Fourth Consecutive Month of Increased Closed Sales of Single-Family Homes in Greater Hartford

6.17.2015

Fourth Consecutive Month of Increased Closed Sales of Single-Family Homes in Greater Hartford

Median sales price drops slightly

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(West Hartford, Conn., June 17, 2015) – Closed sales of single-family homes in greater Hartford increased by 4.31 percent (from 836 to 872) over May of 2014, according to the Greater Hartford Association of REALTORS® (GHAR). Pending sales rose 7.83 percent (from 1214 to 1309) and the median sale price decreased 0.64 percent (from $218,000 to $216,600). New listings increased 10.59 percent (from 2324 to 2570) and inventory increased 3.60 percent (from 7632 to 7907). The average number of days on market increased 6.67 percent (from 75 to 80 days), during this same year-over-year period.

In year-to-date single-family housing statistics, closed sales rose 1.52 percent (from 3225 to 3274) and pending sales increased 10.20 percent (from 4559 to 5024). The median sale price decreased 2.68 percent (from $209,900 to $204,275) and new listings increased 2.91 percent (from 8520 to 8768).

Condominium closed sales increased 5.41 percent (from 222 to 234) over May of last year. The median sale price decreased 0.96 percent (from $156,500 to $155,000) and the average days a condo spent on the market decreased 12.25 percent (from 76 to 84 days). Condo inventory increased 4.45 percent (from 1709 to 1785), over this time last year.

In year-to-date statistics, condominium closed sales increased 10.49 percent (from 772 to 853) and the median sale price fell 3.46 percent (from $147,250 to $142,154). The average days on market from the beginning of the year increased 2.30 percent (from 87 to 89 days).

“Our Realtor members are busy this spring,” stated GHAR CEO, Jeff Arakelian. “The affordability rating makes this market a great time to buy with plenty of inventory and low interest rates.”

In the national outlook, Lawrence Yun, NAR chief economist, says sales in April failed to keep pace with the robust gain seen in March. "April's setback is the result of lagging supply relative to demand and the upward pressure it's putting on prices," he said. "However, the overall data and feedback we're hearing from Realtors® continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes."

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4000 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


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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7/15/2015
Double-digit Rise in Closed Sales of Single-Family Homes in Greater Hartford
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