(Hartford, Conn., January 17, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford decreased 36.0 percent (from 656 to 420) over December of 2021. The median sales price increased 2.7 percent (from $295,000 to $303,000) and pending sales dropped 27.1 percent (from 483 to 352). New listings decreased 34.2 percent (from 307 to 202) and inventory dropped 28.7 percent (from 841 to 600), during this same year over year period.
In year-to-date statistics, year over year, new listings decreased 17.1 percent (from 8269 to 6851). Pending sales decreased 17.8 percent (from 7372 to 6060) and closed sales decreased 17.7 percent (from 7401 to 6088). The median sales price increased 7.8 percent (from $306,000 to $330,000) and the average days spent on market decreased 23.3 percent (from 30 to 23 days), during this same year to date, year over year, timeframe.
Condominium closed sales decreased 31.3 percent (from 166 to 114) and pending sales decreased 28.3 percent (from 127 to 91) over December of 2021. The median sales price increased 18.2 percent (from $194,000 to $229,950) and inventory decreased 24.7 percent (from 182 to 137).
“It’s been a very busy 2022 in the greater Hartford housing market,” said GHAR CEO, Holly Callanan. “Inventory and affordability seem to be our biggest challenges facing the new year. Engaging a Realtor early in the process will help both buyers and sellers in this market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: “"In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020. The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows."
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.