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

4.19.2018

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

Closed sales increase nearly 2 percent from last year

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(Hartford, Conn., April 19, 2018) – The median sale price of single family homes in greater Hartford rose 7.10 percent (from $210,000 to $224,900) over March of 2017, according to the Greater Hartford Association of REALTORS® (GHAR). Closed sales increased 1.98 percent (from 809 to 825) and new listings decreased 3.91 percent (from 1689 to 1623). During this same year-over-year timeframe, inventory dropped 21.49 percent (from 5148 to 4505) and the average number of days on market increased 25.00 percent (from 72 to 90 days).

In year-to-date statistics, closed sales decreased 5.63 percent (from 2186 to 2063) and the median sale price increased 8.56 percent (from $198,050 to $215,000). New listings decreased 2.58 percent (from 4101 to 3995) and the average days on market increased 24.66 percent (from 73 to 91 days) from the beginning of the year.

Condominium closed sales decreased 2.09 percent (from 191 to 187) over March of last year. The median sale price increased 0.75 percent (from $134,000 to $135,000) and the average days a condo spent on the market increased 22.78 percent (from 79 to 97 days). Condo inventory decreased 18.84 percent (from 1295 to 1051), over March of 2017.

In year-to-date statistics, condominium closed sales decreased 4.77 percent (from 524 to 499) and the median sale price rose 3.01 percent (from $133,000 to $137,000. The average days a condo spent on the market from the beginning of the year increased 11.90 percent (from 84 days to 94).

“Many of our REALTOR® members have mentioned a very active early spring market,” stated GHAR CEO, Holly Callanan. “It’s important for those looking to buy or sell to consult a REALTOR® early on in the process in order for consumers to get the best representation,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, Lawrence Yun, NAR chief economist, says sales were uneven across the country in February but did increase nicely overall. “The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month. Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March,” he said. “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

 

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


3/19/2018
Slight Increase in Closed Sales of Single-Family Homes in Greater Hartford
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5/17/2018
Steady Rise in Median Sales Price of Single-Family Homes in Greater Hartford
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