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

3.19.2018

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

Median sale price increased over 12 percent from last year

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(Hartford, Conn., March 19, 2018) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales increased 0.71 percent (from 567 to 571) over February of last year. The median sale price rose 12.57 percent (from $191,000 to $215,000) and new listings increased 7.72 percent (from 1178 to 1269). During this same year-over-year timeframe, inventory dropped 14.57 percent (from 4832 to 4128) and the average number of days on market increased 27.03 percent (from 74 to 94 days).

In year-to-date statistics, closed sales decreased 10.28 percent (from 1362 to 1222) and the median sale price increased 7.69 percent (from $195,000 to $210,000). New listings decreased 1.66 percent (from 2412 to 2372) and the average days on market increased 21.33 percent (from 75 to 91 days) from the beginning of the year.

Condominium closed sales increased 3.62 percent (from 138 to 143) over February of last year. The median sale price decreased 0.39 percent (from $128,000 to $127,500) and the average days a condo spent on the market increased 6.98 percent (from 86 to 92 days). Condo inventory decreased 22.48 percent (from 1201 to 931), over the same timeframe.

In year-to-date statistics, condominium closed sales decreased 4.60 percent (from 326 to 311) and the median sale price rose 5.52 percent (from $131,250 to $138,500. The average days a condo spent on the market from the beginning of the year increased 5.57 percent (from 87 days to 92).

“Overall, the greater Hartford housing market has typical numbers for this time of year with lower inventory and gradual sales,” stated GHAR CEO, Holly Callanan. “Hopefully this is the calm before a very busy spring market,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says January’s retreat in closings highlights the housing market’s glaring inventory shortage to start 2018. “The utter lack of sufficient housing supply and its influence on higher home prices muted overall sales activity in much of the U.S. last month,” he said. “While the good news is that Realtors® in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

 

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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Median Sales Price of Single-Family Homes in Greater Hartford Rises
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