(Hartford, Conn., March 12, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), condominium closed sales increased 33.3 percent (from 69 to 92) and pending sales increased 17.8 percent (from 90 to 106) over February of last year. Condo inventory increased 24.1 percent (from 133 to 165) and the average days on market increased 12.5 percent (from 24 to 27). The median sales price increased 3.6 percent (from $241,500 to $250,250) and new listings increased 20.9 percent (from 110 to 133), during this same month last year.
Closed sales of single-family homes in greater Hartford decreased 11.9 percent (from 269 to 237), when compared to February of last year. The median sales price rose 16.1 percent (from $310,000 to $360,000) and inventory dropped 7.0 percent (from 532 to 495). New listings increased 12.2 percent (from 319 to 358) and pending sales decreased 6.3 percent (from 304 to 285). The average days on market until sale increased 8.3 percent (from 36 to 39 days) from February of 2023.
“Buyers may be looking at condominiums as a more affordable means to homeownership in this market,” said GHAR CEO, Holly Callanan. “Condo inventory is healthy, and prices are more stable than single-family homes at this time. Seeking the advice from a knowledgeable REALTOR can help with the upcoming spring market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand. Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
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.