With November comes the start of the holiday season. Traditionally, the holidays and end of the year bring a lull in the market, but that doesn’t mean buyers have disappeared.
Take a look at the November market statistics for single-family homes and condominiums in Middlesex, New London, and New Haven Counties.
Middlesex County
| November 2018 | November 2019 | |
| Active Listings | 1,122 | 1,152 |
| Average Days to Sell | 80 | 80 |
| Average Sale Price | $292,716 | $297,520 |
| Number of Sales | 214 | 185 |
| Volume of Sales | $62,641,133 | $55,041,230 |
In Middlesex County, the average sales price and the number of active listings for single-family houses and condos was comparable in November 2018 to November 2019. The number of active listings increased by 30 in 2019, while the average sales price increased by about $4,800. There was a drop in the number of residences sold: 185 in 2019, down from 214 the previous year.
New London County
| November 2018 | November 2019 | |
| Active Listings | 1,618 | 1,555 |
| Average Days to Sell | 80 | 80 |
| Average Sale Price | $246,416 | $267,176 |
| Number of Sales | 301 | 266 |
| Volume of Sales | $73,924,837 | $71,068,727 |
New London County saw a decrease both in the number of active listings and the number of sales in November 2019. However, the properties that closed in 2019 sold for approximately $20,000 higher than last year’s average sales price. Even with fewer houses being sold, buyers are willing to pay more in New London County.
New Haven County
| November 2018 | November 2019 | |
| Active Listings | 3,699 | 3,440 |
| Average Days to Sell | 68 | 72 |
| Average Sale Price | $239,198 | $246,849 |
| Number of Sales | 795 | 734 |
| Volume of Sales | $190,162,666 | $181,187,284 |
New Haven County also saw a drop in the number of sales of single-family homes and condominiums in November 2019, compared to the previous year. In 2018, 795 homes were sold, and in 2019, that number dropped to 734. Like Middlesex and New London Counties, New Haven’s average sale price increased in 2019.
Mortgage Rates
In November, mortgage rates saw a slight increase, compared to what they were during the summer months. Interest rates for conventional loans are close to 4%, while FHA loans have rates a bit lower at 3.75%.
The big news in mortgage news is that the Federal Housing Finance Agency (FHFA) announced new conforming loan limits for 2020. The maximum conforming loan amount is currently $484,350. In 2020, this will increase to $510,400 for most of the United States.
Ready to buy or sell this winter?