It’s official.
Fall is here.
Some believe the end of September is the ‘Black Friday of Real Estate.’ Others say this is the time of year that the market slows down. At One + Company, we continued to see properties sell throughout the month. Let’s take a look at the September market statistics for single-family and condominiums in Middlesex, New London, and New Haven Counties.
Middlesex County
| September 2018 | September 2019 | |
| Active Listings | 1,220 | 1,331 |
| Average Days to Sell | 65 | 69 |
| Average Sale Price | $288,867 | $281,703 |
| Number of Sales | 196 | 200 |
| Volume of Sales | $56,617,974 | $56,340,574 |
When we compare September 2018 to September 2019, the activity in Middlesex County was very similar. There were about 100 more listings in September of 2019, which means buyers had more options.
The rest of the numbers are so close that the total volume of sales from year to year has a difference of just $277,400. That is less than the average sales price of one home!
New London County
| September 2018 | September 2019 | |
| Active Listings | 1,800 | 1,726 |
| Average Days to Sell | 71 | 71 |
| Average Sale Price | $287,538 | $264,355 |
| Number of Sales | 299 | 314 |
| Volume of Sales | $85,973,944 | $83,007,353 |
New London County also has comparable numbers from year to year. The most significant difference was a drop in average sales price: from $287,538 in 2018 down to $264,355 in 2019. Even with 15 more sales than in 2018, this caused the total volume of sales to drop by over $2 million in 2019.
New Haven County
| September 2018 | September 2019 | |
| Active Listings | 4,144 | 4,067 |
| Average Days to Sell | 62 | 67 |
| Average Sale Price | $249,749 | $250,483 |
| Number of Sales | 755 | 784 |
| Volume of Sales | $188,560,604 | $196,378,816 |
Keeping with the theme, New Haven County also saw statistics that are similar to 2018 numbers. However, New Haven’s total volume of sales increased by $7.8 million in 2019. This is due to a slight increase in the number of sales and the average sale price when compared to last September.
Mortgage Rates
While mortgage rates have risen slightly, they are still very low. Conventional loans are currently seeing rates in the high 3’s to low 4’s. FHA loans have rates in the mid-3’s. Along with excellent interest rates, new FHA Condo approval rules will be effective October 15, opening up a larger buyer pool for those selling a condominium unit.
Data collected from SmartMLS for single-family and condo residences.