(Hartford, Conn., January 18, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford decreased 13.0 percent (from 746 to 649) over December of 2020. The median sales price increased 7.5 percent (from $278,250 to $299,000) and pending sales dropped 10.7 percent (from 571 to 510). New listings decreased 17.3 percent (from 571 to 510) and inventory dropped 33.0 percent (from 1125 to 754), during this same year over year period.
In year-to-date statistics, year over year, new listings decreased 4.8 percent (from 8675 to 8262). Pending sales decreased 0.6 percent (from 7486 to 7438) and closed sales decreased 0.1 percent (from 7401 to 7395). The median sales price increased 13.5 percent (from $270,000 to $306,330) and the average days spent on market decreased 39.6 percent (from 48 to 29 days), during this same year to date, year over year, timeframe.
Condominium closed sales decreased 8.5 percent (from 176 to 161) and pending sales decreased 14.8 percent (from 155 to 132) over December of 2020. The median sales price increased 8.3 percent (from $180,000 to $195,000) and inventory decreased 48.9 percent (from 329 to 168).
“The housing market theme in greater Hartford continues to be low inventory,” said GHAR CEO, Holly Callanan. “Those looking to sell in the coming months can take advantage of the significant growth in sales prices,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: “Locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year. Mortgage rates are projected to jump in 2022, however, I don’t expect the imminent increase to be overly dramatic."
The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 5300 members in the Greater Hartford and Litchfield County real estate brokerage communities. 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.