Over 7 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford

5.18.2020

Over 7 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford

Decrease in closed sales

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(Hartford, Conn., May 18, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford decreased 2.70 percent over April of last year (from 518 to 504). Pending sales decreased 6.94 percent (from 620 to 577) and the median sale price increased 7.29 percent (from $240,000 to $257,500). New listings decreased 48.41 percent (from 1041 to 537) and inventory dropped 29.86 percent (from 2522 to 1769), during this same timeframe.

In year-to-date statistics, year over year, new listings dropped 16.76 percent (from 3150 to 2622). Pending sales increased 4.68 percent (from 1901 to 1990) and closed sales rose 4.23 percent (from 1680 to 1751). The median sales price increased 9.16 percent (from $224,450 to $245,000) and the average days spent on market decreased 9.46 percent (from 74 to 67 days), during this same year to date, year over year, timeframe.

Condominium closed sales decreased 19.70 percent (from 132 to 106) and pending sales decreased 6.47 percent (from 139 to 130) over April of 2019. The median sale price increased 13.15 percent (from $157,750 to $178,500) and inventory decreased 31.33 percent (from 600 to 412). New listings dropped 56.40 percent (from 250 to 109) over this time, versus a year ago.

“Low inventory is possibly due to seller’s caution with the increased cases of Covid-19 in April,” stated GHAR CEO, Holly Callanan. “The slowdown in sales is likely temporary, as sales prices remain strong,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said “Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak. More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”

 

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


4/16/2020
Closed Sales of Single-Family Homes in Greater Hartford Increase Over 10 Percent
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6/16/2020
Closed Sales of Single-Family Homes in Greater Hartford Down 12 Percent
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