The average number of days a single-family home in New London and Windham counties spent on the market increased in the third quarter of 2022 compared to the same period last year, the first year-over-year increase since the last three months of 2020. Days on market increased from 24 to 29.

That’s according to recently released stats from the Eastern Connecticut Association of Realtors, and CEO Susy Hurlbert said this is an indicator the market is finally starting to soften. This is what she’s hearing anecdotally from Realtors as well: One in Waterford, for example, told her that while she’s still seeing multiple offers, she is seeing fewer offers.

Interest rates have risen significantly, which Hurlbert said impacts buyers’ ability to qualify for a mortgage they would have qualified for even a month ago.

The number of single-family home sales across both counties decreased 17.5% over July through September of last year, according to ECAR, indicating there’s still an inventory shortage. The median sale price in the third quarter of this year was $327,000, a 9% increase over last year.

This 9% was the lowest year-over-year increase since the second quarter of 2020.

“Sellers are needing to work a little bit harder than they were before, but there are still cash buyers out there, there are still out-of-town buyers, and that’s why the median price is still continuing to rise at this point,” Hurlbert said. But she said the “bottom line is the market is beginning to soften, which has been expected nationwide.”

The number of condominium, land, multifamily and commercial sales also decreased, while mobile sales stayed flat. The median sale price on mobile homes increased 70.2%, but at $80,000, Hurlbert noted they’re “still probably the cheapest thing to have a roof over your head right now.”

While the median commercial sale price dropped 21.9%, the average price increased 48.2%, meaning some expensive sales drove up the average. Hurlbert said Mystic-based commercial real estate agent Tim Bray told her there’s a lot of buying from corporations and investment companies right now ― coming from New York, Worcester and Providence ― and Mystic is very strong for both luxury commercial and residential.

e.moser@theday.com