(Hartford, Conn., May 15, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in greater Hartford increased 2.4 percent (from $323,750 to $331,625). Inventory dropped 36.3 percent (from 945 to 602) and new listings decreased 41.4 percent (from 768 to 450), when compared to April of last year. Closed sales fell 30.1 percent (from 448 to 313) and pending sales decreased 26.1 percent (from 541 to 400). The average days on market until sale increased 8.3 percent (from 24 to 26 days) during this same year over year timeframe.
In year-to-date statistics, over April of last year, single family home sales price increased 4.9 percent (from $305,000 to $320,000). Pending sales dropped 26.0 percent (from 1851 to 1369) and closed sales fell 24.8 percent (from 1608 to 1209). New listings decreased 31.1 percent (from 2216 to 1527) and the days on market remained unchanged at 31 days, during this same period.
When compared to April of 2022, condominium closed sales decreased 36.2 percent (from 199 to 127) and pending sales decreased 33.1 percent (from 160 to 107). Inventory dropped 36.2 percent (from 199 to 127) and the average days on market increased 8.3 percent (from 24 to 26). The median sales price increased 29.5 percent (from $212,000 to $274,500) and new listings decreased 31.3 percent (from 182 to 125).
“Housing inventory declines are likely setting the tone for our market,” said GHAR CEO, Holly Callanan. “Multiple offers on available properties appears to be the reason for driving up prices,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® Chief Economist stated: "Home sales are trying to recover and are highly sensitive to changes in mortgage rates. Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."
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.