(Hartford, Conn., May 19, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford rose 7.4 percent (from $300,000 to $322,250) over April of last year. Closed sales decreased 16.3 percent (from 526 to 440) and pending sales decreased 12.3 percent (from 649 to 569). New listings dropped 12.0 percent (from 870 to 766) and inventory decreased 33.0 percent (from 1302 to 872). over April of 2021. The average days on market until sale decreased 35.1 percent (from 37 to 24).
In year-to-date statistics, year over year, new listings decreased 13.1 percent (from 2551 to 2216). Pending sales decreased 6.0 percent (from 2027 to 1905) and closed sales decreased 12.4 percent (from 1826 to 1600). The median sales price increased 4.3 percent (from $289,900 to $302,500) and the average days spent on market decreased 27.9 percent (from 43 to 31 days), during this same year to date, year over year, timeframe.
The median sales price of condominiums increased 15.2 percent (from $186,500 to $214,900) over April of last year. Closed sales decreased 31.0 percent (from 184 to 127) and pending sales increased 22.7 percent (from 220 to 170). Inventory dropped 48.4 percent (from 347 to 179), when compared to the same month last year. The average days on market until sale decreased 40.5 percent (from 37 to 22) and new listings decreased 24.4 percent (from 238 to 180).
“The challenges we face are limited inventory and the rise in interest rates,” said GHAR CEO, Holly Callanan. “Prices remain strong so it seems multiple offers may continue.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power. Still, homes are selling rapidly, and home price gains remain in the double-digits."
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.