(Hartford, Conn., February 16, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford decreased 36.2 percent (from 1013 to 646) over January of 2021. Closed sales dropped 9.6 percent (from 449 to 406) and pending sales rose 5.1 percent (from 428 to 450). The average days on market until sale decreased 20.9 percent (from 43 to 34). The median sales price increased 1.4 percent (from $286,000 to $289,900) and new listings decreased 8.6 percent (from 408 to 373), during this same year over year period.
Condominium inventory dropped 46.6 percent (from 313 to 167), when compared to this month last year. Closed sales decreased 18.3 percent (from 142 to 116) and pending sales decreased 5.4 percent (from 130 to 123) over January of 2021. The average days on market until sale decreased 32.0 percent (from 50 to 34). The median sales price increased 5.6 percent (from $179,900 to $190,000) and new listings decreased 2.3 percent (from 132 to 129).
“The Greater Hartford housing market is challenging with limited inventory and high prices,” said GHAR CEO, Holly Callanan. “It’s best to seek the knowledge and experience from a Realtor to navigate these challenges,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing. Sales for the entire year finished strong, reaching the highest annual level since 2006."
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.