Closed Sales of Single-Family Homes in Greater Hartford Rise

8.18.2017

Closed Sales of Single-Family Homes in Greater Hartford Rise

Pending sales increase over 20 percent from this month last year

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(Hartford, Conn., August 18, 2017) – Closed sales increased 1.51 percent (from 1255 to 1274) and pending sales rose 21.49 percent (from 1196 to 1453) over July of last year, according to the Greater Hartford Association of REALTORS® (GHAR). The median sale price of single family homes also rose 0.09 percent (from $232,750 to $232,950). Inventory decreased 20.20 percent (from 6882 to 5492) and new listings rose 1.92 percent (from 1667 to 1699). The average number of days on market decreased 23.64 percent (from 55 to 42), during this same time frame.

In year-to-date statistics, closed sales rose 2.29 percent (from 6806 to 6962) and pending sales also increased 3.69 percent (from 8504 to 8818). The median sale price remained unchanged at $220,000 and new listings decreased 5.75 percent (from 12,652 to 11,924). The average days on market dropped 13.24 percent (from 68 to 59 days) from the beginning of the year.

Condominium sales increased 5.33 percent (from 244 to 257) over July of last year. The median sale price increased 2.74 percent (from $149,900 to $154,000) and the average days a condo spent on the market decreased 16.42 percent (from 67 to 56 days). Condo inventory dropped 20.26 percent (from 1540 to 1228), over this time last year.

In year-to-date statistics, condominium closed sales increased 7.19 percent (from 1488 to 1595) and the median sale price decreased 1.59 percent (from $145,000 to $142,700). The average days a condo spent on market from the beginning of the year dropped 11.84 percent (from 76 days to 67).

“Tightening inventory and an increase in closed sales typically leads to rising prices,” stated GHAR CEO, Jeff Arakelian. “Those looking to purchase a home should speak to a Realtor early in the process to help negotiate the best price in this market,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign. "The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs," he said. "Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria."

 

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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Closed Sales of Single-Family Homes in Greater Hartford Rise
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