Slight Rise in Sales Price of Single-Family Homes in Greater Hartford

7.17.2013

Slight Rise in Sales Price of Single-Family Homes in Greater Hartford

Inventory down

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(West Hartford, Conn., July 17, 2013) – The median sales price of single family homes increased 1.37 percent (from $233,000 to $236,700) over July of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales of single family homes increased by 0.62 percent (from 962 to 968) and pending sales also increased 12.97 percent (from 956 to 1080). Inventory dropped by 0.69 percent (from 6701 to 6655). New listings increased 15.34 percent (from 1506 to 1737) and the average number of days a house spent on the market decreased 17.11 percent (from 76 days to 63), during this same one year time frame.

The year to date numbers indicate a 10.03 percent rise in closed sales (from 3910 to 4302) and a 10.83 percent rise in pending sales (from 5318 to 5894), respectively. New listings increased 2.55 percent (from 9220 to 9455) and the median sale price increased by 0.46 percent (from $216,000 to $217,000). The average days on market decreased 15.22 percent (from 92 days to 78 days).

Condominium closed sales increased 5.66 percent (from 212 to 224) over June of last year. The median sale price increased 1.15 percent (from $152,250 to $154,000) and the average days a condo spent on the market decreased 24.47 percent (from 94 to 71 days). Condominium inventory decreased 11.05 percent (from 1837 to 1634), over this time last year.

“The rise in both closed sales and median sale price could be a sign of an upswing in the greater Hartford housing market,” stated GHAR President and CEO, Jeff Arakelian. “It is a great time to buy a home because of good affordability conditions coupled with the prospect for modest price appreciation.”

The national housing outlook shows existing-home sales are at the highest level since November 2009 when the market jumped to 5.44 million as buyers took advantage of tax stimulus. Sales have stayed above year-ago levels for 23 months, while the national median price shows 15 consecutive months of year-over-year increases, according to National Association of REALTORS®.

 

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


6/20/2013
Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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8/22/2013
Over 18 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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