Steady Rise in Median Sales Price of Single-Family Homes in Greater Hartford

5.17.2018

Steady Rise in Median Sales Price of Single-Family Homes in Greater Hartford

Over 7 percent increase in closed sales compared to last year

(Download full release in pdf)

(Hartford, Conn., May 17, 2018) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes in greater Hartford rose 7.14 percent (from $210,000 to $225,000) over April of 2017. Closed sales increased 7.13 percent (from 884 to 947) and new listings increased 0.58 percent (from 1896 to 1907). During this same year-over-year timeframe, inventory dropped 13.06 percent (from 5758 to 5006).

In year-to-date statistics, closed sales decreased 2.08 percent (from 3079 to 3015) and the median sale price increased 9.95 percent (from $200,000 to $219,900). New listings decreased 1.58 percent (from 5997 to 5902) from the beginning of the year, compared to last year.

Condominium closed sales increased 7.32 percent (from 205 to 220) over April of last year. The median sale price increased 5.26 percent (from $133,000 to $140,000) and inventory decreased 18.44 percent (from 1372 to 1119), over April of 2017.

In year-to-date statistics, condominium closed sales decreased 1.64 percent (from 732 to 720) and the median sale price rose 3.05 percent (from $133,000 to $137,000).

“The continued rise in prices and low inventory could signal more competitive bidding,” stated GHAR CEO, Holly Callanan. “Consulting a REALTOR® to negotiate the transaction will insure the consumer gets the best outcome,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says closings in March eked forward despite challenging market conditions in most of the country. "Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February – helped overall sales activity rise to its strongest pace since last November at 5.72 million," said Yun. "The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford."

 

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


4/19/2018
Median Sales Price of Single-Family Homes in Greater Hartford Rises
« previous
6/18/2018
Decreased Inventory of Single-Family Homes in Greater Hartford
next »