Pending Sales of Single-Family Homes in Greater Hartford Rise Nearly 20 Percent

11.20.2015

Pending Sales of Single-Family Homes in Greater Hartford Rise Nearly 20 Percent

Closed sales increase 15 percent

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(West Hartford, Conn., November 20, 2015) – According to the Greater Hartford Association of REALTORS® (GHAR), pending sales rose 19.98 percent (from 858 to 977) over October of last year. Closed sales of single-family homes in greater Hartford increased by 17.15 percent (from 876 to 1051). Closed sales rose 14.97 percent (from 875 to 1006) and the median sale price decreased 2.76 percent (from $208,000 to $202,250). New listings decreased 1.61 percent (from 1557 to 1532) and inventory increased 27.28 percent (from 7023 to 8939). The average number of days on market decreased 5.13 percent (from 78 to 74 days), during this same timeframe.

Year-to-date statistics when compared to this time last year indicate that closed sales increased 9.17 percent (from 8297 to 9058) and pending sales increased 14.35 percent (from 9387 to 10,734). The median sale price decreased 2.29 percent (from $218,000 to $213,000) and new listings increased 3.73 percent (from 17,341 to 17,988). The average days on the market from the beginning of the year as compared to last year, decreased 5.33 percent (from 75 to 71 days).

Condominium closed sales decreased 2.68 percent (from 224 to 218) over October of last year. The median sale price decreased 7.09 percent (from $144,500 to $134,250) and the average days a condo spent on the market remained unchanged at 75 days. Condo inventory increased 12.39 percent (from 1550 to 1742), over this time last year.

In year-to-date statistics, condominium closed sales increased 9.16 percent (from 1998 to 2181) and the median sale price decreased 1.34 percent (from $149,500 to $147,500). The average days on market from the beginning of the year increased 12.35 percent (from 81 to 91 days).

“Our market has high affordability ratings right now and smart consumers are taking advantage of that,” stated GHAR CEO, Jeff Arakelian. “Those looking to buy should contact a Realtor to start the home buying process.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says a slight moderation in home prices in some markets and mortgage rates remaining below 4 percent gave more households the confidence to close on a home last month. "While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace." he said.

 

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


10/19/2015
Over 17 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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12/16/2015
Rise in Median Sale Price of Single-Family Homes in Greater Hartford
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