Small Increase in Closed Sales of Single Family Homes in Greater Hartford From Beginning of 2014

1.16.2015

Small Increase in Closed Sales of Single Family Homes in Greater Hartford From Beginning of 2014

Median Sale Price of Single-Family Homes Dropped 2 Percent

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(West Hartford, Conn., January 16, 2015) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in greater Hartford increased 1.07 percent in year-to-date statistics. The median sale price decreased 2.27 percent (from $220,000 to $215,000) from the beginning of the year. Pending sales decreased 1.33 percent (from 10,843 to 10,699) and new listings rose 9.65 percent (from 17,457 to 19,142). The average number of days on market rose 1.39 percent (from 72 to 73 days), during this same year-to-date comparison.

From December of last year, closed sales increased 3.54 percent (from 790 to 818) and pending sales increased 12.36 percent (from 534 to 600). The median sale price dropped 2.88 percent (from $208,250 to $202,250) and new listings rose 3.75 percent (from 747 to 775). Inventory and average days on the market both increased 9.86 percent (from 5122 to 5627) and 11.84 percent (76 days to 85 days) respectively, from this time last year.

Condominium closed sales increased 13.87 percent (from 173 to 197) over December of last year. The median sale price decreased 0.70 percent (from $142,000 to $141,000) and the average days a condo spent on the market decreased 5.26 percent (from 95 to 90 days). Condominium inventory increased 10.09 percent (from 1308 to 1440), over this month last year.

In year-to-date statistics, condominium closed sales increased 0.13 percent (from 2,362 to 2,365). Median sale price also remained stable with an increase of 0.17 percent (from $147,500 to $147,750) and average days a condo spent on the market decreased 8.14 percent (86 days to 79 days), from the beginning of the year.

“Our market looks to be in a better position this year than last December, in terms of closed sales,” stated GHAR President and CEO, Jeff Arakelian. “Healthy inventory of homes, low mortgage rates, and stable prices should stimulate buyer demand and boost the early spring market,” he stated.

In the national outlook, Lawrence Yun, NAR chief economist, says sales activity was choppy throughout the country in November and housing inventory began its seasonal decline. “Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” he said. “The stock market swings in October may have impacted some consumers’ psyches and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.”

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4200 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


11/18/2014
Closed Sales of Condominiums in Greater Hartford Increased 18 Percent Over This Time Last Year
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2/24/2015
Closed Sales of Single-Family Homes in Greater Hartford Off to Slow Start
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