(Hartford, Conn., April 17, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), the inventory of single-family homes in greater Hartford dropped 28.5 percent (from 782 to 559) when compared to March of last year. Closed sales dropped 26.9 percent (from 416 to 304) and pending sales decreased 27.7 percent (from 494 to 357). The median sales price increased 5.9 percent (from $306,800 to $325,000), New listings decreased 33.1 percent (from 643 to 430) and the average days on market until sale increased 3.1 percent (from 32 to 33) from this same year over year timeframe.
In year-to-date numbers, over March of last year, single family home sales price increased 9.5 percent (from $291,000 to $318,500). Pending sales dropped 25.0 percent (from 1310 to 982) and closed sales fell 22.9 percent (from 1160 to 894). New listings decreased 26.1 percent (from 1448 to 1070) and the days on market dropped 2.9 percent (from 34 to 33), during this same period.
Condominium closed sales decreased 21.2 percent (from 146 to 115) and pending sales decreased 21.9 percent (from 155 to 121) over March of 2022. Inventory dropped 34.8 percent (from 187 to 122) and the average days on market decreased 14.8 percent (from 27 to 23). The median sales price increased 13.5 percent (from $199,950 to $227,000) and new listings decreased 35.2 percent (from 182 to 118).
“The spring market is off to a slow start, likely due to the lack of inventory,” said GHAR CEO, Holly Callanan. “Homebuyers could also be on the fence in case mortgage rates decline,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines. Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."
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.