Double-Digit Rise in Pending Sales of Single-Family Homes in Greater Hartford

3.19.2015

Double-Digit Rise in Pending Sales of Single-Family Homes in Greater Hartford

Small increase in closed sales

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(West Hartford, Conn., March 19, 2015) –Pending sales of single-family homes in greater Hartford rose 14.57 percent (from 693 to 794) over February of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales increased by 1.04 percent (from 483 to 488) and the median sale price decreased 3.95 percent (from $196,000 to $188,205). New listings dropped 10.56 percent (from 1061 to 949) and inventory decreased 1.38 percent (from 5450 to 5375). The average number of days on market increased 4.88 percent (from 82 to 86 days), during this same year-over-year timeframe.

In year-to-date statistics, closed sales dropped 1.81 percent (from 1052 to 1033) and pending sales rose 9.45 percent (from 1355 to 1483).The median sale price dropped 10.95 percent (from $210,000 to $187,000) and new listings also dropped 5.33 percent (from 2363 to 2237).

Condominium sales increased 12.61 percent (from 111 to 125) over February of last year. The median sale price decreased 9.09 percent (from $143,000 to $130,000) and the average days a condo spent on the market increased 7.06 percent (from 85 to 91 days). Condo inventory decreased 2.65 percent (from 1434 to 1396), over this time last year.

“The rise in pending sales is a positive sign for the greater Hartford housing market,” stated GHAR President and CEO, Jeff Arakelian. “Let’s hope this leads into a strong spring housing market, as prices and interest rates remain low.”

In the national outlook, Lawrence Yun, NAR chief economist, says: “Although sales cooled in January, home prices continued solid year-over-year growth. The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.”

 

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


2/24/2015
Closed Sales of Single-Family Homes in Greater Hartford Off to Slow Start
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4/21/2015
Median Sales Price of Single-Family Homes in Greater Hartford Up Nearly 5 Percent Over March of Last Year
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