Closed sales of single-family homes increase in greater Hartford

HARTFORD — The Greater Hartford Association of Realtors recently reported that closed sales increased 5.17 percent (from 1,238 to 1,302) and pending sales dropped 2.55 percent (from 1,178 to 1,148) over August of last year. The median sale price of singlefamily homes decreased 3.46 percent (from $240,000 to $231,700). Inventory decreased 19.72 percent (from 6,592 to 5,292) and new listings rose 0.66 percent (from 1,517 to 1,527). The average number of days on market decreased 3.45 percent (from 58 to 56), during this same timeframe.

In year-to-date statistics, closed sales rose 3.22 percent (from 8,019 to 8,277) and pending sales increased 4.15 percent (from 9,282 to 9,667). The median sale price increased 0.45 percent (from $223,000 to $224,000) and new listings decreased 5.07 percent (from 14,169 to 13,451). The average days on market dropped 3.03 percent (from 66 to 68 days) from the beginning of the year.

Condominium sales increased 4.80 percent (from 271 to 284) over August of last year. The median sale price decreased 4.70 percent (from $160,000 to $152,475) and the average days a condo spent on the market decreased 14.86 percent (from 74 to 63 days). Condo inventory dropped 20.80 percent (from 1,500 to 1,188), over this time last year.

In year-to-date statistics, condominium closed sales increased 7.37 percent (from 1,750 to 1,879) and the median sale price remained unchanged at $145,000. The average days a condo spent on the market from the beginning of the year dropped 13.16 percent (from 76 days to 66).

“Healthy sales are encouraging, especially when inventory is tight,” said GHAR President Carl Lantz. “As a Realtor in this market, I find it interesting that prices haven’t caught up to demand.”

In the national outlook, Lawrence Yun, National Association of Realtors chief economist, says the slump in existing sales stretched into August despite what remains a solid level of demand for buying a home.

“Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” he said. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”

The Greater Hartford Association of Realtors is the largest local real estate trade association in Connecticut, serving over 4,000 members in the 57 town greater Hartford real estate brokerage community.