Luxury Home Report Coastal Connecticut December 2023

DECEMBER Home of the CLHMS

TM

COASTAL COMMUNITIES OF CONN E C T I CU T www.LuxuryHomeMarketing.com

2023

COASTAL CONNECTICUT

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | NOVEMBER 2023 Inventory

Sales

Luxury Benchmark Price 1: $1,100,000 $10,000,000+ $8,500,000 - $9,999,999 $7,000,000 - $8,499,999

20

1

Total Sales Ratio2: 30%

27

5

45

2

$2,900,000 - $3,699,999

50

12

$2,300,000 - $2,899,999

52

15

$1,900,000 - $2,299,999

35

16

$1,700,000 - $1,899,999

36

16

$1,500,000 - $1,699,999

36

14

26

8

$1,300,000 - $1,399,999

24

11

$1,200,000 - $1,299,999

34

17

$1,100,000 - $1,199,999

1

Seller's Market

21

3

$4,500,000 - $5,499,999

$1,400,000 - $1,499,999

Total Sales: 137

16

0

$5,500,000 - $6,999,999

$3,700,000 - $4,499,999

Total Inventory: 457

4

0

31

17

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$1,370,000

3

3

38

79

48%

3,000 - 3,999

$1,599,500

4

4

30

79

38%

4,000 - 4,999

$1,700,000

4

4

23

81

28%

5,000 - 5,999

$2,074,500

5

6

20

58

34%

6,000 - 6,999

$2,535,000

5

6

11

47

23%

7,000+

$4,650,000

6

8

15

113

13%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

COASTAL CONNECTICUT

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$1,750,000

$1,683,750

494

$1,825,000 $1,551,000

414

400

369 148

130

Nov-22

Dec-22

69

53

Jan-23

Feb-23

$1,690,000

$1,700,000

465

500

Inventory

Solds

$1,776,000

$1,850,000

$1,786,350

544

532

511

104

135

165

Mar-23

Apr-23

May-23

247

Jun-23

214

Jul-23

$1,675,000

$1,735,000

484

519

230

Aug-23

$1,850,000

$1,700,000

472

457

139

128

137

Sep-23

Oct-23

Nov-23

MEDIAN DATA REVIEW | NOVEMBER TOTAL INVENTORY Nov. 2022

Nov. 2023

494

457 VARIANCE: -7 %

SALE PRICE PER SQFT. Nov. 2022

$

Nov. 2023

447

471 VARIANCE: 5 % $

TOTAL SOLDS Nov. 2022

Nov. 2023

148

137 VARIANCE: -7 %

SALE TO LIST PRICE RATIO Nov. 2022

Nov. 2023

98.96% 100.08% VARIANCE: 1 %

SALES PRICE Nov. 2022

Nov. 2023

1.75m

$

$

1.70m VARIANCE: -3 %

DAYS ON MARKET Nov. 2022

Nov. 2023

34

26 VARIANCE: -24 %

COASTAL CONNECTICUT MARKET SUMMARY | NOVEMBER 2023 • The Coastal Connecticut single-family luxury market is a Seller's Market with a 30% Sales Ratio.

• Homes sold for a median of 100.08% of list price in November 2023.

• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 55%.

• The median luxury sales price for single-family homes is $1,700,000.

• The median days on market for November 2023 was 26 days, down from 34 in November 2022.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

COASTAL CONNECTICUT

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | NOVEMBER 2023 Inventory

Sales

Luxury Benchmark Price 1: $540,000 $4,300,000+ $3,900,000 - $4,299,999 $3,500,000 - $3,899,999

$3,100,000 - $3,499,999 $2,700,000 - $3,099,999 $2,300,000 - $2,699,999

2

0 0

1

Total Inventory: 122

0

Seller's Market 1 1

Total Sales Ratio2: 38%

2 6

1

$1,900,000 - $2,299,999

8

2

$1,500,000 - $1,899,999

20

3

$1,300,000 - $1,499,999 $1,100,000 - $1,299,999

9

2 1

2

$900,000 - $1,099,999

5

$800,000 - $899,999 $700,000 - $799,999

Total Sales: 46

4

0

6

17

4 9

3

14

$600,000 - $699,999 $540,000 - $599,999

1

15 22

8

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

$674,900

2

3

24

62

39%

2,000 - 2,499

$620,000

2

3

7

36

19%

2,500 - 2,999

$775,000

3

3

6

7

86%

3,000 - 3,499

$1,850,000

4

3

3

11

27%

3,500 - 3,999

$821,175

3

4

2

4

50%

4,000+

$2,700,000

3

5

4

2

200%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

COASTAL CONNECTICUT

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$830,500 $713,390

$717,000

155

147

161

43

44

40

Nov-22

Dec-22

Jan-23

$707,500

$745,000

155

155

61 26

Feb-23

Mar-23

Inventory

$697,000

$660,000

$675,000

131

130

132

46

49

Apr-23

May-23

Solds

$738,000

129 74

Jun-23

$754,000

125

114 52

Jul-23

$685,000

74

Aug-23

$757,750

$698,500

122

99 43

54

46

Sep-23

Oct-23

Nov-23

MEDIAN DATA REVIEW | NOVEMBER TOTAL INVENTORY Nov. 2022

Nov. 2023

155

122 VARIANCE: -21 % SALE PRICE PER SQFT. Nov. 2022

$

Nov. 2023

388

426 VARIANCE: 10 % $

TOTAL SOLDS Nov. 2022

Nov. 2023

43

46 VARIANCE: 7 %

SALE TO LIST PRICE RATIO Nov. 2022

Nov. 2023

100.00% 100.00% VARIANCE: 0 %

SALES PRICE Nov. 2022

$

713k

Nov. 2023

699k VARIANCE: -2 % $

DAYS ON MARKET Nov. 2022

Nov. 2023

40

22 VARIANCE: -45 %

COASTAL CONNECTICUT MARKET SUMMARY | NOVEMBER 2023 • The Coastal Connecticut attached luxury market is a Seller's Market with a 38% Sales Ratio.

• Homes sold for a median of 100.00% of list price in November 2023.

• The most active price band is $600,000-$699,999, where the sales ratio is 107%.

• The median luxury sales price for attached homes is $698,500.

• The median days on market for November 2023 was 22 days, down from 40 in November 2022.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3