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

1.18.2017

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

Inventory drops over 17 percent from this time last year

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(West Hartford, Conn., January 18, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes in greater Hartford increased by 2.65 percent (from $209,450 to $215,000) over December of last year. Closed sales rose 0.11 percent (from 944 to 945) and pending sales increased 4.06 percent (from 714 to 743), respectively. New listings decreased 4.29 percent (from 839 to 803) and inventory decreased 17.40 percent (from 5828 to 4814). The average number of days on market decreased 5.48 percent (from 73 to 69 days), during this same timeframe.

Year-to-date statistics show a rise in closed sales by 11.20 percent (from 10,765 to 11,971), compared to this time last year. Pending sales increased 5.51 percent (from 12,320 to 12,999). The median sale price increased 4.25 percent (from $212,000 to $221,000) and new listings decreased 5.22 percent (from 19,964 to 18,922). The average days on the market from the beginning of the year as compared to last year, decreased 8.45 percent (from 71 to 65 days).

Condominium closed sales increased 7.88 percent (from 203 to 219) over December of last year. The median sale price increased 4.83 percent (from $143,000 to $149,900) and the average days a condo spent on the market increased 21.54 percent (from 65 to 79 days). Condo inventory decreased 14.16 percent (from 1533 to 1316), over this time last year.

In year-to-date statistics, condominium closed sales increased 2.72 percent (from 2572 to 2642) and the median sale price decreased 0.34 percent (from $145,500 to $145,000). The average days on market from the beginning of the year compared to last year decreased 13.64 percent (from 88 to 76 days).

“Overall, this past year has been a strong housing market in greater Hartford with a steady rise in sales and prices,” stated GHAR CEO, Jeff Arakelian. “Hopefully inventory catches up for both buyers and sellers to take advantage of the future spring market.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says it's been an outstanding three-month stretch for the housing market as 2016 nears the finish line. "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," he said. "Furthermore, it's no coincidence that home shoppers in the Northeast — where price growth has been tame all year — had the most success last month.”

 

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


12/16/2016
Closed sales rise over 20 percent
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Rise in Closed Sales of Single-Family Homes and Condominiums in Greater Hartford
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