Connecticut Housing Market Analysis - August 2024
The Connecticut housing market in August 2024 presents a interesting situation with several key indicators showing both positive and negative trends. Below is a detailed analysis of the current market conditions.
Price Metrics
The Median Sales Price for homes in Connecticut stands at $461,400, reflecting a slight decrease of 0.9% year-over-year (YoY). Similarly, the Median List Price has dropped by 2.5% YoY to $413,600. Despite these declines, the median Price Per Square Foot has increased by 7.6% YoY to $251, indicating that while overall prices may be slightly down, the value per square foot has appreciated. The Median List Price per square foot has also seen a significant rise of 12.3% YoY, now at $242.
Sales and Inventory
The number of Homes Sold in August 2024 is 3,852, which is a 1.3% decrease YoY. Pending Sales have seen a more substantial decline of 11.8% YoY, totaling 3,631. New Listings have dropped sharply by 19.9% YoY to 3,072, and the overall inventory has decreased by 11.2% YoY, now standing at 5,889 homes. The Months of Supply, a critical indicator of market balance, is down by 20.0% YoY to 1.5 months, suggesting a tighter market with fewer homes available for sale.
Market Dynamics
The Median Days on Market for homes in Connecticut is 33 days, a slight decrease of 1.0% YoY, indicating that homes are selling marginally faster than they did a year ago. The average sale to list ratio is 103.2%, down by 0.7% YoY, showing that homes are still selling above their list prices, albeit by a slightly smaller margin. The percentage of Homes Sold above list price is 61.9%, a decrease of 2.6% YoY.
Price Adjustments and Off-Market Trends
Price Drops have increased by 7.5% YoY, now at 23.4%, suggesting that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off-market within two weeks has decreased by 11.3% YoY to 42.6%, indicating that fewer homes are being snapped up quickly compared to last year.
Conclusion
In summary, the Connecticut housing market in August 2024 is characterized by a mix of declining sales prices and list prices, alongside rising Price Per Square Foot metrics. The market is experiencing reduced sales, Pending Sales, and New Listings, contributing to a tighter inventory and shorter Months of Supply. While homes are still selling above list prices, the frequency of Price Drops and the reduced speed at which homes are going off-market suggest a market in transition.
