Tag Archive | "Greater Hartford Housing Market."


Greater Hartford Housing Prices Dropped in 2011

HARTFORD —  The median sales price of single family homes in 2011 decreased by almost 4 percent, according to the Greater Hartford Association of Realtors.

In 2011, the average cost of a home went from $230,000 to  $1. And new listings were also down 5.8 percent, or from 16,983 to 15,998. Closed sales decreased 7.7 percent, or from 7,861 to 7,255 and pending sales also dropped slightly more than 8 percent, or from 8,910 to 8,189.

Housing statistics comparisons from this December to December of last year show that new listings increased by almost nine percent, or from 676 to 736. Pending sales also increased 4.04 percent, or from 470 to 489. But closed sales dropped 11.63 percent or from 619 to 547 when compared to December of last year.

Closed sales of condominiums in Greater Hartford decreased by 17.31 percent or from 2,114 to 1,748. The median sale price alos dropped by almost 4 percent. The average days a condo spent on the market increased 13.04 percent or from 92 days at the beginning of 2011 to 104 in December.

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Report: More Houses and Condos For Sale

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.

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Report: More Houses On The Greater Hartford Market

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.”

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