Continued Increase of Closed Sales of Single-Family Homes in Greater Hartford

3.20.2020

Continued Increase of Closed Sales of Single-Family Homes in Greater Hartford

Median sales price up over 15 percent

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(Hartford, Conn., March 20, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford rose 3.59 percent over February of last year (from 334 to 346). Pending sales increased 19.09 percent (from 372 to 443) and the median sale price increased 15.75 percent (from $200,000 to $231,500). New listings increased 18.32 percent (from 584 to 691) and inventory dropped 10.73 percent (from 2134 to 1905), during this same timeframe.

In year-to-date numbers, over last year, new listings rose 10.87 percent (from 1187 to 1316). Pending sales increased 13.85 percent (from 780 to 888) and closed sales rose 4.66 percent (from 730 to 764). The median sales price increased 13.53 percent (from $207,000 to $235,000) and the average days spent on market increased 10.14 percent (from 69 to 76), during this same year to date, year over year, timeframe.

Condominium closed sales increased 8.05 percent (from 87 to 94) and pending sales rose 9.28 percent (from 97 to 106) over February of 2019. The median sale price increased 5.96 percent (from $151,000 to $160,000) and inventory decreased 10.53 percent (from 513 to 459). New listings rose 3.91 percent (from 179 to 186) over this time versus a year ago.

“These February housing market numbers are a strong start,” stated GHAR CEO, Holly Callanan. “It remains to be seen how the market handles the current challenges our community faces,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said “February’s sales of over 5 million homes were the strongest since February 2007. I would attribute that to the incredibly low mortgage rates and the steady release of a sizable pent-up housing demand that was built over recent years.”

 

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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4/16/2020
Closed Sales of Single-Family Homes in Greater Hartford Increase Over 10 Percent
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