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

1.18.2018

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

Median sales price rises

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(Hartford, Conn., January 18, 2018) – Closed sales of single family homes in greater Hartford decreased 3.39 percent (from 945 to 913) from this December over December of last year, according to the Greater Hartford Association of REALTORS® (GHAR). The median sale price increased 1.86 percent (from $215,000 to $219,000) and new listings dropped 7.22 percent (from 803 to 745). Inventory decreased 21.52 percent (from 4814 to 3778) and the average number of days on market increased 17.39 percent (from 69 to 81), over December of last year.

In year-to-date statistics, closed sales increased 2.77 percent (from 11,971 to 12,303) and the median sale price decreased 0.45 percent (from $221,000 to $220,000), from the beginning of the year when comparing to the previous year. New listings decreased 3.57 percent (from 18,922 to 18,246) and the average days on market dropped 1.54 percent (from 65 to 64 days).

Condominium sales increased 9.13 percent (from 219 to 239) over December of last year. The median sale price decreased 3.77 percent (from $149,900 to $144,250) and the average days a condo spent on the market increased 12.66 percent (from 79 to 89 days). Condo inventory dropped 35.79 percent (from 1316 to 845), during this same timeframe.

In year-to-date statistics, condominium closed sales increased 5.94 percent (from 2642 to 2799) 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 5.26 percent (from 76 days to 72).

"It’s a relief that a majority of homeowners can continue to count on the mortgage interest deduction and the state and local tax deduction,” stated GHAR CEO, Holly Callanan. “Low inventory is typical for this time of year so the rise in sales price is encouraging," she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”

 

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


12/20/2017
Increase in Closed Sales of Single-Family Homes in Greater Hartford
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Rise in Median Sale Price of Single-Family Homes in Greater Hartford
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