Closed Sales of Condominiums in Greater Hartford Increased 18 Percent Over This Time Last Year

11.18.2014

Closed Sales of Condominiums in Greater Hartford Increased 18 Percent Over This Time Last Year

Median Sale Price of Single-Family Homes Drops

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(West Hartford, Conn., November 18, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single-family homes in greater Hartford decreased 7.56 percent (from $225,000 to $208,000) over October of last year. Closed sales rose 4.54 percent (from 837 to 875) and pending sales decreased 3.74 percent (from 910 to 876). New listings and inventory rose 8.28 percent (from 1438 to 1557) and 11.19 percent (from 6316 to 7023), respectively. The average number of days on market rose 11.43 percent (from 70 to 78 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales increased 2.03 percent (from 8132 to 8297) and pending sales decreased 2.01 percent (from 9580 to 9387). The median sale price dropped 2.02 percent (from $222,500 to $218,000) and new listings rose 10.51 percent (from 15,692 to 17,341). Average days on the market increased 4.17 percent (from 72 to 75 days), from the beginning of the year.

Condominium closed sales increased 18.52 percent (from 183 to 224) over October of last year. The median sale price decreased 1.03 percent (from $146,000 to $144,500) and the average days a condo spent on the market decreased 12.79 percent (from 86 to 75 days). Condominium inventory increased 3.89 percent (from 1492 to 1550), over this month last year.

“The jump in condominium sales could indicate more first time homebuyers or those looking to downsize,” stated GHAR President and CEO, Jeff Arakelian. “The amount of inventory and low prices seem to make this market favorable for buyers,” he stated.

In the national outlook, Lawrence Yun, NAR chief economist, says the improved demand for buying seen since the spring has carried into the fall. “Economic instability overseas is leading to volatility in the stock market and is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now,” said Yun. “This is welcoming news for consumers looking to buy, although they could temporarily become more cautious by less certain economic conditions.”

 

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


10/20/2014
Closed Sales of Single-Family Homes in Greater Hartford Rise Over This Time Last Year
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1/16/2015
Small Increase in Closed Sales of Single Family Homes in Greater Hartford From Beginning of 2014
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