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

11.16.2016

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

Closed sales drop 4.97 percent

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(West Hartford, Conn., November 16, 2016) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single family homes rose for the seventh consecutive month in year to year comparisons. The price rose 6.18 percent (from $202,250 to $214,750) over October of last year. Closed sales decreased 4.97 percent (from 1006 to 956) and pending sales increased 1.43 percent (from 1051 to 1066). New listings decreased 11.49 percent (from 1532 to 1356) and inventory dropped 30.38 percent (from 8939 to 6223). The average number of days on market decreased 17.57 percent (from 74 to 61 days), during this same timeframe.

In year-to-date statistics, the median sales price of single-family homes increased 4.46 (from $213,000 to $222,500). Closed sales rose 11.01 percent (from 9089 to 10,090) and pending sales rose 6.11 percent (from 10,734 to 11,390). New listings decreased 4.94 percent (from 17,988 to 17,099). The average days on market decreased 8.45 percent (from 71 to 65 days) from the beginning of the year.

When compared to October of last year, condominium closed sales decreased 4.46 percent (from 224 to 214). The median sale price increased 2.61 percent (from $134,250 to $137,750) and the average days a condo spent on the market decreased 8.00 percent (from 75 to 69 days). Condo inventory decreased 9.93 percent (from 1742 to 1569), over this time last year.

In year-to-date statistics, condominium closed sales increased 0.87 percent (from 2188 to 2207) and the median sale price dropped 1.34 percent (from $146,875 to $144,900). The average days on market from the beginning of the year decreased 18.68 percent (from 91 days to 74 days).

“Tightening inventory is likely the reason for the continued increase in sales price,” stated GHAR CEO, Jeff Arakelian. “Buyers should seek the knowledge and experience of a Realtor as soon as possible in the process to help navigate this market.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says the two-month slump in existing sales reversed course convincingly in September. "Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in," added Yun. "Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand."

 

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


10/19/2016
Sales Price of Single-Family Homes in Greater Hartford up over 5 Percent
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12/16/2016
Closed sales rise over 20 percent
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