Closed Sales of Single-Family Homes in Greater Hartford Continue to Rise

9.18.2015

Closed Sales of Single-Family Homes in Greater Hartford Continue to Rise

Median sale price drops slightly

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(West Hartford, Conn., September 18, 2015) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in greater Hartford increased by 12.91 percent (from 1015 to 1146) over August of last year. Pending sales rose 15.66 percent (from 958 to 1108) and the median sale price decreased 2.22 percent (from $225,000 to $220,000). New listings increased 5.34 percent (from 1610 to 1696) and inventory decreased 0.55 percent (from 7769 to 7726). The average number of days on market decreased 1.59 percent (from 63 to 62 days), during this same timeframe.

Year-to-date statistics when compared to this time last year indicate that closed sales increased 7.14 percent (from 6488 to 6951) and pending sales increased 13.77 percent (from 7653 to 8707). The median sale price decreased 2.05 percent (from $219,500 to $215,000) and new listings increased 4.58 percent (from 14,067 to 14,711). The average days on the market from the beginning of the year as compared to last year, decreased 4.05 percent (from 74 to 71 days).

Condominium closed sales increased 22.86 percent (from 210 to 258) over August of last year. The median sale price increased 5.73 percent (from $146,125 to $154,500) and the average days a condo spent on the market increased 4.41 percent (from 68 to 71 days). Condo inventory decreased 2.41 percent (from 1657 to 1617), over this time last year.

In year-to-date statistics, condominium closed sales increased 11.29 percent (from 1541 to 1715) and the median sale price decreased 1.37 percent (from $150,000 to $147,950). The average days on market from the beginning of the year increased 15.85 percent (from 82 to 95 days).

“The condominium statistics show a positive market turnaround with the increase in sales price over August of last year. Single-family homes, while having strong sales, are still slow to recover in sales price,” stated GHAR CEO, Jeff Arakelian.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says the increase in sales in July solidifies what has been an impressive growth in activity during this year's peak buying season. "The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now," he said. "As a result, current homeowners are using their increasing housing equity towards the downpayment on their next purchase."

 

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


8/19/2015
Over 15 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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Over 17 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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