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

11.18.2019

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

Closed sales decrease

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(Hartford, Conn., November 18, 2019) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single family homes in greater Hartford increased 3.13 percent (from $240,000 to $247,500) over October of last year. Closed sales decreased 3.20 percent (from 562 to 544) and pending sales decreased 3.60 percent (from 556 to 536). New listings decreased 2.14 percent (from 795 to 778) and inventory dropped 10.06 percent (from 2823 to 2539), when compared to last year.

In year-to-date statistics, when compared to last year, closed sales increased 2.62 percent (from 5459 to 5602) and pending sales increased 3.11 percent (from 5537 to 5709). The median sales price increased 0.41 percent (from $246,000 to $247,000) and new listings decreased 2.47 percent (from 8921 to 8701), year over year.

Condominium closed sales decreased 9.52 percent (from 147 to 133) over October of last year. New listings rose 8.99 percent (from 178 to 194). Pending sales decreased 19.55 percent (from 179 to 144) and the median sale price increased 4.41 percent (from $170,000 to $177,500). Inventory decreased 7.67 percent (from 600 to 554), over this time last year.

Condominium new listings year-to-date statistics, year over year, show a decrease of 2.84 percent (from 2110 to 2050) and closed sales increased 0.72 percent (from 1386 to 1396). The median sale price increased 1.79 percent (from $162,000 to $164,900) during this same time frame.

“A slowdown in home sales is typical for this time of year,” said GHAR CEO, Holly Callanan. “Even with a slight uptick in prices, current affordability rates are significant,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year.

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4000 members in the 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
Greater Hartford Association of REALTORS®
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


10/18/2019
Over 20 Percent Rise in Closed Sales of Single-Family Homes in Greater Hartford
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12/17/2019
Decrease in Closed Sales of Single-
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