Housing inventory in New London, Windham counties remained low through end of 2021

Jan. 25—Last year ended with housing inventory remaining low in New London and Windham counties, according to fourth-quarter stats from the Eastern Connecticut of Association of REALTORS, and CEO Susy Hurlbert expects inventory to remain low this year.

"It's definitely a seller's market, going into 2022," Hurlbert said. "Problem for the seller is: Where are they going to move?"

In October through December, the number of single-family homes sold dropped by more than 12% over the same period in 2020. The median sale price increased by 10% across the two counties, to $297,000, and homes were selling on average for more than 100% of the list price.

The average number of days on market has gone down, from 46 to 35.

Comparing all of 2021 to 2020, the number of single-family home sales increased by 2.6% and the median price increased 11.6%, to $290,000.

Hurlbert said new listings increased 2% year over year but were down 6% in December, which is indicative of what economists are saying: that the inventory shortage will continue. This shortage means prices will continue to rise, and Hurlbert said the building supply will increase due to new construction but not enough to meet demand. She noted there's also increased pressure on housing stock due to hiring at Electric Boat.

"Bidding wars are still continuing in eastern Connecticut, and that's pricing a lot of first-time homebuyers out of the market," Hurlbert said.

Multifamily sales increased by 41.8% with an 11.6% increase in the median sale price, while commercial sales increased by 18.52% with a 56.7% increase in the median price.

The largest percent decrease for days on market was for condos, which went from 74 days in the last quarter of 2020 to 42 days at the end of last year. The number of mobile home sales increased by 35.5%, with a 65.7% increase in the volume.

While land sales increased 29% year-over-year in the third quarter, they were down more than 28% in the fourth quarter, and the median sale price was down 7.1%.

e.moser@theday.com