Decrease in Closed Sales of Single-
Family Homes in Greater Hartford

12.17.2019

Decrease in Closed Sales of Single-Family Homes in Greater Hartford

Median sales price increases

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(Hartford, Conn., December 17, 2019) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes in greater Hartford decreased 16.79 percent (from 536 to 446) over November of last year. Pending sales increased 4.57 percent (from 481 to 503) and the median sales price increased 5.11 percent (from $235,000 to $247,000). New listings decreased 5.71 percent (from 543 to 512) and inventory dropped 10.81 percent (from 2543 to 2268), when compared to last year.

In year-to-date statistics, when compared to last year, closed sales increased 0.90 percent (from 5995 to 6049) and pending sales increased 2.82 percent (from 6018 to 6188). The median sales price increased 0.82 percent (from $245,000 to $247,000) and new listings decreased 2.65 percent (from 9464 to 9213), year over year.

Condominium closed sales increased 3.76 percent (from 133 to 138) over November of last year. New listings dropped 3.08 percent (from 130 to 126) and pending sales increased 22.81 percent (from 114 to 140) and the median sale price increased 9.06 percent (from $149,000 to $162,500). Inventory decreased 9.11 percent (from 549 to 499), over this time last year.

Condominium year-to-date statistics, year over year, show a decrease in new listings of 2.81 percent (from 2240 to 2177) and closed sales increased 1.12 percent (from 1519 to 1536). The median sale price increased 2.39 percent (from $161,000 to $164,850) during this same time frame.

“As single family home sales have slowed, the condo market has strengthened over last year,” said GHAR CEO, Holly Callanan. “Anyone looking to buy or sell in this market should seek the advice of a Realtor as early as possible,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said this national sales increase is encouraging and he expects added growth in the coming months. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

 

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


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