CONNECTICUT
Home Sales Down, Average Prices Up
Home sales are down 9% year over year, with December 2023 at 2,758 compared to 3,031 last December. Sales are down across all categories.
- Single families: 2,379 (2022) | 2,136 (2023)
- Condominiums: 652 (2022) | 622 (2023)
Average sales price has increased by 10.6% compared to last year, now at $500,052 from $452,233. Prices increased across all categories.
- Single families: $495,033 (2022) | $552,578 (2023)
- Condominiums: $296,066 (2022) | $319,672 (2023)
Homes Listed For Sale:
The number of homes listed is down by 1.2% when compared to December 2022.
- 2023: 1,661
- 2022: 1,681
- 2021: 2,315
Pending Home Sales:
The number of homes placed under contract is down by 2.1% when compared to December 2022.
- 2023: 2,246
- 2022: 2,294
- 2021: 3,611
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
In December 2023, home sales in Connecticut were down 9% while average sale price was up by 10.6%. The number of homes listed decreased by 1.2%, and the number of homes that went pending decreased by 2.1% as well when compared to this time last year. Per Mortgage News Daily, mortgage rates dropped into the mid-6s by the end of the month.
What does this mean for Buyers?
- During this time of year, we typically see buyer activity slow given the holidays and weather. The same was true this year even despite mortgage rates dropping into the mid-6s during December which was a marked improvement from October’s 8% peak.
- If you are a serious buyer who is ready to buy this winter, make sure you take the necessary steps to prepare before starting the search to make sure you are set up for success!
What does this mean for Sellers?
- Many sellers think they need to wait until spring or summer to list their home, but listing in the winter has many benefits and ultimately could get you more for your home! There are serious buyers in the market NOW, so make sure you are pricing your home competitively to generate the most demand for your home if you plan on listing this winter.
- We are also still seeing sellers hesitate to list their homes because they do not want to give up their low pandemic-era mortgage rate. Additionally, many sellers are also buyers, so given current inventory levels, many are concerned that they will not be able to find a home to move into after their home sells.
What’s next?
2023 proved to be another notable year in real estate history – read a complete recap of the year in our Connecticut 2023 Year in Review Housing Report. We expect this market adjustment to continue in 2024, as Anthony states in his predictions, “the worst is behind us, but we are not out of the woods.”