CONNECTICUT
Home Sales Down, Average Price Up
Home sales are down 16.5% year over year, with March 2024 at 2,227 compared to 2,668 last March. Home sales are down across all categories.
- Single families: 1,997 (2023) | 1,689 (2024)
- Condominiums: 671 (2023) | 538 (2024)
Average sale price has increased by 10.3% compared to last year, now at $502,585 from $455,478. Prices increased for all categories.
- Single families: $502,578 (2023) | $550,953 (2024)
- Condominiums: $315,300 (2023) | $350,737 (2024)
Homes Listed For Sale:
The number of homes listed is down by 5.6% when compared to March 2023.
- 2024: 3,187
- 2023: 3,376
- 2022: 4,807
Pending Home Sales:
The number of homes placed under contract is down by 5.8% when compared to March 2023.
- 2024: 2,625
- 2023: 2,788
- 2022: 3,866
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
The story of the spring real estate market is beginning to unfold with available inventory and mortgage rates as the main characters. As Anthony explains in his newest video, given that inventory is increasing, this is the best spring market for buyers in the last five years! In March, per Mortgage News Daily, mortgage rates hovered just above or below 7% throughout the month.
What does this mean for Buyers?
Even though Connecticut has had much lower inventory levels compared to the other states we cover, inventory did trend upward in March. Increased inventory means more options for homebuyers and a potential lessening of competition in the market. However, home buyers should not overplay their hand! There is still a considerable amount of serious buyers in the market. Home sales are still slow to recover and home prices are not dropping dramatically anytime soon. Therefore, you should be ready to strike so that you don’t miss out on a home you want! It is also helpful to understand your financing options in the face of ever changing mortgage rates so you can find the solution that best fits your needs!
What does this mean for Sellers?
Gone are the days of excessively low inventory and simply just naming your price for your home. Now, as more inventory comes on the market, it will be critical for sellers to price their homes competitively to get the most money for their home. There is still a considerable amount of competition in the market, so if you are a want-to-be-seller and you have delayed listing your home, the spring market is ready for you! We have already seen more and more of these sellers list their homes, particularly due to lifestyle changes, and as more and more list, more supply will be added to the market which will help satisfy the constant demand we are seeing.
What’s next?
We expect to see the spring real estate market continue to blossom in the coming months. However, even if inventory levels continue to climb, the decision-making of both buyers and sellers will continue to be swayed by mortgage rates as they greatly impact affordability.