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

4.19.2016

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

Median sale price decreased 3.4 percent

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(West Hartford, Conn., April 19, 2016) – Closed sales of single family homes increased 23.70 percent (from 654 to 809) over March of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Pending sales increased 29.28 percent (from 1004 to 1298) and the median sales price decreased 3.43 percent (from $207,100 to $200,000). New listings increased 31.72 percent (from 1608 to 2118) and inventory rose 7.67 percent (from 6176 to 6650). The average number of days on market decreased 1.20 percent (from 83 to 82 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales rose 23.81 percent (from 1676 to 2075) and pending sales rose 23.76 percent (from 2487 to 3078). The median sale price increased 3.16 percent (from $193,250 to $199,350) and new listings also increased 21.66 percent (from 3845 to 4678). The average days on market decreased 6.02 percent (from 83 to 78 days).

Condominium closed sales increased 10.37 percent (from 164 to 181) over March of last year. The median sale price decreased 4.66 percent (from $139,500 to $133,000) and the average days a condo spent on the market increased 19.12 percent (from 68 to 81 days). Condo inventory increased 10.06 percent (from 1551 to 1707), over this time last year.

In year-to-date statistics, condominium closed sales increased 10.00 percent (from 440 to 484) and the median sale price decreased 2.88 percent (from $139,000 to $135,000). The average days on market from the beginning of the year decreased 7.45 percent (from 94 days to 87 days).

“As strong sales continue, it will be worth watching to see when the sales price will stabilize,” stated GHAR CEO, Jeff Arakelian. “Buyers have a lot of options so this market is a perfect time to consult a Realtor.”

In the national outlook, according to Lawrence Yun, NAR chief economist, job growth continues to hum along at a robust pace, but there appears to be some uneasiness among households that the economy is losing some steam. This was evident in NAR's latest quarterly HOME survey – released last month – which revealed that fewer respondents believe the economy is improving, and a smaller share of renters said that now is a good time to buy a home.

 

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