(Hartford, Conn., August 16, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 10.1 percent (from $330,000 to $363,375) over July of last year. Closed sales decreased 24.1 percent (from 827 to 628) and pending sales decreased 23.4 percent (from 786 to 685). Inventory dropped 23.5 percent (from 1413 to 1081). New listings fell 18.0 percent (from 835 to 685) and the average days on market until sale decreased 27.3 percent (from 22 to 16), during this same year over year timeframe.
In year-to-date statistics, year over year, the median sales price increased 6.8 percent (from $309,000 to $330,000) and new listings decreased 12.8 percent (from 5269 to 4597). Pending sales decreased 12.8 percent (from 4351 to 3794) and closed sales decreased 14.2 percent (from 4084 to 3504). The average days spent on market decreased 28.1 percent (from 32 to 23 days), during this same year to date, year over year, timeframe.
The condominium market in greater Hartford shows an increase in median sales price of 7.5 percent (from $200,000 to $215,000) over July of last year. Closed sales decreased 22.8 percent (from 206 to 159) and pending sales dropped 25.2 percent (from 210 to 157). Inventory dropped 39.1 percent (from 335 to 204), when compared to the same month last year. The average days on market until sale decreased 5.3 percent (from 19 to 18) and new listings decreased 16.7 percent (from 203 to 169).
“With such low inventory, it’s difficult for those looking to purchase in our housing market. Despite the drop in sales, however, homes are still selling quickly,” said GHAR CEO, Holly Callanan. “Until inventory rebounds, prices will most likely remain high.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, "Falling housing affordability continues to take a toll on potential home buyers. Both mortgage rates and home prices have risen too sharply in a short span of time."
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.