Median Sales Price of Single-Family Homes in Greater Hartford Drops

3.16.2017

Median Sales Price of Single-Family Homes in Greater Hartford Drops

Closed sales also down

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(West Hartford, Conn., March 16, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single family homes decreased 2.55 percent (from $196,000 to $191,000) over February of last year. Closed sales decreased 7.50 percent (from 613 to 567) and pending sales decreased 5.45 percent (from 955 to 903). New listings dropped 8.18 percent (from 1283 to 1178) and inventory decreased 18.93 percent (from 5960 to 4832). The average number of days on market remained unchanged at 75 days during this same year-over-year comparison.

In year-to-date statistics, closed sales rose 8.53 percent (from 1255 to 1362) and pending sales dropped 1.07 percent (from 1780 to 1761). The median sale price decreased 0.61 percent (from $196,200 to $195,000) and new listings also decreased 5.78 percent (from 2560 to 2412). The average days on market remained unchanged at 75 days.

Condominium sales decreased 8.61 percent (from 151 to 138) over February of last year. The median sale price remained unchanged at $128,000 and the average days a condo spent on the market decreased 11.34 percent (from 97 to 86 days). Condo inventory decreased 16.31 percent (from 1435 to 1201), over this time last year.

In year-to-date statistics, condominium closed sales increased 7.59 percent (from 303 to 326) and the median sale price decreased 4.89 percent (from $138,000 to $131,250). The average days on market from the beginning of the year dropped 5.43 percent (from 92 days to 87).

“The current housing market is typically slower this time of year,” stated GHAR CEO, Jeff Arakelian. “Once the spring market arrives, we anticipate inventory and prices will pick up,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says January's sales gain signals resilience among consumers even in a rising interest rate environment. "Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home," he said. "Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions."

 

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


2/17/2017
Rise in Closed Sales of Single-Family Homes and Condominiums in Greater Hartford
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4/20/2017
Rise in Median Sales Price of Single-Family Homes in Greater Hartford
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