Over 20 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford

10.15.2020

Over 20 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford

Closed sales up over 27 percent

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(Hartford, Conn., October 15, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 20.50 percent (from $241,900 to $291,500) over September of last year. Closed sales increased 27.44 percent (from 554 to 706) and pending sales rose 28.68 percent (from 516 to 664). New listings decreased 27.80 percent (from 820 to 592) and inventory dropped 56.14 percent (from 2663 to 1168), during this same timeframe.

In year-to-date statistics, year over year, new listings decreased 20.26 percent (from 7849 to 6259). Pending sales increased 6.57 percent (from 5097 to 5432) and closed sales increased 4.63 percent (from 5032 to 5265). The median sales price increased 9.35 percent (from $246,000 to $269,000) and the average days spent on market decreased 8.62 percent (from 58 to 53 days), during this same year to date, year over year, timeframe.

Condominium closed sales increased 29.93 percent (from 137 to 178) and pending sales increased 21.92 percent (from 146 to 178) over September of 2019. Median sales price increased 9.47 percent (from $161,000 to $176,250) and inventory decreased 38.80 percent (from 567 to 347).

“A fifty percent drop in inventory is significant and will likely continue to drive up prices,” said GHAR CEO, Holly Callanan. “The high level of closed and pending sales shows that buyers are extremely motivated, so multiple offers and bidding wars are likely. Seeking the advice of a Realtor is key in this market,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, stated: "Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market. Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery."

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4700 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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11/24/2020
Over 35 Percent Increase in Closed Sales of Single-Family Homes in Greater Hartford
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