According to the Greater Hartford Association of REALTORS® (GHAR), pending sales of single-family homes in greater Hartford increased 6.6 percent (from 376 to 401), when compared to November of last year. The median sales price rose 13.1 percent (from $325,000 to $367,500) and inventory dropped 25.0 percent (from 880 to 660), Closed sales decreased 9.1 percent (from 418 to 380) and new listings increased 11.9 percent (from 360 to 403). The average days on market until sale decreased 19.2 percent (from 26 to 21 days) from this same month, last year.
In year-to-date statistics, over November of last year, the median sales price of single-family homes increased 8.6 percent (from $331,500 to $360,000). Pending sales dropped 20.9 percent (from 5695 to 4504) and closed sales fell 22.6 percent (from 5669 to 4385. New listings decreased 22.6 percent (from 6643 to 5143) and the days on market dropped 4.3 percent (from 23 days to 22), during this same period.
Condominium closed sales decreased 5.8 percent (from 121 to 114) and pending sales increased 11.7 percent (from 103 to 115) over November of 2022. Inventory fell 13.6 percent (from 177 to 153) and the average days on market decreased 24.0 percent (from 25 to 19). The median sales price increased 2.0 percent (from $220,000 to $224,500) and new listings increased 10.6 percent (from 113 to 125).
“The limited amount of homes for sale continues to be an issue for buyers,” said GHAR CEO, Holly Callanan. “There are so many challenges in this market so seeking advice from a Realtor is key,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation. Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
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.