(Hartford, Conn., December 20, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 9.1 percent over November of last year (from $275,000 to $300,000). Inventory decreased 32.3 percent (from 1485 to 1005) and closed sales decreased 1.7 percent (from 645 to 634). Pending sales decreased 5.3 percent (from 661 to 626). The number of days on market decreased 22.9 percent (from 35 to 27 days) and new listings decreased 3.6 percent (from 523 to 504), during the same month last year.
In year-to-date statistics, year over year, new listings decreased 4.4 percent (from 8313 to 7950). Pending sales increased 0.6 percent (from 6915 to 6957) and closed sales increased 1.4 percent (from 6655 to 6745). The median sales price increased 14.8 percent (from $270,000 to $310,000) and the average days spent on market decreased 40.8 percent (from 49 to 29 days), during this same year to date, year over year, timeframe.
Condominium closed sales increased 12.7 percent (from 150 to 169) and pending sales increased 14.2 percent (from 162 to 185) over November of last year. The median sales price increased 0.6 percent (from $175,000 to $176,000) and inventory decreased 46.9 percent (from 418 to 222). The average days on market decreased 26.2 percent (from 42 to 31 days). New listings decreased 9.1 percent (from 154 to 140) over this time, versus a year ago.
“Our fall housing market is settling down a bit when compared to the very active summer market,” said GHAR CEO, Holly Callanan. “Even with low inventory, there are buyers looking to take advantage of low interest rates,” she said.
In the national outlook, Lawrence Yun, NAR’s Chief Economist states, "Home sales remain resilient, despite low inventory and increasing affordability challenges. Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment."
The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 5200 members in the Greater Hartford and Litchfield County 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.