Double-Digit Rise in Closed Sales of Single-Family Homes in Greater Hartford

New listings up nearly 20 percent from this time last year

(West Hartford, Conn., July 16, 2014) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single family homes increased 10.64 percent (from 968 to 1071) and pending sales increased 3.70 percent (from 1080 to 1120) over June of last year. New listings rose 19.98 percent (from 1737 to 2084) and inventory increased by 17.01 percent (from 6655 to 7787). The median sale price dropped 1.14 percent (from $236,700 to $234,000) and the average number of days on market increased by 11.11 percent (from 63 days to 70 days), during this same one year comparison.

The year to date numbers show that closed sales increased 0.49 percent (from 4302 to 4323) and pending sales decreased 3.65 percent (from 5894 to 5679). The median sale price decreased 0.92 percent (from $217,000 to $215,000) and new listings rose 12.15 percent (from 9455 to 10,604), from the beginning of the year.

Condominium closed sales increased 22.77 percent (from 224 to 275) over June of last year. The median sale price also increased 0.65 percent (from $154,000 to $155,000) and the average days a condo spent on the market increased 19.72 percent (from 71 to 85 days). Condominium inventory increased 2.45 percent (from 1634 to 1674), over this time last year.

“The month of June was a rebound for closed sales. It appears the market is correcting after a slow spring,” stated GHAR President and CEO, Jeff Arakelian. “Increased inventory and stable prices make this a great time to buy,” he stated.

In the national outlook, Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

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. SINGLE-FAMILY RESIDENTIAL

Previous Month Comparison

May-14

Jun-14

% Change

New Listings

2,324

2084

-10.33

Pending Sales

1214

1120

-7.74

Closed Sales

836

1071

28.11

Median Sale Price

$218,000

$234,000

7.34

Average Days on Market

75

70

-6.67

Inventory

7632

7787

2.03

June to June Comparison

2013

2014

% Change

New Listings

1737

2084

19.98

Pending Sales

1080

1120

3.70

Closed Sales

968

1071

10.64

Median Sale Price

$236,700

$234,000

-1.14

Average Days on Market

63

70

11.11

Inventory

6655

7787

17.01

Year-to-Date Comparison

2013

2014

% Change

New Listings

9455

10604

12.15

Pending Sales

5894

5679

-3.65

Closed Sales

4302

4323

0.49

Median Sale Price

$217,000

$215,000

-0.92

Average Days on Market

78

79

1.28

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