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

3.22.2016

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

Median sale price up over 4 percent

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(West Hartford, Conn., March 22, 2016) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased 24.09 percent (from 494 to 613) over February of last year. The median sales price increased 4.12 percent (from $188,250 to $196,000) and pending sales increased 20.28 percent (from 794 to 955). New listings increased 35.19 percent (from 949 to 1283) and inventory rose 10.88 percent (from 5375 to 5960). The average number of days on market decreased 13.95 percent (from 86 to 74 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales rose 21.49 percent (from 1033 to 1255) and pending sales rose 20.03 percent (from 1483 to 1780). The median sale price increased 4.92 percent (from $187,000 to $196,200) and new listings also increased 14.44 percent (from 2237 to 2560). The average days on market decreased 12.79 percent (from 86 to 75 days).

Condominium sales increased 20.80 percent (from 125 to 151) over February of last year. The median sale price decreased 1.92 percent (from $130,000 to $127,500) and the average days a condo spent on the market increased 3.30 percent (from 91 to 94 days). Condo inventory increased 2.79 percent (from 1396 to 1435), over this time last year.

In year-to-date statistics, condominium closed sales increased 3.42 percent (from 146 to 151) and the median sale price also increased 4.38 percent (from $137,000 to $143,000). The average days on market from the beginning of the year remained unchanged at 88 days.

“To see such strong sales this early in the year is a positive sign for the spring market going forward. The relatively quiet winter weather could be the reason buyers have started to look early,” stated GHAR CEO, Jeff Arakelian.

In the national outlook, Lawrence Yun, NAR chief economist, "The overall demand for buying is still solid entering the busy spring season, but home prices and rents outpacing wages and anxiety about the health of the economy are holding back a segment of would-be buyers," says Yun.

 

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


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4/19/2016
Nearly 24 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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