(Hartford, Conn., October 17, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 13.3 percent (from $300,000 to $340,000) over September of last year. Closed sales decreased 9.1 percent (from 667 to 606) and pending sales decreased 9.0 percent (from 603 to 549). Inventory dropped 34.1 percent (from 1389 to 915). New listings also fell 29.7 percent (from 762 to 536) and the average days on market until sale decreased 20.0 percent (from 25 to 20), during this same year over year timeframe.
In year-to-date statistics, year over year, the median sales price increased 8.1 percent (from $310,000 to $335,000) and new listings decreased 15.1 percent (from 6788 to 5766). Pending sales decreased 12.9 percent (from 5652 to 4923) and closed sales decreased 12.9 percent (from 5480 to 4771). The average days spent on market decreased 26.7 percent (from 30 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 17.9 percent (from $195,000 to $230,000) over September of last year. Closed sales increased 1.2 percent (from 173 to 175) and pending sales decreased 15.6 percent (from 173 to 146). Inventory dropped 51.8 percent (from 365 to 176), when compared to the same month last year. The average days on market until sale increased 4.8 percent (from 21 to 22) and new listings decreased 38.2 percent (from 220 to 136).
“There is typically a slowdown in sales during the fall season,” said GHAR CEO, Holly Callanan. “Inventory remains a challenge so it’s important for consumers to seek the advice of a REALTOR when looking to buy or sell.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, “The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago."
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.