Drop in Inventory of Single-Family Homes in Greater Hartford

5.17.2017

Drop in Inventory of Single-Family Homes in Greater Hartford

Closed sales down slightly

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(West Hartford, Conn., May 17, 2017) – Inventory of single family homes decreased 19.78 percent (from 7178 to 5758) over April of last year, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales decreased 1.89 percent (from 901 to 884) and pending sales decreased 4.62 percent (from 1429 to 1363). The median sale price dropped 2.78 percent (from $216,000 to $210,000) and new listings are down 8.98 percent (from 2083 to 1896). The average number of days on market decreased 19.74 percent (from 76 to 61), during this same year-over-year comparison.

In year-to-date statistics, closed sales rose 3.01 percent (from 2989 to 3079) and pending sales decreased 0.95 percent (from 4507 to 4464). The median sale price decreased 2.44 percent (from $205,000 to $200,000) and new listings also decreased 11.30 percent (from 6761 to 5997). During this same time-frame, the average days on market dropped 9.09 percent (from 77 to 70 days).

Condominium sales decreased 2.38 percent (from 210 to 205) over April of last year. The median sale price decreased 0.37 percent (from $133,500 to $133,000) and the average days a condo spent on the market decreased 16.90 percent (from 71 to 59 days). Condo inventory dropped 23.99 percent (from 1805 to 1372), over this time last year.

In year-to-date statistics, condominium closed sales increased 5.32 percent (from 695 to 732) and the median sale price decreased 1.48 percent (from $134,900 to $132,950). The average days a condo spent on market from the beginning of the year dropped 6.10 percent (from 82 days to 77).

“It appears that the drop in closed sales may be the result of falling inventory levels,” stated GHAR CEO, Jeff Arakelian. “Hopefully, relatively affordable home prices should keep motivated buyers in the market. Speaking to a REALTOR® is an important first step in this market,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says existing sales roared back in March and were led by hefty gains in the Northeast and Midwest. "The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month," he said. "Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does."

 

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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6/16/2017
Rise in Closed Sales of Single-Family Homes in Greater Hartford Over May of Last Year
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