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

10.20.2017

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

Decrease in median sale price

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(Hartford, Conn., October 20, 2017) – Closed sales of single family homes increased 2.79 percent (from 1076 to 1106) over September of last year, according to the Greater Hartford Association of REALTORS® (GHAR). The median sale price decreased 3.49 percent (from $229,000 to $221,000). Inventory decreased 22.62 percent (from 6671 to 5162) and new listings dropped 0.19 percent (from 1574 to 1571). The average number of days on market increased 12.70 percent (from 63 to 71), during this same time frame.

In year-to-date statistics, closed sales increased 2.99 percent (from 9118 to 9391) and the median sale price also increased 0.84 percent (from $224,900 to $223,000) and new listings decreased 4.58 percent (from 15,743 to 15,022). The average days on market dropped 9.09 percent (from 66 to 60 days) from the beginning of the year.

Condominium sales increased 9.87 percent (from 233 to 256) over September of last year. The median sale price increased 9.89 percent (from $136,000 to $149,450) and the average days a condo spent on the market increased 31.75 percent (from 63 to 83 days). Condo inventory dropped 28.98 percent (from 1632 to 1159), over September of last year.

In year-to-date statistics, condominium closed sales increased 7.09 percent (from 1989 to 2130) and the median sale price increased 6.83 percent (from $145,000 to $154,900). The average days a condo spent on the market from the beginning of the year dropped 8.11 percent (from 74 days to 68).

"As the fall market starts, it's typical to see a slowdown in sales and inventory, however the unknown of the state budget seems to be exacerbating that slowdown", stated 2017 GHAR President, Carl Lantz. "Tighter inventory can be a result, so consulting your local REALTOR® early in the process will help to deal with market conditions and net the best result," he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says "Market conditions continue to be stressful and challenging for both prospective first-time buyers and homeowners looking to trade up," said Yun. "The ongoing rise in home prices is straining the budgets of some of these would-be buyers, and what is available for sale is moving off the market quickly because supply remains minimal in the lower- and mid-price ranges."

 

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


10/2/2017
Closed Sales of Single-Family Homes in Greater Hartford Rise
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11/21/2017
Sales Price of Single-Family Homes in Greater Hartford Increases
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