(Hartford, Conn., June 16, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford rose 12.7 percent (from $306,000 to $345,000) over May of last year. Closed sales decreased 12.9 percent (from 611 to 532) and pending sales decreased 6.1 percent (from 737 to 692). New listings dropped 12.5 percent (from 934 to 817) and inventory decreased 33.1 percent (from 1422 to 951), over May of 2021. The average days on market until sale decreased 32.0 percent (from 25 to 17).
In year-to-date statistics, year over year, new listings decreased 12.7 percent (from 3485 to 3043). Pending sales decreased 6.9 percent (from 2764 to 2573) and closed sales decreased 12.2 percent (from 2437 to 2140). The median sales price increased 5.8 percent (from $292,950 to $310,000) and the average days spent on market decreased 26.3 percent (from 38 to 28 days), during this same year to date, year over year, timeframe.
The median sales price of condominiums increased 12.2 percent (from $180,000 to $202,000) over May of last year. Closed sales increased 3.6 percent (from 166 to 172) and pending sales decreased 14.1 percent (from 191 to 164). Inventory dropped 47.4 percent (from 361 to 190), when compared to the same month last year. The average days on market until sale decreased 20.0 percent (from 25 to 20) and new listings decreased 17.8 percent (from 230 to 189).
“Our market is seeing a slight decline in demand, which could help to balance out the low housing supply,” said GHAR CEO, Holly Callanan. “The slowing demand could be the result of high prices and increased interest rates.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, "Higher home prices and sharply higher mortgage rates have reduced buyer activity. It looks like more declines are imminent in the upcoming months, and we'll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years."
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.