(Hartford, Conn., July 18, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford dropped 27.3 percent (from 1462 to 1063) over June of last year. The median sales price increased 4.9 percent (from $335,000 to $351,250). Closed sales decreased 11.2 percent (from 820 to 728) and pending sales decreased 14.4 percent (from 803 to 687). New listings fell 8.1 percent (from 949 to 872) and the average days on market until sale decreased 37.5 percent (from 24 to 15), during this same year over year timeframe.
In year-to-date statistics, year over year, new listings decreased 11.8 percent (from 4434 to 3913). Pending sales decreased 9.7 percent (from 3567 to 3221) and closed sales decreased 11.9 percent (from 3257 to 2871). The median sales price increased 7.3 percent (from $300,000 to $322,000) and the average days spent on market decreased 29.4 percent (from 34 to 24 days), during this same year to date, year over year, timeframe.
The median sales price of condominiums increased 20.2 percent (from $195,000 to $235,000) over June of last year. Closed sales decreased 21.1 percent (from 223 to 176) and pending sales dropped 20.7 percent (from 217 to 172). Inventory dropped 43.1 percent (from 357 to 203), when compared to the same month last year. The average days on market until sale decreased 44.4 percent (from 27 to 15) and new listings decreased 22.8 percent (from 237 to 183).
“It could be that rising interest rates and low inventory are beginning to sideline buyers,” said GHAR CEO, Holly Callanan. “It’s important to speak to a Realtor to negotiate this challenging market.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, "The market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions."
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.