(Hartford, Conn., August 15, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single family homes in Greater Hartford decreased 35.0 percent (from 1157 to 752), when compared to July of last year. Closed sales fell 29.6 percent (from 638 to 449) and pending sales decreased 17.1 percent (from 572 to 474). The median sales price increased 3.7 percent (from $361,750 to $375,000) and new listings decreased 25.1 percent (from 686 to 514), when compared to July of last year. The average days on market until sale remained unchanged at 16 days during this same year over year timeframe.
In year-to-date statistics, over July of 2022, single family median sales price increased 6.0 percent (from $330,000 to $349,900). Pending sales dropped 25.1 percent (from 4588 to 3261) and closed sales fell 26.3 percent (from 3514 to 2589). New listings decreased 28.9 percent (from 4588 to 3261) and the days on market increased 4.3 percent (from 23 to 24 days), during this same period.
Condominium closed sales decreased 39.1 percent (from 161 to 98) and pending sales decreased 18.7 percent (from 155 to 126). Inventory dropped 22.8 percent (from 219 to 169) and the average days on market decreased 5.3 percent (from 19 days to 18). The median sales price increased 32.7 percent (from $210,000 to $278,750) and new listings decreased 6.5 percent (from 169 to 158).
“There just aren’t enough homes for sale in our housing market and that’s creating higher prices,” said GHAR CEO, Holly Callanan. “Until we see more inventory, sales will likely remain low,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® Chief Economist stated: "Home sales fell but home prices have held firm in most parts of the country. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month."
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.