Rise in Closed Sales of Single-Family Homes in Greater Hartford Over May of Last Year

6.16.2017

Rise in Closed Sales of Single-Family Homes in Greater Hartford Over May of Last Year

Median sale price also increases

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(West Hartford, Conn., June 16, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased 2.20 percent (from 1091 to 1115) over May of last year. Pending sales also increased 5.80 percent (from 1431 to 1514) and the median sale price rose 2.88 percent (from $222,500 to $228,900). Inventory decreased 15.47 percent (from 7272 to 6147) and new listings rose 3.33 percent (from 2191 to 2264). The average number of days on market decreased 12.12 percent (from 66 to 58), during May of last year.

In year-to-date statistics, closed sales rose 2.56 percent (from 4100 to 4205) and pending sales also increased 0.67 percent (from 5938 to 5978). The median sale price remained unchanged at $210,000 and new listings decreased 7.72 percent (from 8952 to 8261). The average days on market dropped 9.46 percent (from 74 to 67 days) from the beginning of the year.

Condominium sales increased 28.57 percent (from 210 to 270) over May of last year. The median sale price decreased 1.36 percent (from $147,500 to $145,500) and the average days a condo spent on the market decreased 26.67 percent (from 75 to 55 days). Condo inventory dropped 15.95 percent (from 1624 to 1365), over this time last year.

In year-to-date statistics, condominium closed sales increased 10.90 percent (from 908 to 1007) and the median sale price decreased 2.43 percent (from $139,900 to $136,500). The average days a condo spent on market from the beginning of the year dropped 12.35 percent (from 81 days to 71).

“The increase in closed sales is customary for the late spring market,” stated GHAR CEO, Jeff Arakelian. “Current inventory levels might encourage multiple bids, making it important to seek the advice of a Realtor early in the process,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says every major region except for the Midwest saw a retreat in existing sales in April. "Realtors® continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale," added Yun. "Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher."

 

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


5/17/2017
Drop in Inventory of Single-Family Homes in Greater Hartford
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7/21/2017
Rise in Sales Price of Single-Family Homes in Greater Hartford
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