(Hartford, Conn., April 15, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), pending sales of single-family homes in greater Hartford increased 7.6 percent (from 340 to 366), when compared to March of last year. Closed sales decreased 7.2 percent (from 306 to 284) and the median sales price rose 13.1 percent (from $325,000 to $367,500). Inventory dropped 16.4 percent (from 590 to 493) and new listings decreased 8.1 percent (from 430 to 395). The average days on market until sale increased 115.2 percent (from 33 to 71 days), when compared to March of 2023.
In year-to-date statistics over March of last year, pending sales dropped 2.2 percent (from 954 to 933) and closed sales dropped 9.2 percent (from 896 to 814). New listings decreased 1.8 percent (from 1062 to 1043) and the median sales price rose 11.0 percent (from $318,000 to $352,900). The days on market increase 48.5 percent from the beginning of the year when compared to last year.
Condominium closed sales decreased 14.8 percent (from 115 to 98) and pending sales increased 27.8 percent (from 115 to 147) over March of last year. Condo inventory increased 14.5 percent (from 124 to 142) and the average days on market increased 108.7 percent (from 23 to 48). The median sales price increased 11.2 percent (from $227,000 to $252,500) and new listings increased 13.7 percent (from 117 to 133), during this same month last year.
“Most likely because inventory is limited, the spring market is off to a slow start,” said GHAR CEO, Holly Callanan. “Buyer demand and short supply seem to be moving prices upward. It is important to seek the advice of a REALTOR to navigate this market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Additional housing supply is helping to satisfy market demand. Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices."
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.