Closed Sales of Single-Family Homes in Greater Hartford up Nearly 5 Percent

3.18.2014

Closed Sales of Single-Family Homes in Greater Hartford up Nearly 5 Percent

Inventory also rises

(Download full release in pdf)

(West Hartford, Conn., March 18, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased over this time last year by 4.60 percent (from 457 to 478) and pending sales increased 11.62 percent (from 637 to 711). The median sale price rose 2.65 percent (from $189,000 to $194,000). New listings also increased 4.77 percent (from 1007 to 1055) and inventory rose 5.31 percent (from 5175 to 5450). The average number of days on market increased 6.49 percent (from 77 to 82 days), during this same one year time-frame.

In year to date numbers, closed sales increased 2.53 percent (from 1026 to 1052) and pending sales dropped 5.18 percent (from 1448 to 1373). The median sale price rose 8.81 percent (from $193,000 $210,000) and new listings rose 6.94 percent (from 2205 to 2358), from the beginning of the year.

Condominium closed sales decreased 6.03 percent (from 116 to 109) over February of last year. The median sale price increased 14.16 percent (from $125,000 to $142,700) and the average days a condo spent on the market increased 12.50 percent (from 72 to 81 days). Condominium inventory decreased 3.82 percent (from 1491 to 1434), over this time last year.

“It’s encouraging that even with this harsh winter, closed sales continue to rise in our housing market. Buyers and sellers should be talking to a REALTOR® now in preparation for the spring market,” stated GHAR President and CEO, Jeff Arakelian.

In the national outlook, Lawrence Yun, NAR chief economist, said, “Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception,” he said. “Some housing activity will be delayed until spring. At the same time, we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impact.”

 

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


2/21/2014
Sales Price of Single-Family Homes in Greater Hartford up 10 Percent
« previous
4/16/2014
Double-Digit Rise in New Listings of Single-Family Homes in Greater Hartford
next »