Rise in Median Sale Price of Single-Family Homes in Greater Hartford

2.20.2018

Rise in Median Sale Price of Single-Family Homes in Greater Hartford

Closed sales drop 20 percent

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(Hartford, Conn., February 20, 2018) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price rose 7.01 percent (from $195,300 to $209,000) over January of 2017. Closed sales decreased 20.00 percent (from 805 to 644). New listings decreased 10.76 percent (from 1236 to 1103) and inventory dropped 15.84 percent (from 4546 to 3826). The average number of days on market increased 18.67 percent (from 75 to 89 days), during this same timeframe.

Condominium closed sales decreased 9.19 percent (from 185 to 168) over January of last year. The median sale price increased 10.37 percent (from $135,000 to $149,000) and the average days a condo spent on the market increased 4.55 percent (from 84 to 88 days). Condo inventory decreased 20.60 percent (from 1136 to 902), over this time last year.

“Decreased inventory usually signals an increase in price. That, and cold weather factors in January, could also be reasons for the slowdown of sales,” stated GHAR CEO, Holly Callanan. “Buyers and sellers should seek the advice of a Realtor now in order to negotiate the best deal in the current market,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” said Yun. “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.”

 

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


1/18/2018
Drop in Closed Sales of Single-Family Homes in Greater Hartford
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3/19/2018
Slight Increase in Closed Sales of Single-Family Homes in Greater Hartford
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