(Hartford, Conn., October 16, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in greater Hartford decreased 23.1 percent (from 977 to 751), when compared to September of last year. Closed sales dropped 28.1 percent (from 608 to 437) and pending sales decreased 15.6 percent (from 520 to 439). New listings decreased 5.6 percent (from 531 to 501) and the median sales price increased 10.9 percent (from $340,000 to $377,000). The average days on market until sale decreased 5.0 percent (from 20 to 19 days) from this same year over year timeframe.
In year-to-date numbers, over September of last year, single family home sales price increased 7.4 percent (from $335,000 to $359,900). Pending sales dropped 24.2 percent (from 4867 to 3691) and closed sales fell 25.3 percent (from 4774 to 3565). New listings decreased 25.7 percent (from 5747 to 4268) and the days on market remained unchanged at 22 days, during this same period.
Condominium closed sales decreased 10.6 percent (from 179 to 160) and pending sales decreased 5.6 percent (from 142 to 134) over September of 2022. Inventory fell 25.3 percent (from 190 to 142) and the average days on market decreased 27.3 percent (from 22 to 16). The median sales price increased 8.7 percent (from $230,000 to $250,000) and new listings decreased 4.4 percent (from 137 to 131).
“Potential buyers are watching the continued rise in prices and interest rates,” said GHAR CEO, Holly Callanan. “Until our market has more inventory, those looking to buy will likely stay on the sideline,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home prices continue to march higher despite lower home sales. Supply needs to essentially double to moderate home price gains.”
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.