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Drop in Closed Sales of Single Family Homes in Greater Hartford

New listings increase

( December 17, 2013) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales dropped 7.31 percent (from 793 to 735) and pending sales rose 16.45 percent (from 626 to 729) over November of last year. The median sales price decreased 6.05 percent (from $215,000 to $202,000) and the average number of days a house spent on the market decreased 10.84 percent (from 83 days to 74 days). New listings and inventory increased 12.24 percent (from 907 to 1018) and 4.79 percent (from 5424 to 5684), respectively, during this same one year time frame.

Statistics from the beginning of the year-to-date show a rise in closed sales by 11.15 percent (from 8007 to 8900) and pending sales rose 10.64 percent (from 9318 to 10,309). New listings increased 6.68 percent (from 15,664 to 16,710) and the median sale price increased slightly 0.46 percent (from $219,000 to $220,000). The average days a home spent on the market decreased 13.25 percent (from 83 days to 72 days).

Closed sales of condominiums decreased 9.95 percent (from 201 to 181) over November of last year. The median sale price dropped 1.00 percent (from $150,500 to $149,000) and the average days a condo spent on the market decreased 27.35 percent (from 117 to 86 days). Condominium inventory decreased 6.17 percent (from 1490 to 1398), over this time last year.

Condominium sales rose 16.20 percent (from 1,876 to 2,180) from the beginning of the year and the median sale price decreased 0.47 percent (from $149,700 to $149,000). The average days a condo spent on the market dropped 13.27 percent (from 98 days to 85 days) from the beginning of the year.

“The drop in closed sales is the first we’ve seen in many months, which may be the result of the change in season,” stated GHAR President and CEO, Jeff Arakelian. “Prices remain low and inventory is rising, making this a perfect time for consumers looking to purchase a home.”

In the national outlook, existing-home sales declined for the second consecutive month in October, while constrained inventory means home prices continue to see double-digit year-over-year gains, according to the National Association of Realtors®.Sales have remained above year-ago levels for the past 28 months.

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 3200 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 http://www.gharonline.com.

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