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

1.16.2020

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

Condominium market remains strong

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(Hartford, Conn., January 16, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single family homes in greater Hartford increased 6.67 percent (from $225,000 to $240,000) over December of last year. Closed sales decreased 0.41 percent (from 487 to 485) and pending sales increased 6.29 percent (from 429 to 456). New listings decreased 9.37 percent (from 363 to 329) and inventory dropped 15.01 percent (from 2139 to 1818), when compared to last year.

Year-to-date single family homes statistics, when compared to last year, show that closed sales increased 0.91 percent (from 6482 to 6541) and pending sales increased 2.73 percent (from 6446 to 6622). The median sales price increased 0.61 percent (from $244,000 to $245,500) and new listings decreased 2.90 percent (from 9827 to 9542), year over year.

Condominium closed sales increased 22.88 percent (from 118 to 145) over December of last year. New listings increased 12.50 percent (from 88 to 99) and pending sales increased 44.21 percent (from 95 to 137) and the median sale price increased 10.89 percent (from $148,790 to $165,000). Inventory decreased 15.50 percent (from 484 to 409), over this time last year.

Condominium year-to-date statistics, year over year, show a decrease in new listings of 2.23 percent (from 2328 to 2276) and closed sales increased 2.87 percent (from 1637 to 1684). The median sale price increased 3.03 percent (from $160,000 to $164,850) during this same time frame.

“Overall, our housing market is in slightly better shape this year, when compared to last year,” said GHAR CEO, Holly Callanan. “Pending sales are an encouraging sign for the first quarter of 2020,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist said, “new home construction seems to be coming to the market, but we are still not seeing the amount of construction needed to solve the housing shortage.”

 

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


12/17/2019
Decrease in Closed Sales of Single-
Family Homes in Greater Hartford
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Increase of Closed Sales of Single-Family Homes in Greater Hartford
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