WEST HARTFORD — More single family houses are now available for sale, according to a report released today.
The Greater Hartford Association of Realtors recent report shows that single family housing inventory has increased 13.5 percent from last August, or from 5,749 to 6,525.
Closed sales decreased 23 percent, or from 839 to 646, while pending sales also decreased 26 percent or from 948 to 700.
The median sales price increased 2.1 percent from $235,000 to $240,000 and new listings increased 3.4 percent from 1,396 to 1,443.
During this same time frame, the average days a home spent on the market increased 1o.6 percent or from 66 to 73 days.
Year-to-date data shows an increase in closed home sales by 2 percent or from 5,382 to 5,493, while pending sales decreased 6.7 percent, or from 7,029 to 6,559. The median sale price and the days on market remained unchanged, while new listings increased 9.2 percent or from 11,532 to 12,596.
Closed condominium sales in greater Hartford decreased by 37 percent or from 254 to 160 when compared to August of last year. The median sale price increased 10.1 percent or from $160,001 to $176,250.
Inventory increased slightly by 0.54 percent or from 1,860 to 1,870, while the average number of days a condo spent on the market also increased by 2.3 percent or from 88 to 90 days, when compared to this time last year.
“Considering the state of our economy, home values in the greater Hartford market have been relatively stable,” Greater Hartford Association of Realtors President and CEO Jeff Arakelian said in a statement. “The increased inventory, affordability conditions and low mortgage rates really make this a great time to buy.”
Lawrence Yun, National Association of Realtors chief economist, added that in the short term, this high supply in housing favors buyers. However, he said, “given that home values are back in line relative to income, and from very low new-home construction, there is not likely to be any measurable change in home prices going forward.”