Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

8.19.2015

Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

Condo sales increase nearly 20 percent

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(West Hartford, Conn., August 19, 2015) – Closed sales of single-family homes in greater Hartford increased by 16.57 percent (from 1086 to 1266) over July of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Pending sales rose 19.59 percent (from 1016 to 1215) and the median sale price decreased 6.38 percent (from $235,000 to $220,000). New listings increased 5.45 percent (from 1853 to 1954) and inventory increased 2.08 percent (from 7833 to 7996). The average number of days on market decreased 6.15 percent (from 65 to 61 days), during this same timeframe.

Year-to-date statistics when compared to this time last year indicate that closed sales increased 6.46 percent (from 5437 to 5788) and pending sales increased 13.50 percent (from 6695 to 7599). The median sale price decreased 3.67 percent (from $218,000 to $210,000) and new listings increased 4.48 percent (from 12,457 to 13,015). The average days on the market from the beginning of the year as compared to last year, increased 10.53 percent (from 76 to 84 days).

Condominium closed sales increased 19.92 percent (from 266 to 319) over July of last year. The median sale price decreased 4.31 percent (from $156,750 to $150,000) and the average days a condo spent on the market decreased 24.00 percent (from 75 to 57 days). Condo inventory increased 6.80 percent (from 1705 to 1821), over this time last year.

In year-to-date statistics, condominium closed sales increased 9.13 percent (from 1,326 to 1,447) and the median sale price decreased 3.00 percent (from $150,000 to $145,500). The average days on market from the beginning of the year decreased 7.14 percent (from 84 to 78 days).

“The summer market continues to have an upward trend in closed sales as well as healthy inventory levels,” stated GHAR CEO, Jeff Arakelian. “Consumers looking to buy can take advantage of competitive prices and low interest rates.”

In the national outlook, Lawrence Yun, NAR chief economist, says backed by June's solid gain in closings, this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the strongest past two months in sales since early 2007," he said. "This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."

 

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


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9/18/2015
Closed Sales of Single-Family Homes in Greater Hartford Continue to Rise
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