Double-digit Rise in Closed Sales of Single-Family Homes in Greater Hartford

7.15.2015

Double-digit Rise in Closed Sales of Single-Family Homes in Greater Hartford

Condo sales decrease

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(West Hartford, Conn., July 15, 2015) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in greater Hartford increased by 11.67 percent (from 1071 to 1196) over June of last year. Pending sales rose 21.52 percent (from 1120 to 1361) and the median sale price decreased 1.73 percent (from $234,000 to $229,950). New listings increased 10.03 percent (from 2084 to 2293) and inventory increased 3.51 percent (from 7787 to 8060). The average number of days on market decreased 10.00 percent (from 70 to 63 days), during this same timeframe.

Statistics from the beginning of the year until June compared to last year show that closed sales rose 4.39 percent (from 4302 to 4491) and pending sales increased 8.31 percent (from 5894 to 6384). The median sale price decreased 3.23 percent (from $217,000 to $210,000) and new listings increased 16.99 percent (from 9455 to 11,061).

Condominium closed sales decreased 4.36 percent (from 275 to 263) over June of last year. The median sale price decreased 3.29 percent (from $155,000 to $149,900) and the average days a condo spent on the market decreased 17.65 percent (from 85 to 70 days). Condo inventory increased 9.56 percent (from 1674 to 1834), over this time last year.

In year-to-date statistics, condominium closed sales increased 6.65 percent (from 1053 to 1123) and the median sale price decreased 4.67 percent (from $150,000 to $143,000). The average days on market from the beginning of the year decreased 1.16 percent (from 86 to 85 days).

“The greater Harford housing market is showing steady growth, which is typical for this time of year,” stated GHAR CEO, Jeff Arakelian. “Prices are low most likely because of the robust inventory, making this an opportune time to buy.”

In the national outlook, Lawrence Yun, NAR chief economist, says May home sales rebounded strongly following April's decline and are now at their highest pace since November 2009 (5.44 million). "Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers," he said. "However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation."

 

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


6/17/2015
Fourth Consecutive Month of Increased Closed Sales of Single-Family Homes in Greater Hartford
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8/19/2015
Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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