Closed Sales of Single-Family Homes in Greater Hartford Increase over 50 Percent

1.15.2021

Closed Sales of Single-Family Homes in Greater Hartford Increase over 50 Percent

Median sales price up over 16 percent

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(Hartford, Conn., January 15, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 51.21 percent (from 494 to 747) over December of 2019. The median sales price increased 16.63 percent (from $240,000 to $279,900) and pending sales rose 36.32 percent (from 435 to 593). New listings increased 11.66 percent (from 326 to 364) and inventory dropped 46.52 percent (from 1924 to 1029), during this same timeframe.

In year-to-date statistics, year over year, new listings decreased 8.33 percent (from 9481 to 8691). Pending sales increased 15.75 percent (from 6521 to 7548) and closed sales increased 13.67 percent (from 6521 to 7548). The median sales price increased 10.20 percent (from $245,000 to $270,000) and the average days spent on market decreased 15.79 percent (from 57 to 48 days), during this same year to date, year over year, timeframe.

Condominium closed sales increased 21.38 percent (from 145 to 176) and pending sales increased 21.05 percent (from 133 to 161) over December of 2019. The median sales price increased 9.09 percent (from $165,000 to $180,000) and inventory decreased 27.49 percent (from 422 to 306).

“Despite the uncertainty of current events, our numbers show the dream of homeownership is alive and well in greater Hartford,” said GHAR CEO, Holly Callanan. “Near-record low interest rates and strong buyer demand is the trend for the near future, at least,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year's levels. Given the COVID-19 pandemic, it's amazing that the housing sector is outperforming expectations."

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4700 members in the 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
Greater Hartford Association of REALTORS®
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


12/16/2020
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