connecticut housing report
- The number of homes listed in Connecticut is down 30.4% when compared to June 2023. Furthermore, the number of homes listed in the first half of the year is the lowest in recorded history.
- This can generally be attributed to sellers hesitating to put their homes on the market as they do not want to lose their low 2-3% mortgage rates from the pandemic. As such, inventory is battling to keep up with the buyer demand that is currently in the market.
- In time, most would-be sellers will have to list their homes to accommodate family needs, career, etc. and it is crucial that sellers price their home competitively to drum up more demand. The more buyers you can attract, the more leverage you have to better dictate terms – especially beneficial for those who are in sell/buy situations.
- Mortgage rates hovered in the high 6%s throughout the month of June. This coupled with other economic factors has made affordability a serious concern and deterrent for many buyers. In fact, the number of homes sold in Connecticut is down when compared to this time last year.
- Regardless, there are still plenty of serious buyers in the market who are keeping demand and competition elevated. If you are thinking about buying a home, make sure you know your mortgage options and be ready to strike in this summer market!
- Average prices increased for both single families and condos/townhomes. Keep in mind, we are currently seeing high buyer demand in the market with a low supply of homes. These conditions would normally lead to a sharp increase in prices. The key difference this year is that factors such as increased mortgage rates and inflation are straining overall consumer affordability which will keep housing prices from soaring.
Combined Home Sales Down 21.5%
Combined sales are down 21.5% year over year, with June 2023 at 3,774 compared to 4,808 last June. Sales are down across all categories.
- Single families: 3,783 (2022) | 2,941 (2023)
- Condominiums: 1,025 (2022) | 833 (2023)
Combined average prices have increased by 4.5% compared to last year, now at $559,686 from $535,614.
- Single families: $598,280 (2022) | $624,298 (2023)
- Condominiums: $304,388 (2022) | $331,642 (2023)
Homes Listed For Sale:
The number of homes listed is down by 30.4% when compared to June 2022, as would-be sellers are concerned about jumping into the market.
- 2023: 4,132
- 2022: 5,935
- 2021: 6,739
Pending Home Sales:
The number of homes placed under contract is down by 19% when compared to June 2022.
- 2023: 3,528
- 2022: 4,221
- 2021: 5,697
Data provided by SmartMLS then compared to the prior year.