(Hartford, Conn., September 13, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 8.4 percent (from $362,000 to $392,500), when compared to August of last year. Closed sales fell 17.3 percent (from 652 to 539) and pending sales decreased 17.3 percent (from 623 to 515). Inventory decreased 31.6 percent (from 1,069 to 731) and new listings decreased 14.4 percent (from 632 to 541). The average days on market until sale dropped 10.0 percent (from 20 to 18 days), during this same year over year timeframe.
In year-to-date statistics, compared to August of 2022, single family median sales price increased 6.6 percent (from $333,000 to $355,000). Pending sales decreased 24.4 percent (from 4,349 to 3,288) and closed sales fell 24.8 percent (from 4,166 to 3,132). New listings decreased 27.0 percent (from 5,219 to 3,809) and the days on market increased 4.5 percent (from 22 to 23 days), during this same period.
The median sales price of condominiums in Greater Hartford increased 19.6 percent (from $222,500 to $266,000), over August of last year. Closed sales remained unchanged at 148 and pending sales increased 7.1 percent (from 155 to 166). Inventory dropped 29.9 percent (from 214 to 150) and the average days on market decreased 52.4 percent (from 21 days to 10). New listings decreased 3.6 percent (from 166 to 160).
“Home sales have continued to slow throughout the summer,” said GHAR CEO, Holly Callanan. “Seeking the knowledge of a Realtor can help buyers and sellers find solutions in this challenging market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® Chief Economist had this to say: "Two factors are driving current sales activity – inventory availability and mortgage rates. Unfortunately, both have been unfavorable to buyers."
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.