Median Sales Price of Single-Family Homes in Greater Hartford Up Nearly 5 Percent Over March of Last Year

4.21.2015

Median Sales Price of Single-Family Homes in Greater Hartford Up Nearly 5 Percent Over March of Last Year

Closed sales also increased

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(West Hartford, Conn., April 21, 2015) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single-family homes in greater Hartford increased 4.80 percent (from $198,000 to $207,500) over March of last year. Closed sales increased by 1.91 percent (from 627 to 639) and pending sales rose 7.04 percent (from 938 to 1004). New listings dropped 1.83 percent (from 1638 to 1608) and inventory increased 1.20 percent (from 6103 to 6176). The average number of days on market decreased 5.68 percent (from 88 to 83 days), during this same year-over-year timeframe.

In year-to-date statistics, closed sales dropped 0.83 percent (from 1690 to 1676) and pending sales rose 8.46 percent (from 2293 to 2487).The median sale price fell 6.64 percent (from $207,000 to $193,250) and new listings also decreased 3.90 percent (from 4001 to 3845).

Condominium closed sales increased 8.61 percent (from 151 to 164) over March of last year. The median sale price decreased 13.01 percent (from $160,400 to $139,500) and the average days a condo spent on the market decreased 19.05 percent (from 84 to 68 days). Condo inventory decreased 2.64 percent (from 1593 to 1551), over this time last year.

In year-to-date statistics, condominium closed sales increased 17.33 percent (from 375 to 440) and the median sale price fell 2.80 percent (from $143,000 to $139,000). The average days on market from the beginning of the year increased 5.62 percent (from 89 to 94 days).

“It appears that closed sales have caught up to the recent increases in pending sales,” stated GHAR CEO, Jeff Arakelian. “This may be a good sign for a strong spring housing market.”

In the national outlook, Lawrence Yun, NAR chief economist, says demand appears to be strengthening as we head into the spring buying season. “Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents,” he said.

 

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


3/19/2015
Double-Digit Rise in Pending Sales of Single-Family Homes in Greater Hartford
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5/19/2015
Closed Sales of Single-Family Homes in Greater Hartford Increase Nearly 5 Percent Over April of Last Year
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