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

8.17.2016

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

Closed sales down

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(West Hartford, Conn., August 17, 2016) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes increased 6.80 percent (from $220,000 to $234,950) over July of last year. Closed sales decreased 5.09 percent (from 1296 to 1230) and pending sales decreased 1.56 percent (from 1215 to 1196). New listings decreased 14.96 percent (from 1954 to 1667) and inventory dropped 13.93 percent (from 7996 to 6882). The average number of days on market decreased 8.33 percent (from 60 to 55 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales of single-family homes rose 15.81 percent (from 5830 to 6752) and pending sales rose 11.91 percent (from 7599 to 8504). The median sale price increased 3.43 percent (from $212,700 to $220,000) and new listings decreased 2.79 percent (from 13,015 to 12,652). The average days on market decreased 6.85 percent (from 73 to 68 days) from the beginning of the year.

Condominium closed sales dropped 27.74 percent (from 328 to 237), when compared to July of last year. The median sale price decreased 0.67 percent (from $150,000 to $149,000) and the average days a condo spent on the market increased 19.64 percent (from 56 to 67 days). Condo inventory decreased 15.43 percent (from 1821 to 1540), over this time last year.

In year-to-date statistics, condominium closed sales increased 0.96 percent (from 1457 to 1471) and the median sale price remained unchanged at $145,000. The average days on market from the beginning of the year decreased 23.23 percent (from 99 days to 76 days).

“Prices remain strong but this is the first we’ve seen a drop in closed sales since January of last year,” stated GHAR CEO, Jeff Arakelian. “That could be because new listings and inventory have tightened over the summer months.”

In the national outlook, Lawrence Yun, NAR chief economist, states, "Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances," he said. "Looking ahead, it's unclear if this current sales pace can further accelerate as record high stock prices, near-record low mortgage rates and solid job gains face off against a dearth of homes available for sale and lofty home prices that keep advancing."

 

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


7/19/2016
Third Consecutive Month of Increased Sales Price of Single-Family Homes in Greater Hartford
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9/16/2016
Closed Sales of Single-Family Homes in Greater Hartford Rise over 5 Percent
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