Sales Price of Single-Family Homes in Greater Hartford Increases

11.21.2017

Sales Price of Single-Family Homes in Greater Hartford Increases

Closed sales also increase

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(Hartford, Conn., November 21, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes in greater Hartford rose 2.58 percent (from $213,500 to $219,000) over October of last year. Closed sales also increased 3.59 percent (from 976 to 1011) and new listings rose 6.49 percent (from 1356 to 1444) over this same time period. Inventory decreased 21.37 percent (from 6223 to 4893) and the average number of days on market increased 22.95 percent (from 61 to 75), over October of last year.

In year-to-date statistics, closed sales increased 2.84 percent (from 10,123 to 10,410) and the median sale price decreased 0.22 percent (from $222,500 to $222,000). New listings decreased 3.70 percent (from 17,099 to 16,466) and the average days on market dropped 6.15 percent (from 65 to 61 days) from the beginning of the year when comparing to the previous year.

Condominium sales increased 6.07 percent (from 214 to 227) over October of last year. The median sale price increased 7.80 percent (from $137,750 to $148,500) and the average days a condo spent on the market increased 10.14 percent (from 69 to 76 days). Condo inventory dropped 30.53 percent (from 1569 to 1090), over October of last year.

In year-to-date statistics, condominium closed sales increased 6.08 percent (from 2220 to 2355) 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, when compared to last year, decreased 6.76 percent (from 74 days to 69).

"Another downshift in inventory makes it a challenge for potential buyers in this market", stated 2017 GHAR President, Carl Lantz. "Affordability levels remain reasonable so anyone looking to buy should seek the expertise of a Realtor," he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says closings mustered a meager gain in September, but declined on an annual basis for the first time in over a year (July 2016; 2.2 percent). “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” he said. “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”

 

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