Rise in Sales Price of Single-Family Homes in Greater Hartford

2.18.2016

Rise in Sales Price of Single-Family Homes in Greater Hartford

Closed sales up over 15 percent

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(West Hartford, Conn., February 18, 2016) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single family homes increased 6.44 percent (from $187,850 to $199,950) over January of last year. Closed sales increased 16.21 percent (from 543 to 631) and pending sales increased 19.74 percent (from 689 to 825). New listings decreased 0.85 percent (from 1288 to 1277) and inventory rose 6.14 percent (from 5426 to 5759). The average number of days on market decreased 8.43 percent (from 83 to 76 days), during this same year-to-year comparison.

Condominium sales increased 4.20 percent (from 143 to 149) over January of last year. The median sale price increased 0.35 percent (from $142,500 to $143,000) and the average days a condo spent on the market decreased 4.55 percent (from 88 to 84 days). Condo inventory increased 7.99 percent (from 1414 to 1527), over this time last year.

“January makes three consecutive months of increases in the median sales price, making this is a solid start to the year for the greater Hartford housing market. Sales have been strong so it’s a positive sign that prices are following,” stated GHAR President and CEO, Jeff Arakelian.

In the national outlook, Lawrence Yun, NAR chief economist, says December's robust bounce back caps off the best year of existing sales (5.26 million) since 2006 (6.48 million). "While the carryover of November's delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015," he said. "Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the 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


1/20/2016
Second Consecutive Month with Rise in Median Sale Price of Single-Family Homes in Greater Hartford
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3/22/2016
24 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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