CONNECTICUT
Home Sales Down, Average Price Up
Home sales are down 1.2% year over year, with February 2024 at 1,881 compared to 1,903 last February. Single family home sales are down. Home sales are up for condos.
- Single families: 1,452 (2023) | 1,413 (2024)
- Condominiums: 451 (2023) | 468 (2024)
Average sale price has increased by 17.1% compared to last year, now at $487,370 from $416,068. Prices increased for all categories.
- Single families: $457,752 (2023) | $544,498 (2024)
- Condominiums: $281,571 (2023) | $314,888 (2024)
Homes Listed For Sale:
The number of homes listed is down by 0.1% when compared to February 2023.
- 2024: 2,573
- 2023: 2,575
- 2022: 3,264
Pending Home Sales:
The number of homes placed under contract is up by 4.9% when compared to February 2023.
- 2024: 2,404
- 2023: 2,292
- 2022: 2,898
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
Home sales in Connecticut were down just slightly year over year while average sale price was up. New listings were also down slightly, but pending sales were up in February. In the beginning of February, mortgage rates experienced the biggest one-day jump in over a year after the release of the January Jobs Report per Mortgage News Daily, landing at over 7%. Mortgage rates stayed close to or over 7% for the remainder of the month.
What does this mean for Buyers?
- Buyers, as you keep an eye on mortgage rates, remember there are other financing options available such as buydowns and assumptions that can help you achieve your buying goals.
- Inventory in Connecticut has struggled to recover and come up past previous years. However, as we head into the spring market where activity and demand usually increase, we should see more inventory and listings which is great news for buyers.
- With this in mind, if you are a serious buyer, make sure you are prepared and ready to strike in order to find success in the current market!
What does this mean for Sellers?
- We are seeing many want-to-be sellers getting off the sidelines mostly due to unavoidable lifestyle changes such as relocation, divorce, growing families, etc. As more and more of these sellers list their homes, more and more supply will be added to the market which will help satisfy the constant demand we are seeing.
- Sellers, there are many advantages to listing your home in the spring, so make sure you don’t miss out on the opportunity the new season has to offer!
- Most importantly, make sure you are pricing your home competitively to generate the most demand, especially as market activity picks up in the spring!
What’s next?
Spring brings warmer weather, longer days, and motivated buyers and sellers who are ready to ring in the new season by accomplishing their buying or selling goals. We typically see market activity kick into gear at this point in the year, but mortgage rates will play a critical role as the spring market unfolds given that they significantly impact consumer decision making.