Rise in Median Sale Price of Single-Family Homes in Greater Hartford

12.16.2015

Rise in Median Sale Price of Single-Family Homes in Greater Hartford

Condominium sale prices also increase

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(West Hartford, Conn., December 16, 2015) – The median sale price of single family homes in greater Hartford increased by 2.35 percent (from $200,000 to $204,700) over November of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales and pending sales also rose 6.37 percent (from 675 to 718) and 22.47 percent (from 712 to 872), respectively. New listings increased 10.82 percent (from 1026 to 1137) and inventory increased 6.34 percent (from 7681 to 8168). The average number of days on market increased 2.86 percent (from 70 to 72 days), during this same timeframe.

Year-to-date statistics in comparison to this time last year indicate a rise in closed sales by 8.97 percent (from 8988 to 9794) and pending sales increased 14.92 percent (from 10,099 to 11,606). The median sale price decreased 1.85 percent (from $216,000 to $212,000) and new listings increased 4.13 percent (from 18,367 to 19,125). 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 increased 7.98 percent (from 163 to 176) over November of last year. The median sale price increased 2.54 percent (from $138,000 to $141,500) and the average days a condo spent on the market decreased 14.61 percent (from 89 to 76 days). Condo inventory increased 20.54 percent (from 1373 to 1655), over this time last year.

In year-to-date statistics, condominium closed sales increased 1.72 percent (from 2323 to 2363) and the median sale price increased 4.89 percent (from $140,000 to $146,850). The average days on market from the beginning of the year decreased 3.23 percent (from 93 to 90 days).

“We haven’t seen a rise in sales price since the spring so this is a welcome sign for our housing market,” stated GHAR CEO, Jeff Arakelian. “Hopefully the warm weather keeps sales on the rise this winter.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says a sales cooldown in October was likely given the pullback in contract signings the last couple of months. "New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets," he said. "Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales."

 

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


11/20/2015
Pending Sales of Single-Family Homes in Greater Hartford Rise Nearly 20 Percent
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Second Consecutive Month with Rise in Median Sale Price of Single-Family Homes in Greater Hartford
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