Sales Price of Single-Family Homes in Greater Hartford Drops

7.23.2018

Sales Price of Single-Family Homes in Greater Hartford Drops

Inventory down over 11 percent compared to last year

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(Hartford, Conn., July 23, 2018) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sale price of single family homes in greater Hartford fell 6.25 percent (from $240,000 to $225,000) over June of 2017. Closed sales decreased 2.64 percent (from 1440 to 1402) and new listings fell 1.32 percent (from 1964 to 1938). During this same year-over-year timeframe, inventory dropped 11.04 percent (from 6086 to 5414).

In year-to-date statistics, the median sale price increased 4.06 percent (from $219,000 to $227,900) and closed sales decreased 2.49 percent (from 5670 to 5529) and. New listings decreased 2.29 percent (from 10,225 to 9991) from the beginning of the year, as compared to last year.

Condominium closed sales decreased 4.70 percent (from 319 to 304) over June of last year. The median sale price increased 3.57 percent (from $149,900 to $155,250) and inventory decreased 13.54 percent (from 1336 to 1156), over June of 2017.

In year-to-date statistics, condominium closed sales decreased 3.01 percent (from 1328 to 1288) and the median sale price rose 5.00 percent (from $140,000 to $147,000).

“It is possible potential buyers are stalling because of the low inventory that makes for limited choices,” stated GHAR CEO, Holly Callanan. “In this challenging market, it’s best to seek the advice of a REALTOR to discuss all options,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand,” added Yun. “That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”

 

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


6/18/2018
Decreased Inventory of Single-Family Homes in Greater Hartford
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8/16/2018
Increase in Closed Sales of Single-Family Homes in Greater Hartford
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