Large Drop in Days on Market of Single-Family Homes in Greater Hartford over Last August

9.18.2013

Large Drop in Days on Market of Single-Family Homes in Greater Hartford over Last August

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(West Hartford, Conn., September 18, 2013) – The average days a house spent on the market from this August compared to August of last year dropped 27.50 percent (from 80 days to 58 days), according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales of single family homes increased by 12.55 percent (from 948 to 1067) and pending sales also increased 5.73 percent (from 873 to 923). The median sales price of single family homes increased 0.21 percent (from $234,500 to $235,000). Inventory increased 1.82 percent (from 6598 to 6718) and new listings increased 6.03 percent (from 1443 to 1530), during this same one year time frame.

The beginning of 2013 to August numbers show a 12.58 percent rise in closed sales (from 5737 to 6459) and a 10.77 percent rise in pending sales (from 7084 to 7847), respectively. New listings increased 4.30 percent (from 12,113 to 12,634) and the median sale price increased slightly 0.56 percent (from $221,750 to $223,000). The average days a home spent on the market decreased 13.10 percent (from 84 days to 73 days).

Condominium closed sales increased 16.91 percent (from 207 to 242) over August of last year. The median sale price decreased 0.64 percent (from $156,000 to $155,000) and the average days a condo spent on the market decreased 17.59 percent (from 108 to 89 days). Condominium inventory decreased 11.32 percent (from 1785 to 1583), over this time last year.

“It appears that housing inventory is really beginning to move in the greater Hartford market,” stated GHAR President and CEO, Jeff Arakelian. “Because our region was slow to enter the housing slump, it makes sense that our recovery is also moving at a slower pace.”

In the national outlook, according to the National Association of REALTORS®’ second quarter Metro Median Home Price Report, the median existing single-family home price increased in 87 percent of measured markets, the strongest year-over-year increase in seven-and-a-half years. The national median existing single-family home price was $203,500 in the second quarter, up 12.2 percent from $181,300 in the second quarter of last year.

 

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


8/22/2013
Over 18 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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10/21/2013
Sales of Condominiums Rise Nearly 20 Percent from Beginning of 2013 to Date in Greater Hartford
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