Closed Sales of Single-Family Homes in Greater Hartford Down 12 Percent

6.16.2020

Closed Sales of Single-Family Homes in Greater Hartford Down 12 Percent

Increase in median sales price

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(Hartford, Conn., June 16, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford decreased 12.75 percent over May of last year (from 643 to 561). Pending sales decreased 15.45 percent (from 712 to 602) and the median sale price increased 1.92 percent (from $260,000 to $265,000). New listings decreased 31.22 percent (from 1198 to 824) and inventory dropped 31.91 percent (from 2795 to 1903), during this same timeframe.

In year-to-date statistics, year over year, new listings dropped 20.70 percent (from 4348 to 3448). Pending sales decreased 2.07 percent (from 2612 to 2558) and closed sales stayed relatively unchanged at 0.04 percent (from 2323 to 2322). The median sales price increased 6.3 percent (from $235,000 to $249,900) and the average days spent on market decreased 5.80 percent (from 69 to 65 days), during this same year to date, year over year, timeframe.

Condominium closed sales decreased 25.00 percent (from 172 to 129) and pending sales decreased 35.5 percent (from 183 to 118) over May of 2019. The median sale price increased 16.95 percent (from $169,950 to $198,750) and inventory decreased 29.37 percent (from 630 to 445). New listings dropped 31.66 percent (from 259 to 177) over this time, versus a year ago.

“Mortgage rates are still quite low and buyer confidence is on the rise,” said GHAR CEO, Holly Callanan. “It’s an excellent time to list property for sale and REALTORS are the best resource to assist in that process,” she said.

“The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” said Lawrence Yun, National Association of REALTORS® chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.”

 

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


5/18/2020
Over 7 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford
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7/16/2020
Increase in Median Sales Price of Single-Family Homes in Greater Hartford
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