Inventory of Single-Family Homes in Greater Hartford Rises

6.18.2014

Inventory of Single-Family Homes in Greater Hartford Rises

Closed sales decrease from this time last year

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(West Hartford, Conn., June 18, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory increased 14.22 percent (from 6682 to 7632) and new listings increased 14.37 percent (from 2032 to 2324) over May of last year. Closed sales of single family homes decreased by 9.33 percent (from 922 to 836) and pending sales increased by 3.94 percent (from 1168 to 1214). The median sale price dropped 3.11 percent (from $225,000 to $218,000) and the average number of days on market decreased by 1.32 percent (from 76 days to 75 days), during this same one year comparison.

In year to date numbers, closed sales dropped 2.63 percent (from 3312 to 3225) and pending sales decreased 5.30 percent (from 4814 to 4559). The median sale price decreased 0.05 percent (from $210,000 to $209,900) and new listings rose 10.39 percent (from 7718 to 8520), from the beginning of the year.

Condominium closed sales decreased 13.28 percent (from 256 to 222) over May of last year. The median sale price increased 3.99 percent (from $150,500 to $156,500) and the average days a condo spent on the market decreased 18.13 percent (from 82 to 97 days). Condominium inventory increased 0.83 percent (from 1695 to 1709), over this time last year.

“The combination of increased housing inventory and stable prices make this an optimum market for those looking to buy,” stated GHAR President and CEO, Jeff Arakelian. “Consumers should consult a Realtor® to help guide them through the buying process,” he stated.

In the national outlook, Lawrence Yun, NAR chief economist, said “we’ll continue to see a balancing act between housing inventory and price growth, which remains stronger than normal simply because there have not been enough sellers in many areas. More inventory and increased new-home construction will help to foster healthy market conditions,” Yun added.

 

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


5/19/2014
Closed Sales of Single-Family Homes in Greater Hartford Drop
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7/16/2014
Double-Digit Rise in Closed Sales of Single-Family Homes in Greater Hartford
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