Rise in Closed Sales of Single-Family Homes and Condominiums in Greater Hartford

2.17.2017

Rise in Closed Sales of Single-Family Homes and Condominiums in Greater Hartford

Median sale price of single-family homes drops 1.48 percent

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(West Hartford, Conn., February 17, 2017) – Closed sales of single family homes in greater Hartford increased 23.14 percent (from 631 to 777) over January of 2016, the largest jump in closed sales since April of 2016, according to the Greater Hartford Association of REALTORS® (GHAR). The median sale price dropped 1.48 percent (from $199,950 to $197,000) and pending sales increased 4.00 percent (from 825 to 858). New listings decreased 3.37 percent (from 1277 to 1234) and inventory dropped 21.06 percent (from 5759 to 4546). The average number of days on market decreased 3.95 percent (from 76 to 73 days), during this same timeframe.

Condominium closed sales increased 24.16 percent (from 149 to 185) over January of last year. The median sale price decreased 5.59 percent (from $143,000 to $135,000) and the average days a condo spent on the market increased 4.76 percent (from 84 to 88 days). Condo inventory decreased 25.61 percent (from 1527 to 1136), over this time last year.

“A rise in closed sales of this size in January could be a result of fair weather and affordability ratings,” stated GHAR CEO, Jeff Arakelian. “Hopefully this is an encouraging sign for the spring market. Buyers and sellers should seek the advice of a Realtor® now to take advantage of historically low interest rates.”

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says the housing market's best year since the Great Recession ended on a healthy but somewhat softer note. "Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market," he said. "However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December."

 

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


1/18/2017
Rise in Median Sale Price of Single-Family Homes in Greater Hartford
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Median Sales Price of Single-Family Homes in Greater Hartford Drops
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