Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

6.20.2013

Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

Median sale price down two percent

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(West Hartford, Conn., June 20, 2013) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased by 15.11 percent (from 801 to 922) and pending sales also increased 17.86 percent (from 991 to 1168) in May over one year ago. The median sales price of single family homes decreased 2.17 percent (from $230,000 to $225,000) as did inventory by 2.98 percent (from 6887 to 6682). New listings increased 21.22 percent (from 1673 to 2028) and the average number of days a house spent on the market decreased 14.61 percent (from 89 to 76), during this same one year time frame.

The year to date numbers reveal a 13.11 percent rise in closed sales (from 2928 to 3312) and a 10.36 percent rise in pending sales (from 4362 to 4814), respectively. New listings increased 0.05 percent (from 7714 to 7718) and the median sale price remained unchanged at $210,000. The average days on market increased 27.69 percent (from 65 days to 83 days).

Condominium closed sales increased 39.23 percent (from 181 to 252) over May of last year. The median sale price increased 8.21 percent (from $140,000 to $157,500) and the average days a condo spent on the market decreased 15.63 percent (from 96 to 81 days). Condominium inventory decreased 8.97 percent (from 1862 to 1695), over this time last year.

“It looks as though buyers who were sitting on the fence are now active, creating an increase in pending and closed sales,” stated GHAR President and CEO, Jeff Arakelian. “Our market rebound has clearly begun and we are likely to see increases in prices and shrinking inventory soon.”

Lawrence Yun, National Association of REALTORS® chief economist, said the recovery is strengthening and to expect limited housing supplies for the balance of the year in much of the country. “The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent,” he said.

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 3200 members in the 57 town Greater Hartford real estate brokerage community. The Association provides technology, training, networking and business support to members, and supports a healthy real estate market by upholding high professional and ethical standards through a Code of Ethics, ongoing education and certification programs. As the advocate for the real estate brokerage industry, GHAR is the Voice for Real Estate® in the Greater Hartford region. For more information, call 1.860.561.1800 or visit www.gharonline.com

Keara Langston, Communications Director, klangston@gharonline.com 
Greater Hartford Association of REALTORS® 
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


5/23/2013
Nearly Three Percent Rise in Median Sales Price of Single-Family Homes in Greater Hartford
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7/17/2013
Slight Rise in Sales Price of Single-Family Homes in Greater Hartford
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