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

8.17.2020

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

Median sales price up over 7 percent

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(Hartford, Conn., August 17, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 7.59 percent over July of last year (from 725 to 780). The median sales price increased 7.55 percent (from $265,000 to $285,000) and pending sales rose 31.52 percent (from 644 to 847). New listings increased 4.30 percent (from 906 to 945) and inventory dropped 31.64 percent (from 2791 to 1908), during this same timeframe.

In year-to-date statistics, year over year, new listings decreased 14.51 percent (from 6229 to 5325). Pending sales increased 3.30 percent (from 3943 to 4073) and closed sales decreased 2.63 percent (from 3804 to 3704). The median sales price increased 6.12 percent (from $245,000 to $260,000) and the average days spent on market decreased 3.33 percent (from 60 to 58 days), during this same year to date, year over year, timeframe.

Condominium closed sales increased 16.46 percent (from 164 to 191) and pending sales increased 40.14 percent (from 147 to 206) over July of 2019. The median sales price increased 4.99 percent (from $170,500 to $179,000) and inventory decreased 27.09 percent (from 609 to 444). New listings increased 16.58 percent (from 193 to 225), when compared to this month last year.

“Strong pending sales seem to indicate our Greater Hartford housing market isn’t slowing down anytime soon,” said GHAR CEO, Holly Callanan. “Until inventory picks up, it will be a competitive market for buyers so seeking the advice of a Realtor is an important first step,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said this about the housing market: “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown. This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”

 

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


7/16/2020
Increase in Median Sales Price of Single-Family Homes in Greater Hartford
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Increase in Closed Sales of Single-Family Homes in Greater Hartford
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