(Hartford, Conn., March 15, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in greater Hartford increased 9.8 percent (from $280,000 to $307,500), when compared to February of last year. Closed sales dropped 19.5 percent (from 333 to 268) and pending sales decreased 19.2 percent (from 395 to 319). New listings decreased 25.9 percent (from 428 to 317) and inventory decreased 29.3 percent (from 711 to 503). The average days on market until sale remained unchanged at 36 days from this same year over year timeframe.
In year-to-date numbers, over February of last year, single family home sales price increased 10.5 percent (from $285,000 to $314,900). Pending sales dropped 21.7 percent (from 816 to 639) and closed sales fell 20.8 percent (from 744 to 589). New listings decreased 21.1 percent (from 805 to 635) and the days on market dropped 5.7 percent (from 35 to 33), during this same period.
Condominium closed sales decreased 34.0 percent (from 103 to 68) and pending sales decreased 23.3 percent (from 120 to 92) over February of 2022. Inventory fell 28.6 percent (from 175 to 125) and the average days on market decreased 35.1 percent (from 37 to 24). The median sales price increased 40.5 percent (from $173,000 to $243,000) and new listings decreased 6.8 percent (from 117 to 109).
“Until inventory increases, we probably won’t see much change in our housing market,” said GHAR CEO, Holly Callanan. “Buyers should seek the advice of a Realtor now so they are fully prepared when the right property comes along,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home sales are bottoming out. Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”
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.