Second Consecutive Month with Rise in Median Sale Price of Single-Family Homes in Greater Hartford

1.20.2016

Second Consecutive Month with Rise in Median Sale Price of Single-Family Homes in Greater Hartford

Closed sales also increase over 15 percent

(Download full release in pdf)

(West Hartford, Conn., January 20, 2016) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes in greater Hartford increased for the second consecutive month by 3.56 percent (from $202,250 to $209,450) over December of last year. Closed sales rose 15.40 percent (from 818 to 944) and pending sales also rose 19.00 percent (from 600 to 714), respectively. New listings increased 8.26 percent (from 775 to 839) and inventory increased 3.57 percent (from 5627 to 5828). The average number of days on market decreased 14.12 percent (from 85 to 73 days), during this same timeframe.

Year-to-date statistics, in comparison to this time last year, indicate a rise in closed sales by 9.68 percent (from 9815 to 10,765) and pending sales increased 15.15 percent (from 10,699 to 12,320). The median sale price decreased 1.40 percent (from $215,000 to $212,000) and new listings increased 4.29 percent (from 19,142 to 19,964). The average days on the market from the beginning of the year as compared to last year, decreased 2.74 percent (from 73 to 71 days).

Condominium closed sales increased 3.05 percent (from 197 to 203) over December of last year. The median sale price increased 1.42 percent (from $141,000 to $143,000) and the average days a condo spent on the market decreased 24.42 percent (from 86 to 65 days). Condo inventory increased 6.46 percent (from 1440 to 1533), over this time last year.

In year-to-date statistics, condominium closed sales increased 8.75 percent (from 2365 to 2572) and the median sale price decreased 1.52 percent (from $147,750 to $145,500). The average days on market from the beginning of the year compared to last year increased 8.64 percent (from 81 to 88 days).

“After months of increased sales, it’s a welcome sign to see a consecutive rise in prices,” stated GHAR CEO, Jeff Arakelian. “Those who are on the fence about buying a home should take advantage now while affordability is ideal.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says multiple factors led to November's sales decline, but the primary reason could be an anomaly as the industry adjusts to the new Know Before You Owe rule. "Sparse inventory and affordability issues continue to impede a large pool of buyers' ability to buy, which is holding back sales," he said. "However, signed contracts have remained mostly steady in recent months, and properties sold faster in November. Therefore it's highly possible the stark sales decline wasn't because of sudden, withering demand."

 

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


12/16/2015
Rise in Median Sale Price of Single-Family Homes in Greater Hartford
« previous
2/18/2016
Rise in Sales Price of Single-Family Homes in Greater Hartford
next »