(Hartford, Conn., October 18, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford decreased 29.5 percent over September of last year (from 1845 to 1301). The median sales price increased 3.4 percent (from $290,000 to $300,000) and closed sales decreased 6.8 percent (from 708 to 660). Pending sales decreased 13 percent (from 728 to 633). The number of days on market decreased 41.5 percent (from 41 to 24 days). New listings decreased 10.4 percent (from 853 to 764) and inventory dropped 29.5 percent (from 1845 to 1301), during this same timeframe.
In year-to-date statistics, year over year, new listings decreased 3.1 percent (from 6986 to 6769). Pending sales increased 3.6 percent (from 5516 to 5713) and closed sales increased 4 percent (from 5262 to 5473). The median sales price increased 15.2 percent (from $269,000 to $310,000) and the average days spent on market decreased 43.3 percent (from 53 to 30 days), during this same year to date, year over year, timeframe.
Condominium closed sales decreased 4.4 percent (from 180 to 172) and pending sales remained unchanged at 183 over September of last year. The median sales price increased 9.1 percent (from $178,750 to $195,000) and inventory decreased 23.3 percent (from 442 to 339). The average days on market decreased 53.3 percent (from 45 to 21 days). New listings increased 14.1 percent (from 192 to 219) over this time, versus a year ago.
“The drop in sales could be due to potential buyers waiting for prices to ease,” said GHAR CEO, Holly Callanan. “It’s important to consult with a Realtor to weigh all options in this market,” she said.
In the national outlook, Lawrence Yun, NAR’s Chief Economist states, "Sales slipped a bit in August as prices rose nationwide. Although there was a decline in home purchases, potential buyers are out and about searching, but much more measured about their financial limits, and simply waiting for more inventory."