Double-Digit Rise in New Listings of Single-Family Homes in Greater Hartford

4.16.2014

Double-Digit Rise in New Listings of Single-Family Homes in Greater Hartford

Closed sales drop 5 percent

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(West Hartford, Conn., April 16, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), new listings increased 10.45 percent (from 1483 to 1638) and inventory rose 6.57 percent (from 5727 to 6103). Closed sales of single family homes decreased over this time last year by 5.00 percent (from 660 to 627) and pending sales dropped slightly by 0.85 percent (from 946 to 938). The median sale price remained unchanged at $198,000. The average number of days on market decreased 5.38 percent (from 93 to 88 days), during this same one year time-frame.

In year to date numbers, closed sales increased 0.24 percent (from 1686 to 1690) and pending sales dropped 8.35 percent (from 2502 to 2293). The median sale price rose 6.32 percent (from $194,700 $207,000) and new listings rose 8.69 percent (from 3681 to 4001), from the beginning of the year.

Condominium closed sales decreased 13.71 percent (from 175 to 151) over March of last year. The median sale price increased 14.54 percent (from $140,000 to $160,350) and the average days a condo spent on the market decreased 16.00 percent (from 100 to 84 days). Condominium inventory increased 0.50 percent (from 1585 to 1593), over this time last year.

“Consumers are beginning to list their homes on the market as spring nears. It is a good time for potential buyers to contact a Realtor and get started on the process now while interest rates remain low,” stated GHAR President and CEO, Jeff Arakelian.

In the national outlook, Lawrence Yun, NAR chief economist, said conditions in February were largely unchanged from January. “Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the 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


3/18/2014
Closed Sales of Single-Family Homes in Greater Hartford up Nearly 5 Percent
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Closed Sales of Single-Family Homes in Greater Hartford Drop
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