(Hartford, Conn., July 17, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in greater Hartford increased 11.0 percent (from $351,500 to $390,000), when compared to June of last year. Closed sales fell 31.4 percent (from 733 to 503) and pending sales decreased 21.9 percent (from 653 to 510). Inventory decreased 33.6 percent (from 1135 to 754) and new listings decreased 28.3 percent (from 869 to 623), when compared to June of last year. The average days on market until sale remained unchanged at 15 days during this same year over year timeframe.
In year-to-date statistics, over June of 2022, single family home sales price increased 6.0 percent (from $322,500 to $342,000). Pending sales dropped 26.1 percent (from 3155 to 2333) and closed sales fell 25.8 percent (from 2876 to 2133). New listings decreased 29.7 percent (from 3902 to 2743) and the days on market increased 8.3 percent (from 24 to 26 days), during this same period.
Condominium closed sales decreased 18.6 percent (from 177 to 144) and pending sales decreased 23.7 percent (from 169 to 129). Inventory dropped 37.6 percent (from 221 to 138) and the average days on market decreased 20.0 percent (from 15 days to 12). The median sales price increased 11.3 percent (from $235,000 to $261,500) and new listings decreased 24.5 percent (from 184 to 139).
“Our housing market activity is likely limited because of low inventory and fluctuating mortgage rates,” said GHAR CEO, Holly Callanan. “Demand is still high so involving a Realtor early in the process is important,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® Chief Economist stated: "Available inventory strongly impacts home sales. Newly constructed homes are selling at a pace reminiscent of pre-pandemic times because of abundant inventory in that sector. However, existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019."
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.