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

7.21.2017

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

Closed sales also increase

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(West Hartford, Conn., July 21, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes rose 0.31 percent (from $239,250 to $240,000) over June of last year. Closed sales increased 5.26 percent (from 1368 to 1440) and pending sales rose 1.24 percent (from 1370 to 1387). Inventory decreased 14.93 percent (from 7154 to 6086) and new listings dropped 3.39 percent (from 2033 to 1964). The average number of days on market decreased 16.95 percent (from 59 to 49), during this same time frame.

In year-to-date statistics, closed sales rose 3.22 percent (from 5493 to 5670) and pending sales also increased 0.78 percent (from 7308 to 7365). The median sale price increased 0.69 percent (from $217,500 to $219,000) and new listings decreased 6.92 percent (from 10,985 to 10,225). The average days on market dropped 12.68 percent (from 71 to 62 days) from the beginning of the year.

Condominium sales increased 2.57 percent (from 311 to 319) over June of last year. The median sale price decreased 1.96 percent (from $152,900 to $149,900) and the average days a condo spent on the market decreased 11.43 percent (from 70 to 62 days). Condo inventory dropped 16.80 percent (from 1607 to 1337), over this time last year.

In year-to-date statistics, condominium closed sales increased 8.06 percent (from 1228 to 1327) and the median sale price decreased 2.44 percent (from $143,500 to $140,000). The average days a condo spent on market from the beginning of the year dropped 11.54 percent (from 78 days to 69).

“A strong increase in sales and stable prices indicate that our housing market continues to improve,” stated GHAR CEO, Jeff Arakelian. “Buyers should be diligent as inventory tightens and the pace of sales quickens,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says sales activity expanded in May as more buyers overcame the increasingly challenging market conditions prevalent in many areas. "The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level," he said. "Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing 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


6/16/2017
Rise in Closed Sales of Single-Family Homes in Greater Hartford Over May of Last Year
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8/18/2017
Closed Sales of Single-Family Homes in Greater Hartford Rise
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