HARTFORD — More single-family homes went on the market in January, compared to last year, according to a recent Greater Hartford Association of Realtors’ report.
Housing inventory rose 6.3 percent or from 4, 739 to 5, 038 when compared to Jan. 2010. And the median sale price of single-family homes rose 1.4 percent or from $215,000 to $218,000.
Closed sales, however, dropped by almost 8 percent or from 429 to 396), and pending sales decreased by almost 8 percent or from 579 to 533 during this same time frame, the report states.
New listings also dropped by 22 percent, or from 1,286 to 1, 004. And the average number of days a house spent on the market increased by almost 10 percent or from 81 to 89 days.
New listings compared to the previous month show an almost 50 percent increase or from 676 in December to 1,004 in January.
The median sale price decreased 4.39 percent (from $228,000 to $218,000) and closed sales dropped 34.76 percent (from 607 to 396). Pending sales rose 13.40 percent (from 470 to 533) and inventory decreased 3.56 percent (from 5224 to 5038) when compared to the previousmonth.
The conduminum market did not fare as well as the single-home market.
Closed sales of condominiums in Greater Hartford decreased by almost 12 percent or from 119 to 105 this time last year. The median sale price also dropped by 3 percent or from $170,000 to $165,000 over the past year.
Inventory increased by almost 2 percent from 1,586 to 1,611, and the average number of days a condo spent on the market in 2010 increased by almost 4 percent or from 89 to 92 days.
“The rise in housing inventory means more options for buyers who can take advantage of historically low interest rates,” Greater Hartford Association of Realtors President and CEO Jeff Arakelian stated.
In the national housing outlook, Lawrence Yun, National Association of Realtors’ chief economist, credits good affordability conditions and economic improvement to the rise in pending sales for December.
The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving 3500+ members in the 57 town Greater Hartford real estate brokerage community. 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.