(Hartford, Conn., September 16, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 14.4 percent over August of 2020 (from $288,500 to $330,000). Closed sales decreased 13.7 percent (from 840 to 725) and ending sales decreased 6.8 percent (from 784 to 731). The number of days on market decreased 43.9 percent (from 41 to 23 days). New listings decreased 7.7 percent (from 822 to 759) and inventory dropped 31.7 percent (from 1864 to 1273), during this same timeframe.
In year-to-date statistics, year over year, new listings decreased 2.0 percent (from 6133 to 6008). Pending sales increased 6.7 percent (from 4788 to 5109) and closed sales increased 5.6 percent (from 4554 to 4808). The median sales price increased 17.9 percent (from $265,000 to $312,500) and the average days spent on market decreased 43.6 percent (from 55 to 31 days), during this same year to date, year over year, timeframe.
Condominium closed sales increased 9.9 percent (from 181 to 199) and pending sales decreased 14.7 percent (from 197 to 168) over August of 2020. The median sales price increased 9.4 percent (from $180,000 to $197,000) and inventory decreased 29.0 percent (from 458 to 325). The average days on market decreased 31.7 percent (from 41 to 28 days). New listings decreased 10.3 percent (from 223 to 200) over this time, versus a year ago.
“It’s typical to see a slow down of sales this time of year as schools start up,” said GHAR CEO, Holly Callanan. “Until inventory begins to increase, prices are likely to remain on the high side,” she said.
In the national outlook, Lawrence Yun, NAR’s Chief Economist states, "Although we shouldn't expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve. In the meantime, some prospective buyers who are priced out are raising the demand for rental homes and thereby pushing up the rental rates.”