(Hartford, Conn., April 19, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford dropped 38.3 percent over March of last year (from 1163 to 718). The median sales price rose 9.4 percent (from $282,500 to $309,000) and new listings dropped 20.3 percent (from 813 to 648). Closed sales dropped 13.3 percent (from 472 to 409) and pending sales decreased 9.6 percent (from 571 to 516) over March of 2021. The average days on market until sale decreased 17.9 percent (from 39 to 32).
In year-to-date statistics, year over year, new listings are down 13.7 percent (from 1681 to 1451). Pending sales decreased 2.2 percent (from 1380 to 1350) and closed sales decreased 11.4 percent (from 1300 to 1152). The median sales price increased 2.1 percent (from $285,000 to $291,000) and the average days spent on market decreased 24.4 percent (from 45 to 34 days), during this same year to date, year over year, timeframe.
The median sales price of condominiums increased 10.2 percent (from $181,500 to $199,950) over March of last year. Closed sales increased 1.4 percent (from 144 to 146) and pending sales increased 1.3 percent (from 160 to 162). Inventory dropped 50.6 percent (from 348 to 172), when compared to this month last year. The average days on market until sale decreased 37.2 percent (from 43 to 27). and new listings decreased 10.3 percent (from 204 to 183).
“Many of our Realtors have said they’ve never seen a market like this,” said GHAR CEO, Holly Callanan. “Challenges, like multiple offers, make working with an experienced Realtor a must for buyers and sellers.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases," said Lawrence Yun, NAR's chief economist. "Monthly payments have risen by 28% from one year ago – which interestingly is not a part of the consumer price index – and the market remains swift with multiple offers still being recorded on most properties."
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.