(Hartford, Conn., May 16, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales increased 9.4 percent (from 319 to 349) and pending sales of single-family homes in greater Hartford increased 17.0 percent (from 389 to 455), when compared to April of last year. The median sales price rose 15.8 percent (from $332,500 to $385,000). New listings increased 33.3 percent (from 438 to 584) and inventory fell 5.0 percent (from 616 to 585). The average days on market until sale decreased 26.9 percent (from 26 to 19 days), when compared to April of 2023.
In year-to-date statistics over April of last year, pending sales increased 2.1 percent (from 1343 to 1371) and closed sales decreased 3.8 percent (from 1215 to 1169). New listings increased 8.3 percent (from 1500 to 1625) and the median sales price rose 12.5 percent (from $320,000 to $360,000). The days on market decreased 9.7 percent from the beginning of the year, when compared to last year.
Condominium closed sales increased 52.1 percent (from 94 to 143) and pending sales increased 34.9 percent (from 106 to 143) over April of last year. Condo inventory decreased 3.0 percent (from 132 to 128) and the average days on market decreased 11.5 percent (from 26 to 23). The median sales price increased 4.8 percent (from $272,000 to $285,000) and new listings increased 7.8 percent (from 128 to 138), during this same month last year.
“The spring housing market is off to a hot start,” said GHAR CEO, Holly Callanan. “The rise in new listings is a good sign, however demand continues to outpace supply,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "More inventory is always welcomed in the current environment. Frankly, it's a great time to list with ongoing multiple offers on mid-priced properties and, overall, home prices continuing to rise."
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.