Over 18 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

8.22.2013

Over 18 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

Condo sales up 35 percent

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(West Hartford, Conn., August 22, 2013) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased by 18.48 percent over July of last year (from 882 to 1045). Pending sales also increased 15.34 percent (from 893 to 1030) and the median sales price of single family homes increased 0.70 percent (from $235,750 to $237,400), over July of last year. Inventory increased 0.30 percent (from 6700 to 6720). New listings increased 13.72 percent (from 1450 to 1649) and the average number of days a house spent on the market decreased 5.80 percent (from 69 days to 65), during this same one year time frame.

The year to date numbers indicate a 12.48 percent rise in closed sales (from 4774 to 5370) and an 11.48 percent rise in pending sales (from 6211 to 6924), respectively. New listings increased 4.07 percent (from 10,670 to 11,104) and the median sale price remained unchanged ($220,000). The average days a home spent on the market decreased 14.61 percent (from 92 days to 78 days).

Condominium closed sales increased 34.97 percent (from 183 to 247) over July of last year. The median sale price decreased 6.45 percent (from $155,000 to $145,000) and the average days a condo spent on the market decreased 12.75 percent (from 102 to 89 days). Condominium inventory decreased 13.18 percent (from 1821 to 1581), over this time last year.

“Another consecutive rise in closed sales is evidence that our market recovery is well underway,” stated GHAR President and CEO, Jeff Arakelian. “The slow rise in sales price is a positive sign for those looking to buy.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said changes in affordability are impacting the market. “Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,” he said. “The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers.”

 

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


7/17/2013
Slight Rise in Sales Price of Single-Family Homes in Greater Hartford
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9/18/2013
Large Drop in Days on Market of Single-Family Homes in Greater Hartford over Last August
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