London County also continued to see a decrease in inventory, with a 31.58% decrease of active listings for single-family homes in May 2020. The number of sales decreased by just over 25%. The average sale price dropped slightly to $281,100.
Condos had a decrease of over 31% for both the number of active listings and the number of sales, compared to May 2019. The average sale price decreased by 1.84%.
Similar to April, the Connecticut housing market in May saw fewer active listings and fewer sales. However, the properties that are selling spend fewer days on the market and sale prices are stable or compared to last year, with increases in sales prices in many parts of the state.
**All statistics pulled from SmartMLS on 6/10/20, with no exclusions.