(Hartford, Conn., February 14, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in greater Hartford dropped 22.4 percent (from 411 to 319) and pending sales decreased 22.1 percent (from 421 to 328), when compared to January of 2022. The median sales price increased 10.8 percent (from $287,000 to $318,000) and new listings decreased 16.7 percent (from 3778 to 314). Inventory decreased 24.8 percent (from 725 to 545) and the average days on market until sale decreased 8.8 percent (from 34 to 31).
Condominium closed sales decreased 20.7 percent (from 116 to 92) and pending sales decreased 7.8 percent (from 116 to 107) over January of 2022. Inventory fell 35.5 percent (from 183 to 118) and the average days on market until sale increased 2.9 percent (from 34 to 35). The median sales price increased 15.8 percent (from $190,000 to $220,000) and new listings decreased 24.8 percent (from 129 to 97).
“The decline in mortgage rates will hopefully calm nervous buyers and help affordability,” said GHAR CEO, Holly Callanan. “Those waiting for the spring market will benefit from reaching out to a knowledgeable Realtor sooner rather than later,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year. Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year.”
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.