Closed Sales of Single-Family Homes in Greater Hartford Increase Over 10 Percent

4.16.2020

Closed Sales of Single-Family Homes in Greater Hartford Increase Over 10 Percent

Increase in median sales price

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(Hartford, Conn., April 16, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford rose 10.19 percent over March of last year (from 432 to 476). Pending sales increased 15.8 percent (from 501 to 580) and the median sale price increased 3.8 percent (from $235,500 to $244,450). New listings decreased 17.35 percent (from 922 to 762) and inventory dropped 17.60 percent (from 2329 to 1919), during this same timeframe.

In year-to-date statistics, year over year, new listings dropped 1.28 percent (from 2109 to 2082). Pending sales increased 12.80 percent (from 1281 to 1445) and closed sales rose 7.14 percent (from 1162 to 1245). The median sales price increased 10.65 percent (from $216,000 to $239,000) and the average days spent on market decreased 1.35 percent (from 74 to 73), during this same year to date, year over year, timeframe.

Condominium closed sales decreased 11.94 percent (from 134 to 118) and pending sales rose 3.55 percent (from 141 to 146) over March of 2019. The median sale price increased 17.42 percent (from $155,000 to $182,000) and inventory decreased 14.50 percent (from 538 to 460). New listings dropped 8.37 percent (from 203 186) over this time, versus a year ago.

“The March housing market doesn’t appear to show any effects from the current economic challenges,” stated GHAR CEO, Holly Callanan. “We will likely see how Covid-19 impacts housing in the months ahead. I am optimistic that the market will remain strong despite any short-term effects,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, noted that February’s home sales were encouraging but not reflective of the current turmoil in the stock market or the significant hit the economy is expected to take because of the coronavirus and corresponding social quarantines. “These figures show that housing was on a positive trajectory, but the coronavirus has undoubtedly slowed buyer traffic and it is difficult to predict what short-term effects the pandemic will have on future sales,” Yun said.

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4000 members in the 27 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
Greater Hartford Association of REALTORS®
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


3/20/2020
Continued Increase of Closed Sales of Single-Family Homes in Greater Hartford
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5/18/2020
Over 7 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford
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