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

12.20.2017

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

Median sales price drops

(Download full release in pdf)

(Hartford, Conn., December 20, 2017) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes in greater Hartford increased 8.17 percent (from 893 to 966) over November of last year. The median sale price decreased 1.83 percent (from $219,000 to $215,000) and new listings rose 1.47 percent (from 1020 to 1035). Inventory decreased 16.62 percent (from 5236 to 4366) and the average number of days on market increased 29.03 percent (from 62 to 80), over November of last year.

In year-to-date statistics, closed sales increased 3.45 percent (from 11,004 to 11,384) and the median sale price decreased 0.68 percent (from $222,000 to $222,500). New listings decreased 3.41 percent (from 18,119 to 17,501) and the average days on market dropped 3.08 percent (from 65 to 63 days) from the beginning of the year when comparing to the previous year.

Condominium sales increased 2.49 percent (from 201 to 206) over November of last year. The median sale price decreased 3.35 percent (from $142,000 to $137,250) and the average days a condo spent on the market decreased 3.09 percent (from 69 to 76 days). Condo inventory dropped 31.89 percent (from 1458 to 993), over November of last year.

In year-to-date statistics, condominium closed sales increased 6.00 percent (from 2415 to 2560) and the median sale price dropped 0.35 percent (from $144,500 to $145,000). The average days a condo spent on the market from the beginning of the year, when compared to last year, decreased 6.58 percent (from 76 days to 71).

"Increased sales in November over last year is encouraging and could carry momentum into the winter", stated GHAR CEO, Holly Callanan. "Inventory needs to pick up to meet the demand, however, pricing doesn’t seem to be affected, making this market a great time to buy," she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says "Listings — especially those in the affordable price range — continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying," said Yun. "With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter."

 

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


11/21/2017
Sales Price of Single-Family Homes in Greater Hartford Increases
« previous
1/18/2018
Drop in Closed Sales of Single-Family Homes in Greater Hartford
next »