Sales of Single-Family Homes in Greater Hartford up Nearly 40 Percent

2.21.2013

Sales of Single-Family Homes in Greater Hartford up Nearly 40 Percent

Median sale price also increased over last year

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(West Hartford, Conn., February 21, 2013) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased over last year by 39.04 percent (from 397 to 552). Pending sales rose 37.45 percent (from 542 to 745) and the median sale price increased 2.56 percent (from $195,000 to $200,000). New listings decreased 6.25 percent (from 1281 to 1201) and inventory dropped 11.15 percent (from 5612 to 4986). The average number of days on market decreased 14.71 percent (from 102 to 87), during this same one year time-frame.

Condominium sales increased 7.32 percent (from 123 to 132) over January of last year. The median sale price also increased 17.46 percent (from $132,000 to $155,050) and the average days a condo spent on the market decreased 8.16 percent (from 98 to 90 days). Condominium inventory decreased 1.41 percent (from 1558 to 1536), over this time last year.

“A seasonal rise in inventory, as well as sellers who have been sitting on the fence, will give buyers more options which could lead to a potentially strong spring market,” stated GHAR President and CEO, Jeff Arakelian.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said tight inventory is a major factor in the market. "Buyer traffic is continuing to pick up, while seller traffic is holding steady," he said. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 3200 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


1/17/2013
10 Consecutive Months with Rise in Sales
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3/21/2013
Closed Sales of Single-Family Homes in Greater Hartford Continue to Rise
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