Pending Sales Single-Family Homes in Greater Hartford up Nearly 22 Percent

4.22.2013

Pending Sales Single-Family Homes in Greater Hartford up Nearly 22 Percent

Condo sales jump from one year ago

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(West Hartford, Conn., April 22, 2013) – According to the Greater Hartford Association of REALTORS® (GHAR), pending sales of single family homes increased in March over last year by 21.99 percent (from 864 to 1054) and closed sales also increased 0.31 percent (from 643 to 645). The median sale price dropped 2.70 percent (from $204,000 to $198,500). New listings decreased 12.87 percent (from 1694 to 1476) and inventory dropped 11.02 percent (from 6436 to 5727). The average number of days a house spent on the market decreased 4.12 percent (from 97 to 93), during this same one year time-frame.

In year to date numbers, closed and pending sales are up 14.86 percent (from 1447 to 1662) and 6.26 percent (from 2354 to 2502), respectively. New listings decreased 13.94 percent (from 4274 to 3678) and the median sale price dropped 2.50 percent (from $200,000 to $195,000).

Condominium sales increased 25.74 percent (from 136 to 171) over March of last year. The median sale price increased 3.70 percent (from $135,000 to $140,000) and the average days a condo spent on the market increased 6.38 percent (from 94 to 100 days). Condominium inventory decreased 8.06 percent (from 1724 to 1585), over this time last year.

"Connecticut was one of the last states to experience the downturn in the housing market, so naturally we are a bit late to rebound." stated GHAR President and CEO, Jeff Arakelian. "That said, the steady increase in closed sales continues to be a positive sign."

In the national outlook, Lawrence Yun, NAR chief economist, said there is more demand than supply in the current market. "Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity," he said. "In the same timeframe housing inventories have trended much lower, which is continuing to pressure home prices. The good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels. The bad news is that underwriting standards remain excessively tight, while renters are getting squeezed by higher rents."

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 3200 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


3/21/2013
Closed Sales of Single-Family Homes in Greater Hartford Continue to Rise
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5/23/2013
Nearly Three Percent Rise in Median Sales Price of Single-Family Homes in Greater Hartford
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