Closed Sales of Single-Family Homes in Greater Hartford Rise over 5 Percent

9.16.2016

Closed Sales of Single-Family Homes in Greater Hartford Rise over 5 Percent

Median sales price up over 10 percent

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(West Hartford, Conn., September 16, 2016) – Closed sales of single family homes increased 5.72 percent (from 1171 to 1238) over August of last year, according to the Greater Hartford Association of REALTORS® (GHAR). The median sales price rose 10.09 percent (from $218,000 to $240,000) and pending sales increased 6.32 percent (from 1108 to 1178). New listings decreased 10.55 percent (from 1696 to 1517) and inventory dropped 14.68 percent (from 7726 to 6592). The average number of days on market decreased 6.45 percent (from 62 to 58 days), during this same year-over-year comparison.

In year-to-date statistics, closed sales of single-family homes rose 14.54 percent (from 7001 to 8019) and pending sales rose 6.60 percent (from 8707 to 9282). The median sale price increased 3.77 percent (from $214,900 to $223,000) and new listings decreased 3.68 percent (from 14,711 to 14,169). The average days on market decreased 7.04 percent (from 71 to 66 days) from the beginning of the year.

Condominium closed sales increased 3.44 percent (from 262 to 271), when compared to August of last year. The median sale price rose 4.58 percent (from $153,000 to $160,000) and the average days a condo spent on the market increased 2.78 percent (from 72 to 74 days). Condo inventory decreased 7.24 percent (from 1617 to 1500), over this time last year.

In year-to-date statistics, condominium closed sales increased 1.80 percent (from 1719 to 1750) and the median sale price dropped 1.36 percent (from $147,000 to $145,000). The average days on market from the beginning of the year decreased 20.00 percent (from 95 days to 76 days).

“Tighter inventory and increased sales usually means that prices rise, as we’ve seen in August,” stated GHAR CEO, Jeff Arakelian. “Buyers looking to purchase a home should utilize the expertise of a Realtor to negotiate the best offer.”

In the national outlook, Lawrence Yun, NAR chief economist, says existing sales fell off track in July after steadily climbing the last four months. “Severely restrained inventory and the tightening grip it’s putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month,” he said. “Realtors® are reporting diminished buyer traffic because of the scarce number of affordable homes on the market, and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows.”

 

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


8/17/2016
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Sales Price of Single-Family Homes in Greater Hartford up over 5 Percent
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