Closed Sales of Single-Family Homes in Greater Hartford Rise Over This Time Last Year

10.20.2014

Closed Sales of Single-Family Homes in Greater Hartford Rise Over This Time Last Year

Small gain in median sale price

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(West Hartford, Conn., October 20, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in greater Hartford rose 9.45 percent (from 815 to 892) over September of last year. The median sale price increased 0.92 percent (from $218,000 to $220,000) and pending sales increased 4.25 percent (from 823 to 858). New listings and inventory rose 5.99 percent (from 1620 to 1717) and 12.27 percent (from 6714 to 7583), respectively. The average number of days on market rose 20.63 percent (from 63 to 76 days), during this same year-over-year comparison.

Year to date statistics show that closed sales increased 1.43 percent (from 7297 to 7399) and pending sales decreased 1.83 percent (from 8670 to 8511). The median sale price dropped 0.95 percent (from $222,000 to $219,900) and new listings rose 10.73 percent (from 14,254 to 15,784). Average days on the market increased 2.78 percent (from 72 to 74 days), from the beginning of the year.

Condominium closed sales increased 9.80 percent (from 204 to 224) over September of last year. The median sale price decreased 1.72 percent (from $145,000 to $142,500) and the average days a condo spent on the market increased 4.11 percent (from 73 to 76 days). Condominium inventory increased 3.72 percent (from 1560 to 1618), over this month last year.

“The rebound in closed sales this month could signal a strong fall market,” stated GHAR President and CEO, Jeff Arakelian. “Prospective buyers have lots of options and affordability conditions are also favorable,” he stated.

In the national outlook, Lawrence Yun, NAR chief economist says, “first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.” Yun adds, "As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”

 

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


9/18/2014
Sales Price of Single-Family Homes in Greater Hartford Decreases Over This Time Last Year
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11/18/2014
Closed Sales of Condominiums in Greater Hartford Increased 18 Percent Over This Time Last Year
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