(Hartford, Conn., March 16, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford remained unchanged from February of last year ($280,000). Closed sales dropped 12.1 percent (from 379 to 333) and pending sales rose 9.2 percent (from 381 to 416). New listings decreased 8.0 percent (from 460 to 423) and inventory dropped 36.8 percent (from 1018 to 643) over February of 2021. The average days on market until sale decreased 35.2 percent (from 54 to 35).
In year-to-date statistics, year over year, new listings are down 7.8 percent (from 868 to 800). Pending sales increased 4.9 percent (from 809 to 849) and closed sales decreased 10.1 percent (from 828 to 744). The median sales price remained unchanged at $285,000 and the average days spent on market decreased 29.2 percent (from 48 to 34 days), during this same year to date, year over year, timeframe.
The median sales price of condominiums increased 0.1 percent (from $172,750 to $173,000) over last year. Closed sales increased 9.6 percent (from 94 to 103) and pending sales increased 15.0 percent (from 107 to 123) over February of 2021. Inventory dropped 52.3 percent (from 329 to 157), when compared to this month last year. The average days on market until sale decreased 32.1 percent (from 56 to 38). and new listings decreased 21.3 percent (from 141 to 111).
“A leveling off of prices is a good sign but until inventory opens up, the spring market could continue to be a challenge for buyers,” said GHAR CEO, Holly Callanan.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low." According to Yun, homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range. He noted that such increases will continue to shift the mix of buyers toward high-income consumers.
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.