The number of closed home sales and median prices in the Greater Hartford area dropped by 8 and 4 percent, respectively, in 2011, according to the Greater Hartford Association of Realtors (GHAR).

Closed sales decreased 7.7 percent to 7,255 from 7,861, and pending sales also dropped 8 percent during the same time frame. The median sales price of single-family homes decreased 3.7 percent $221,500 from $230,000 at the start of 2011. New listings were also down 5.8 percent from the beginning of the year.

During the month of December, new listings increased almost 9 percent. Pending sales also increased 4 percent, to 489 from 470, as closed sales dropped 11.6 percent compared to December of last year. The median sale price dropped 6.7 percent to $209,900 from $225,000. Housing inventory increased by 4.44 percent during this same time frame.

Closed sales of condominiums in Greater Hartford decreased 17 percent to 1,748 from 2,114 in 2011. The median sale price dropped 3.9 percent to $160,000 from $166,500 and the average days a condo spent on the market increased 13 percent to 104 days from 92 days at the beginning of 2011.

“Greater Hartford’s housing market has had ups and downs this year,” Greater Hartford Association of Realtors President and CEO Jeff Arakelian said. “Lower prices and historically low interest rates will hopefully mean a busy spring market.”

Commercial Record.

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