(Hartford, Conn., September 19, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 10.6 percent (from $330,000 to $365,000) over August of last year. Closed sales decreased 12.1 percent (from 729 to 641) and pending sales decreased 5.4 percent (from 698 to 660). Inventory dropped 25.2 percent (from 1348 to 1008). New listings fell 15.7 percent (from 757 to 638) and the average days on market until sale decreased 13.0 percent (from 23 to 20), during this same year over year timeframe.
In year-to-date statistics, year over year, the median sales price increased 6.9 percent (from $312,500 to $334,000) and new listings decreased 13.2 percent (from 6026 to 5233). Pending sales decreased 12.7 percent (from 5049 to 4408) and closed sales decreased 13.7 percent (from 4813 to 4155). The average days spent on market decreased 29.0 percent (from 31 to 22 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 14.1 percent (from $197,250 to $225,000) over August of last year. Closed sales decreased 27.5 percent (from 200 to 145) and pending sales increased 0.6 percent (from 160 to 161). Inventory dropped 43.6 percent (from 346 to 195), when compared to the same month last year. The average days on market until sale decreased 25.0 percent (from 28 to 21) and new listings decreased 17.4 percent (from 201 to 166).
“The lack of inventory continues to strain sales in our market,” said GHAR CEO, Holly Callanan. “Sales prices continue to rise so there is still buyer interest, despite fewer options.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, "We're witnessing a housing recession in terms of declining home sales and home building. However, it's not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price."
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.