Sales of Condominiums Rise Nearly 20 Percent from Beginning of 2013 to Date in Greater Hartford

10.21.2013

Sales of Condominiums Rise Nearly 20 Percent from Beginning of 2013 to Date in Greater Hartford

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(West Hartford, Conn., October 21, 2013) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales rose 12.26 percent (from 726 to 815) and the median sales price increased 3.81 percent (from $210,000 to $218,000) over September of last year. Pending sales rose 0.61 percent (from 818 to 823) and the average number of days a house spent on the market decreased 21.25 percent (from 80 days to 63 days). New listings and inventory also increased 19.47 percent (from 1356 to 1620) and 11.75 percent (from 6008 to 6714), respectively, during this same one year time frame.

Numbers from the beginning of the year to September show a 12.84 percent rise in closed sales (from 6465 to 7295) and pending sales rose 9.72 percent (from 7902 to 8670). New listings increased 5.83 percent (from 13,469 to 14,254) and the median sale price increased slightly 0.91 percent (from $220,000 to $222,000). The average days a home spent on the market dropped 14.29 percent (from 84 days to 72 days).

Condominium closed sales increased 37.84 percent (from 148 to 204) over September of last year. The median sale price decreased 5.69 percent (from $153,750 to $145,000) and the average days a condo spent on the market decreased 22.34 percent (from 94 to 73 days). Condominium inventory decreased 7.75 percent (from 1691 to 1560), over this time last year.

In year to date data, condominium sales rose 19.91 percent (from 1,497 to 1,795) and the median sale price increased 1.70 percent. The average days a condo spent on the market dropped 11.46 percent (from 96 days to 85 days) from the beginning of the year.

“Condos and homes appear to be selling at a healthy rate in greater Hartford,” stated GHAR President and CEO, Jeff Arakelian. “Sales prices need to catch up for our housing market to fully recover.”

In the national outlook, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.9 percent to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August. According to the National Association of REALTORS®’ Lawrence Yun, NAR chief economist, said a decline was expected. “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” he said. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

 

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


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11/21/2013
Closed Sales of Single Family Homes in Greater Hartford Continue to Rise
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