In this 2023 Mid-Year in Review Housing Report, we are looking at Southington, Connecticut in the first half of 2023 compared to the first half of 2022 to see how the market performed in the area. Lamacchia Realty officially opened a branch office in Southington in December 2022!
Mid-Year Data Highlights
- Southington home sales decreased by 22.7% as there were 218 sales in the first half of 2023 compared to 282 in the first half of 2022. Average price increased by 2.7% going from $373,990 in the first half of 2022 to $384,108 in the first half of 2023. These metrics include single families, and condos/townhomes. The categorical breakdowns are listed in the infographic above.
- The number of homes listed in the first half of 2023 compared to the 1st half of 2022 decreased by 22.2%, moving from 342 to 266.
- The number of pending sales decreased by 15.4% with 237 in the first half of 2023 compared to 280 in the first half of 2022.
2023 Outlook
The mid-year performance of the Southington housing market aligned with our expectations, displaying a drop in sales and a small increase in average prices compared to the first half of 2022. It’s key to understand that the difference between 2023 and 2022 will be larger than usual due to the shift from a high-intensity Covid market to a more balanced one. Not only have sales decreased, but the number of new listings in Southington has also decreased. For Connecticut overall, the number of listings hit an all-time low for the first half of the year. In an attempt to maintain their pandemic-era 2-3% mortgage rate, would-be sellers are holding off listing their homes which in turn is keeping inventory tight. Even though buyers continue to face affordability challenges (e.g., mortgage rates, inflation), buyer demand continues to be strong – keeping the market overall competitive. Therefore, it’s unlikely we will see a steep price decrease as long as inventory levels stay low.
To learn more about Connecticut’s performance, click here to read the 2023 Connecticut Mid-Year in Review Report.
Data provided by SmartMLS and compared to the prior year.
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