Connecticut Real Estate Market Insights for July 2024
Connecticut Housing Market Analysis - July 2024
The Connecticut housing market in July 2024 presents a mixed bag of trends, reflecting both stability and shifts in various key metrics. This analysis delves into the specifics of these trends, providing a comprehensive overview of the current state of the market.
Median Sales Price
The median sales price in Connecticut for July 2024 stands at $467,000 which represents a slight decrease of 0.02% year-over-year (YoY). This marginal decline suggests a stabilization in home prices, indicating that the market may be reaching an equilibrium after previous periods of fluctuation.
Median List Price
The median list price has seen a modest increase of 1% YoY, now at $455,200. This uptick, albeit small, indicates that sellers are slightly more optimistic about the value of their properties compared to the previous year. This could be a sign of confidence in the market's resilience and potential for growth.
Price Per Square Foot
The median price per square foot has risen by 6% YoY, reaching $249. This increase suggests that buyers are willing to pay more per unit area, which could be indicative of higher demand for quality or location-specific properties. Similarly, the median list price per square foot has surged by 14% YoY to $248, further emphasizing the upward pressure on property values in terms of space.
Homes Sold and Pending Sales
The number of homes sold in July 2024 is 3,743 marking a 9% increase YoY. This rise in sales volume indicates a healthy demand for housing in Connecticut. However, pending sales have slightly decreased by 1% YoY, totaling 4,037. This minor decline in pending sales could suggest a potential slowdown in future transactions, possibly due to seasonal variations or market saturation.
New Listings and Inventory
New listings have dropped by 11% YoY, with 3,406 new properties entering the market. This reduction in new listings could lead to tighter inventory levels, which is corroborated by the 9% YoY decrease in overall inventory, now at 6,246 homes. The shrinking inventory may create a more competitive market for buyers, potentially driving up prices further.
Months of Supply
The months of supply, a critical indicator of market balance, has significantly decreased by 30% YoY to 1.7 months. This sharp decline suggests a seller's market, where the demand for homes outpaces the supply, leading to quicker sales and potentially higher prices.
Median Days on Market
The median days on market remains unchanged YoY at 31 days. This stability indicates that homes are selling at a consistent pace, reflecting a balanced interaction between buyers and sellers.
Sale to List Price Ratio
The average sale to list price ratio is 1.04, showing no change YoY. This ratio indicates that, on average, homes are selling for slightly above their list price, which is a positive sign for sellers and suggests strong buyer interest.
Sold Above List Price
The proportion of homes sold above list price remains steady at 66%. This consistency highlights a competitive market where a significant number of buyers are willing to pay more than the asking price to secure their desired property.
Price Drops
The percentage of price drops has not changed YoY, standing at 21.49%. This stability suggests that while some sellers may need to adjust their expectations, the overall market pricing remains relatively firm.
Off Market in Two Weeks
The percentage of homes going off the market within two weeks has decreased by 15% YoY to 40%. This decline could indicate a slight cooling in the market's urgency, possibly due to increased buyer caution or a greater selection of available properties.
In conclusion, the Connecticut housing market in July 2024 exhibits a blend of stability and dynamic shifts. While median sales prices have slightly decreased, other indicators such as the median list price, price per square foot, and homes sold show positive trends. The decrease in new listings and inventory, coupled with a significant drop in months of supply, points to a competitive market favoring sellers. However, the unchanged median days on market and sale to list price ratio suggest a balanced interaction between buyers and sellers. Overall, the market appears robust with underlying signs of continued demand and potential growth.
