In the last quarter of 2019, single-family homes are continuing to sell at a higher average sales price than in 2018 for three shoreline counties: Middlesex, New London, and New Haven. We often hear of people taking homes off the market during the holiday season. These stats show that buyers continue to actively search for properties.
Take a look at the October market statistics for single-family homes in Middlesex, New London, and New Haven Counties.
Middlesex County
| October 2018 | October 2019 | |
| Active Listings | 1,022 | 1,113 |
| Average Days to Sell | 80 | 68 |
| Average Sale Price | $346,341 | $353,416 |
| Number of Sales | 180 | 166 |
| Volume of Sales | $62,341,455 | $58,667,071 |
In Middlesex County, the average sales price of single-family homes in October increased by over $7,000 from 2018 to 2019. This bumped up the average sales price to over $350,000. Homes also sold more quickly this year, with an average of 68 days to sell in 2019. There were 166 single-family homes sold in October 2019, which is 14 fewer than in 2018.
New London County
| October 2018 | October 2019 | |
| Active Listings | 1,542 | 1,475 |
| Average Days to Sell | 71 | 76 |
| Average Sale Price | $265,453 | $275,016 |
| Number of Sales | 269 | 301 |
| Volume of Sales | $71,406,854 | $82,779,684 |
Both the average sales price and the number of sales increased in New London County. The average sales price increased by nearly $10,000 to $275,016 in 2019. In addition, there were 32 more homes sold throughout the county this October, which averages to one additional sale every day of the month. Both increases led to over $11,000,000 in sales volume in October 2019.
New Haven County
Of the three counties, New Haven had the most activity, with 599 closed transactions and $166,021,261 in sales volume in October 2019. The average sales price had a significant increase, from $262,374 in October 2018 to $277,164 in October 2019. The average days to sell remained the same – 74 – but there were 90 fewer homes sold than the previous year.
| October 2018 | October 2019 | |
| Active Listings | 3,175 | 3,056 |
| Average Days to Sell | 74 | 74 |
| Average Sale Price | $262,374 | $277,164 |
| Number of Sales | 689 | 599 |
| Volume of Sales | $180,776,001 | $166,021,261 |
Mortgage Rates
Mortgage rates have stayed low all year, with record lows throughout the summer. Rates are now beginning to increase slightly. FHA loans are seeing interest rates in the mid to high 3’s, while Conventional rates are high 3’s to low 4’s. These rates are still excellent, but they are beginning to increase.