Inventory of Single-Family Homes in Greater Hartford Down 52 Percent

3.17.2021

Inventory of Single-Family Homes in Greater Hartford Down 52 Percent

Median sales price up over 20 percent

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(Hartford, Conn., March 17, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford rose 7.7 percent over February of last year (from 352 to 379). Pending sales decreased 2.23 percent (from 404 to 395) and the median sale price increased 21.74 percent (from $230,000 to $280,000). New listings decreased 32.66 percent (from 689 to 464) and inventory dropped 52.15 percent (from 2004 to 959), during this same timeframe.

In year-to-date numbers, over last year, new listings decreased 33.18 percent (from 1305 to 872). Pending sales remained the same at 828 sales and closed sales rose 7.94 percent (from 768 to 829). The median sales price increased 21.28 percent (from $235,000 to $285,000) and the average days spent on market increased 37.33 percent (from 75 to 47), during this same year to date, year over year, timeframe.

Condominium closed sales remained the same at 95 units and pending sales rose 14.58 percent (from 96 to 110) over February of 2020. The median sale price increased 7.81 percent (from $160,000 to $172,500) and inventory decreased 34.81 percent (from 474 to 309). New listings dropped 24.32 percent (from 185 to 140) over this time versus a year ago.

“Housing inventory is still tight in Greater Hartford, which usually signals a rise in price,” stated GHAR CEO, Holly Callanan. “Using a knowledgeable Realtor is vital to navigating the multiple offers and tight deadlines that are associated with this unique market,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said "Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market. Sales easily could have been even 20% higher if there had been more inventory and more choices."

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4000 members in the 27 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
Greater Hartford Association of REALTORS®
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


2/16/2021
Over 20 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford
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4/15/2021
Median Sales Price of Single-Family Homes in Greater Hartford Up 17 Percent
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