Closed Sales of Single Family Homes in Greater Hartford Increase Over 11 Percent from Beginning of 2013

1.22.2014

Closed Sales of Single Family Homes in Greater Hartford Increase Over 11 Percent from Beginning of 2013

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(West Hartford, Conn., January 22, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales increased 11.48 percent (from 8711 to 9711) in year-to-date statistics. Pending sales rose 9.77 percent (from 9878 to 10,843) and the median sales price increased 0.92 percent (from $218,000 to $220,000). New listings increased 7.04 percent (from 16,309 to 17,457) and the average number of days a house spent on the market decreased 13.25 percent (from 83 days to 72 days), during this same year-to-date time frame.

Statistics from December of last year show a rise in closed sales by 13.51 percent (from 696 to 790) just as pending sales decreased 4.64 percent (from 560 to 534). New listings increased 15.81 percent (from 645 to 747) and the median sale price increased slightly 0.39 percent (from $207,450 to $208,250). Inventory increased 4.04 percent (from 4923 to 5122) and the average days a home spent on the market decreased 8.43 percent (from 83 days to 76 days).

Closed sales of condominiums from this year to date increased 15.90 percent (from 2,038 to 2,362) and the median sale price dropped 1.67 percent (from $150,500 to $147,500). The average days a condo spent on the market decreased 14.00 percent (from 100 to 86 days), during this same year-to-date timeframe.

Condominium sales rose 12.34 percent (from 154 to 173) over December of last year, and the median sale price decreased 5.33 percent (from $150,000 to $142,000). Inventory dropped 3.47 percent (from 1355 to 1308) and the average days a condo spent on the market also dropped 18.10 percent (from 116 days to 95 days) from December of 2012.

“2013 saw a rebound in the greater Hartford housing market,” stated GHAR President and CEO, Jeff Arakelian. “For this trend to continue, new listings need to remain on the increase as prices stabilize. It’s a great time to buy a home in greater Hartford.”

In the national outlook, National Association of REALTORS® Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Last week’s update indicated that new home construction reached the 3rd highest level in the past 66 months. However, the latest annualized pace of 999,000 new units is insufficient to satisfy demand. Another 50 percent increase in housing starts is needed to help relieve the inventory shortage conditions.

 

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


12/17/2013
Drop in Closed Sales of Single Family Homes in Greater Hartford
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2/21/2014
Sales Price of Single-Family Homes in Greater Hartford up 10 Percent
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