(Hartford, Conn., June 20, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in greater Hartford decreased 34.4 percent (from 1028 to 674) and new listings decreased 28.3 percent (from 817 to 586), when compared to May of last year. The median sales price increased 4.3 percent (from $345,000 to $360,000). Closed sales fell 22.8 percent (from 535 to 413) and pending sales decreased 26.4 percent (from 652 to 480). The average days on market until sale increased 35.3 percent (from 17 to 23 days) during this same year over year timeframe.
In year-to-date statistics, over May of last year, single family home sales price increased 6.5 percent (from $310,000 to $330,000). Pending sales dropped 26.5 percent (from 2503 to 1839) and closed sales fell 24.0 percent (from 2143 to 1626). New listings decreased 30.4 percent (from 3033 to 2112) and the days on market decreased 3.6 percent (from 28 to 29 days), during this same period.
When compared to May of 2022, condominium closed sales decreased 33.1 percent (from 172 to 115) and pending sales decreased 18.5 percent (from 157 to 128). Inventory dropped 43.4 percent (from 221 to 125) and the average days on market decreased 10.0 percent (from 20 to 18). The median sales price increased 31.8 percent (from $201,000 to $265,000) and new listings decreased 29.0 percent (from 193 to 137).
“Limited housing supply and high interest rates continue to drive down sales in our market,” said GHAR CEO, Holly Callanan. “Seeking the advice of a Realtor early in the process can help both buyers and sellers,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® Chief Economist stated: "Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand."
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.