Closed Sales of Single-Family Homes in Greater Hartford Rise

10.2.2017

Closed Sales of Single-Family Homes in Greater Hartford Rise

Decrease in median sale price

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(Hartford, Conn., October 2, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales increased 5.17 percent (from 1238 to 1302) and pending sales dropped 2.55 percent (from 1178 to 1148) over August of last year. The median sale price of single family homes decreased 3.46 percent (from $240,000 to $231,700). Inventory decreased 19.72 percent (from 6592 to 5292) and new listings rose 0.66 percent (from 1517 to 1527). The average number of days on market decreased 3.45 percent (from 58 to 56), during this same time frame.

In year-to-date statistics, closed sales rose 3.22 percent (from 8019 to 8277) and pending sales also increased 4.15 percent (from 9282 to 9667). The median sale price increased 0.45 percent (from $223,000 to $224,000) and new listings decreased 5.07 percent (from 14,169 to 13,451). The average days on market dropped 3.03 percent (from 66 to 68 days) from the beginning of the year.

Condominium sales increased 4.80 percent (from 271 to 284) over August of last year. The median sale price decreased 4.70 percent (from $160,000 to $152,475) and the average days a condo spent on the market decreased 14.86 percent (from 74 to 63 days). Condo inventory dropped 20.80 percent (from 1500 to 1188), over this time last year.

In year-to-date statistics, condominium closed sales increased 7.37 percent (from 1750 to 1879) and the median sale price remained unchanged at $145,000. The average days a condo spent on the market from the beginning of the year dropped 13.16 percent (from 76 days to 66).

“Healthy sales are encouraging, especially when inventory is tight” stated 2017 GHAR President, Carl Lantz. “As a Realtor in this market, I find it interesting that prices haven’t caught up to demand,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says the slump in existing sales stretched into August despite what remains a solid level of demand for buying a home. "Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales," he said. "What's ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it's putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale."

 

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


8/18/2017
Closed Sales of Single-Family Homes in Greater Hartford Rise
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Rise in Closed Sales of Single-Family Homes in Greater Hartford
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