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

4.20.2017

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

Inventory decreases sharply

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(West Hartford, Conn., April 20, 2017) – The median sales price of single family homes increased 5.00 percent (from $200,000 to $210,000) over March of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales were unchanged at 809 homes and pending sales rose 3.24 percent (from 1298 to 1340). New listings dropped 20.25 percent (from 2118 to 1689) and inventory decreased 22.59 percent (from 6650 to 5148). The average number of days on market decreased 12.20 percent (from 82 to 72), during this same year-over-year comparison.

In year-to-date statistics, closed sales rose 5.35 percent (from 2075 to 2186) and pending sales increased 0.75 percent (from 3078 to 3101). The median sale price decreased 0.65 percent (from $199,350 to $198,050) and new listings also decreased 12.33 percent (from 4678 to 4101). The average days on market dropped 6.41 percent (from 78 to 73 days).

Condominium sales increased 5.52 percent (from 181 to 191) over March of last year. The median sale price increased 0.75 percent (from $133,000 to $134,000) and the average days a condo spent on the market decreased 2.47 percent (from 81 to 79 days). Condo inventory dropped 24.14 percent (from 1707 to 1295), over this time last year.

In year-to-date statistics, condominium closed sales increased 6.73 percent (from 490 to 523) and the median sale price decreased 1.78 percent (from $134,900 to $132,500). The average days a condo spent on market from the beginning of the year dropped 5.68 percent (from 88 days to 83).

“Falling inventory levels may finally be putting upward pressure on prices,” stated GHAR CEO, Jeff Arakelian. “However, with affordability conditions still favorable in our market, buyers should be able to find good opportunities to purchase property,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says closings retreated in February as too few properties for sale and weakening affordability conditions stifled buyers in most of the country. "Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market," he said.

Added Yun, "A growing share of homeowners in NAR's first quarter ‘HOME’ survey said now is a good time to sell, but until an increase in listings actually occurs, home prices will continue to move hastily."

 

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


3/16/2017
Median Sales Price of Single-Family Homes in Greater Hartford Drops
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5/17/2017
Drop in Inventory of Single-Family Homes in Greater Hartford
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