(Hartford, Conn., November 17, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 7.1 percent over October of last year (from $280,000 to $300,000). Inventory decreased 30.8 percent (from 1746 to 1208) and closed sales decreased 16.0 percent (from 748 to 628). Pending sales decreased 8.9 percent (from 739 to 673). The number of days on market decreased 22.2 percent (from 36 to 28 days) and new listings decreased 16.4 percent (from 804 to 672), during this same timeframe.
In year-to-date statistics, year over year, new listings decreased 4.4 percent (from 7790 to 7445). Pending sales increased 1.6 percent (from 6254 to 6357) and closed sales increased 1.6 percent (from 6010 to 6108). The median sales price increased 14.8 percent (from $270,000 to $310,000) and the average days spent on market decreased 41.2 percent (from 51 to 30 days), during this same year to date, year over year, timeframe.
Condominium closed sales decreased 14.2 percent (from 211 to 181) and pending sales increased 10.1 percent (from 189 to 208) over October of last year. The median sales price increased 2.8 percent (from $180,000 to $185,000) and inventory decreased 40.2 percent (from 460 to 275). The average days on market decreased 22.9 percent (from 35 to 27 days). New listings decreased 33.1 percent (from 239 to 160) over this time, versus a year ago.
“Right now is a great time for those looking to sell,” said GHAR CEO, Holly Callanan. “Low inventory is likely keeping buyers on the fence and causing a slowdown in sales,” she said.
In the national outlook, Lawrence Yun, NAR’s Chief Economist states, "Some improvement in supply during prior months helped nudge up sales in September. Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year."