Connecticut Housing Market: September 2024 Analysis
The Connecticut housing market in September 2024 presents a complex landscape, characterized by contrasting trends in pricing, sales activity, and inventory levels. The Median Sales Price has decreased by 6.4% year-over-year, settling at $430,600. This decline in sales price contrasts with the Median List Price, which has risen by 13.0% to $458,700, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics further illustrate this divergence. The median Price Per Square Foot has increased by 9.2% to $246, while the Median List Price per square foot has risen by 11.5% to $254. This suggests that while sellers are optimistic about property values, buyers are negotiating lower final sale prices.
Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 11.1% year-over-year to 3,073 units. However, Pending Sales have shown a slight increase of 2.7%, reaching 3,752 units, indicating a potential rebound in future sales activity. New Listings have decreased by 10.9% to 3,298, contributing to a tighter inventory, which is down by 5.0% to 6,541 units.
The Months of Supply have increased by 10.0% to 2.1 months, suggesting a slight easing in market tightness, yet still indicative of a seller's market. The Median Days on Market have increased by 2.0% to 36 days, reflecting a modest slowdown in the pace of sales.
The average sale to list ratio has slightly decreased by 0.7% to 102.5%, while the percentage of Homes Sold above list price has dropped by 3.8% to 58.2%. This indicates a cooling in competitive bidding scenarios. Price Drops have increased by 7.0% to 24.2%, suggesting that sellers are adjusting their expectations in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 12.5% to 40.3%, further highlighting a shift towards a more balanced market. Overall, the Connecticut housing market in September 2024 reflects a period of adjustment, with sellers recalibrating their strategies in response to evolving buyer dynamics.
