Third Consecutive Month of Increased Sales Price of Single-Family Homes in Greater Hartford

7.19.2016

Third Consecutive Month of Increased Sales Price of Single-Family Homes in Greater Hartford

Closed sales up over 14 percent

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(West Hartford, Conn., July 19, 2016) – The median sale price of single family homes increased 4.04 percent (from $229,950 to $239,250) over June of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales increased 14.38 percent (from 1196 to 1368) and pending sales increased 0.66 percent (from 1361 to 1370). New listings decreased 11.34 percent (from 2293 to 2033) and inventory dropped 11.24 percent (from 8060 to 7154). The average number of days on market decreased 6.35 percent (from 63 to 59 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales of single-family homes rose 21.15 percent (from 4534 to 5493) and pending sales rose 14.47 percent (from 6384 to 7308). The median sale price increased 3.57 percent (from $210,000 to $217,500) and new listings decreased 0.69 percent (from 11,061 to 10,985). The average days on market decreased 6.58 percent (from 76 to 71 days) from the beginning of the year.

Compared to June of last year, condominium closed sales increased 15.19 percent (from 270 to 311). The median sale price increased 2.31 percent (from $149,450 to $152,900) and the average days a condo spent on the market increased 1.45 percent (from 69 to 70 days). Condo inventory decreased 12.38 percent (from 1834 to 1607), over this time last year.

In year-to-date statistics, condominium closed sales increased 9.35 percent (from 1123 to 1228) and the median sale price increased 0.35 percent (from $143,000 to $143,500). The average days on market from the beginning of the year decreased 8.24 percent (from 85 days to 78 days).

“Three consecutive months of increased sales price is a good sign for our market recovery,” stated GHAR CEO, Jeff Arakelian. “As the summer season continues, it would be ideal to see sales and prices continue this trend.”

In the national outlook, Lawrence Yun, NAR chief economist, states, "This spring's sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they've accumulated in recent years and finally deciding to trade-up or downsize."

 

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


6/17/2016
Over 20 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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8/17/2016
Sales Price of Single-Family Homes in Greater Hartford Continues to Rise
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