Over 20 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

6.17.2016

Over 20 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford

Median sales price increased over 3 percent

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(West Hartford, Conn., June 17, 2016) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales increased 21.22 percent (from 900 to 1091) over May of last year. Pending sales increased 9.32 percent (from 1309 to 1431) and the median sales price of single family homes increased 3.49 percent (from $215,000 to $222,500). New listings decreased 14.75 percent (from 2570 to 2191) and inventory dipped 8.03 percent (from 7907 to 7272). The average number of days on market decreased 14.29 percent (from 77 to 66 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales of single-family homes rose 24.05 percent (from 3305 to 4100) and pending sales rose 18.19 percent (from 5024 to 5938). The median sale price increased 3.19 percent (from $203,500 to $210,000) and new listings also increased 2.10 percent (from 8768 to 8952). The average days on market decreased 9.76 percent (from 82 to 74 days) from the beginning of the year.

Compared to May of last year, condominium closed sales decreased 13.22 percent (from 242 to 210). The median sale price decreased 4.19 percent (from $153,950 to $147,500) and the average days a condo spent on the market decreased 9.64 percent (from 83 to 75 days). Condo inventory decreased 9.02 percent (from 1785 to 1624), over this time last year.

In year-to-date statistics, condominium closed sales increased 6.45 percent (from 853 to 908) and the median sale price decreased 1.59 percent (from $142,150 to $139,900). The average days on market from the beginning of the year decreased 8.99 percent (from 89 days to 81 days).

“As the market continues to make gains, it’s important that buyers and sellers consult a Realtor as a first step in the process,” stated GHAR CEO, Jeff Arakelian. “The affordability rating is still attractive with moderate pricing and low interest rates.”

In the national outlook, Lawrence Yun, NAR chief economist, states, "The temporary relief from mortgage rates currently near three-year lows has helped preserve housing affordability this spring, but there's growing concern a number of buyers will be unable to find homes at affordable prices if wages don't rise and price growth doesn't slow."

 

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


5/17/2016
Rise in Median Sales Price of Single-Family Homes in Greater Hartford
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7/19/2016
Third Consecutive Month of Increased Sales Price of Single-Family Homes in Greater Hartford
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