Closed Sales of Single-Family Homes in Greater Hartford Increase over 44 Percent

12.16.2020

Closed Sales of Single-Family Homes in Greater Hartford Increase over 44 Percent

Median sales price up over 12 percent

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(Hartford, Conn., December 16, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 44.10 percent (from 449 to 647) over November of 2019. The median sales price increased 12.24 percent (from $245,000 to $275,000) and pending sales rose 43.01 percent (from 479 to 685). New listings increased 1.56 percent (from 512 to 520) and inventory dropped 40.18 percent (from 2357 to 1410), during this same timeframe.

In year-to-date statistics, year over year, new listings decreased 9.03 percent (from 9155 to 8328). Pending sales increased 14.64 percent (from 6087 to 6978) and closed sales increased 10.62 percent (from 6029 to 6669). The median sales price increased 9.76 percent (from $246,000 to $270,000) and the average days spent on market decreased 12.50 percent (from 56 to 49 days), during this same year to date, year over year, timeframe.

Condominium closed sales increased 6.43 percent (from 140 to 149) and pending sales increased 29.55 percent (from 132 to 171) over November of 2019. Median sales price increased 8.70 percent (from $161,000 to $175,000) and inventory decreased 20.51 percent (from 507 to 403).

“With inventory low and buyer interest still strong, anyone thinking about selling should consult a Realtor,” said GHAR CEO, Holly Callanan. “The market usually slows down now but it appears that won’t happen anytime soon,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, is calling for an increase in newly built homes because the NAR quarterly Metropolitan Median Area Prices and Affordability report that found single-family existing-home prices rose in all of the 181 metropolitan areas NAR tracks. Yun says replenishing the short supply of homes would help decelerate rising costs and improve market affordability.

 

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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