Over 35 Percent Increase in Closed Sales of Single-Family Homes in Greater Hartford

11.24.2020

Over 35 Percent Increase in Closed Sales of Single-Family Homes in Greater Hartford

Median sales price up over 13 percent

(Download full release in pdf)

(Hartford, Conn., November 24, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 36.31 percent (from 548 to 747) over October of last year. The median sales price increased 13.33 percent (from $247,500 to $280,500) and pending sales rose 49.90 percent (from 509 to 763). New listings increased 4.66 percent (from 772 to 808) and inventory dropped 35.56 percent (from 2610 to 1682), during this same timeframe.

In year-to-date statistics, year over year, new listings decreased 9.67 percent (from 8642 to 7806). Pending sales increased 12.52 percent (from 5608 to 6310) and closed sales increased 7.89 percent (from 5580 to 6020). The median sales price increased 9.76 percent (from $246,000 to $270,000) and the average days spent on market decreased 10.53 percent (from 57 to 51 days), during this same year to date, year over year, timeframe.

Condominium closed sales increased 54.41 percent (from 136 to 210) and pending sales increased 41.30 percent (from 138 to 195) over October of 2019. Median sales price increased 4.05 percent (from $173,000 to $180,000) and inventory decreased 20.67 percent (from 566 to 449).

“Our market typically cools with the weather this time of year but continued gains in closed sales are keeping Realtors busy,” said GHAR CEO, Holly Callanan. “Record low mortgage rates are attractive but buyers must act quickly in this market,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, stated: "The surge in sales in recent months has now offset the spring market losses. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market's growth to continue into 2021." Yun forecasts existing-home sales to rise by 10% to 6 million in 2021.

 

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


10/15/2020
Over 20 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford
« previous
12/16/2020
Closed Sales of Single-Family Homes in Greater Hartford Increase over 44 Percent
next »