Sales Price of Single-Family Homes in Greater Hartford up 10 Percent

2.21.2014

Sales Price of Single-Family Homes in Greater Hartford up 10 Percent

Closed sales also increase

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(West Hartford, Conn., February 21, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single family homes increased over last year by 10.00 percent (from $200,000 to $220,000). Closed sales rose 2.54 percent (from 552 to 566) and pending sales increased 5.49 percent (from 656 to 692). New listings also increased 8.24 percent (from 1201 to 1300) and inventory rose 4.65 percent (from 4986 to 5218). The average number of days on market decreased 5.75 percent (from 87 to 82 days), during this same one year time-frame.

Condominium sales decreased 9.76 percent (from 123 to 111) over January of last year. The median sale price also decreased 9.66 percent (from $160,000 to $145,000) and the average days a condo spent on the market increased 5.05 percent (from 99 to 104 days). Condominium inventory decreased 12.57 percent (from 1536 to 1343), over this time last year.

“The double digit increase in median price is something we haven’t seen in years. Buyers looking to purchase have some great options and mortgage rates are still very reasonable. With ample inventory, this could lead to a strong spring market,” stated GHAR President and CEO, Jeff Arakelian.

In the national outlook, NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, said that with jobs expected to improve this year, sales should hold even despite rising home prices and higher mortgage interest rates. “The only factors holding us back from a stronger recovery are the ongoing issues of restrictive mortgage credit and constrained inventory,” he said.

 

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


1/22/2014
Closed Sales of Single Family Homes in Greater Hartford Increase Over 11 Percent from Beginning of 2013
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3/18/2014
Closed Sales of Single-Family Homes in Greater Hartford up Nearly 5 Percent
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