Over 17 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

10.19.2015

Over 17 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

Condo market continues to strengthen

(Download full release in pdf)

(West Hartford, Conn., October 19, 2015) – Closed sales of single-family homes in greater Hartford increased by 17.15 percent (from 892 to 1045) over September of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Pending sales rose 13.87 percent (from 858 to 977) and the median sale price decreased 0.91 percent (from $220,000 to $218,000). New listings increased 1.63 percent (from 1717 to 1745) and inventory increased 3.50 percent (from 7538 to 7802). The average number of days on market increased 10.53 percent (from 76 to 84 days), during this same timeframe.

Year-to-date statistics when compared to this time last year indicate that closed sales increased 8.47 percent (from 7399 to 8026) and pending sales increased 13.77 percent (from 8511 to 9683). The median sale price decreased 2.23 percent (from $219,900 to $215,000) and new listings increased 4.26 percent (from 15,784 to 16,456). The average days on the market from the beginning of the year as compared to last year, increased 14.86 percent (from 74 to 85 days).

Condominium closed sales increased 5.80 percent (from 224 to 237) over September of last year. The median sale price increased 8.77 percent (from $142,500 to $155,000) and the average days a condo spent on the market increased 27.63 percent (from 76 to 97 days). Condo inventory decreased 12.42 percent (from 1618 to 1819), over this time last year.

In year-to-date statistics, condominium closed sales increased 10.38 percent (from 1772 to 1956) and the median sale price remained unchanged at $149,900. The average days on market from the beginning of the year increased 30.49 percent (from 82 to 107 days).

“It’s been a strong summer for the greater Hartford housing market in terms of sales,” stated GHAR CEO, Jeff Arakelian. “Demand continues to grow with favorable prices, strong inventory, and low interest rates making it a great time to buy.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says home sales in August lost some momentum to close out the summer. "Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers," he said. "The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year."

 

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


9/18/2015
Closed Sales of Single-Family Homes in Greater Hartford Continue to Rise
« previous
11/20/2015
Pending Sales of Single-Family Homes in Greater Hartford Rise Nearly 20 Percent
next »