Closed sales rise over 20 percent

12.16.2016

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

Median sale price up over 4 percent

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(West Hartford, Conn., December 16, 2016) – Closed sales of single family homes in greater Hartford rose 20.35 percent (from 742 to 893) from November of last year, according to the Greater Hartford Association of REALTORS® (GHAR). The median sales price of single family homes rose 4.34 percent (from $209,900 to $219,000) and pending sales decreased 0.69 percent (from 872 to 866). New listings decreased 10.29 percent (from 1137 to 1020) and inventory dropped 35.90 percent (from 8168 to 5236). The average number of days on market decreased 13.89 percent (from 72 to 62 days), during this same year to year timeframe.

In year-to-date statistics, the median sales price of single-family homes increased 4.72 (from $212,000 to $222,000). Closed sales rose 11.93 percent (from 9831 to 11,004) and pending sales rose 5.60 percent (from 11,606 to 12,256). New listings decreased 5.26 percent (from 19,125 to 18,119). The average days on market decreased 8.45 percent (from 71 to 65 days) from the beginning of the year.

Condominium closed sales increased 12.29 percent (from 179 to 201), when compared to November of last year. The median sale price increased 1.43 percent (from $140,000 to $142,000) and the average days a condo spent on the market increased 25.97 percent (from 77 to 97 days). Condo inventory decreased 11.90 percent (from 1655 to 1458), over this month last year.

In year-to-date statistics, condominium closed sales increased 2.03 percent (from 2367 to 2415) and the median sale price dropped 0.34 percent (from $145,000 to $144,500). The average days on market from the beginning of the year decreased 15.56 percent (from 90 days to 76 days).

“The jump in closed sales signifies a strong fall market, which is encouraging even with tightened inventory,” stated GHAR CEO, Jeff Arakelian. “Lower inventory may mean prices could continue to rise as more buyers take advantage of historically low interest rates.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says the wave of sales activity the last two months represents a convincing autumn revival for the housing market. "October's strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply," he said.

 

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


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Rise in Median Sale Price of Single-Family Homes in Greater Hartford
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