Pending Sales of Single Family Homes in Greater Hartford Increase
According to the Greater Hartford Association of REALTORS® (GHAR), pending sales rose 40.83 percent (from 627 to 883) from May of last year. Closed sales dropped 28.36 percent (from 871 to 624) and new listings increased 34.93 percent (from 1417 to 1912). During this same time frame, the median sale price decreased 4.35 percent (from $230,000 to $220,000). The housing inventory rose 14.50 percent (from 6276 to 7186) and the average days on market increased 34.92 percent (from 63 to 85 days).
In short-term numbers, closed sales increased 20.46 percent (from 518 to 624) and pending sales also rose 10.24 percent (from 801 to 883). The median sale price and new listings remained relatively unchanged during this same one-month time span. The average days a house spent on the market decreased 12.37 percent (from 97 to 85), from April of 2010.
Year-to-date statistics reveal a 21.20 percent decrease in closed and pending sales (from 3109 to 2449 and from 4443 to 3501), respectively. The median sale price decreased 3.11 percent (from $225,000 to $218,000) and new listings fell 9.92 percent (from 8074 to 7273) from the beginning of this year.
Condominium sales in greater Hartford decreased 32.52 percent (from 246 to 136) from May of last year. The median sale price increased 7.55 percent (from $162,250 to $174,500) and the average number of days a condo spent on the market increased 20.93 percent (from 86 to 104). Inventory also increased 6.99 percent (from 1845 to 1974).
“The jump in pending sales may be a signal that the market has finally corrected itself a year after the expiration of the housing tax credit,” Greater Hartford Association of REALTORS® President and CEO Jeff Arakelian stated. “Affordability and an abundant inventory make this market a great time to buy,” he said.
Nationally, Lawrence Yun, National Association of REALTORS® chief economist, said tight credit is the primary long-term factor holding back the market. “No doubt the continuing excessively tight mortgage underwriting process is making the housing market recovery unnecessarily slow,” he said. “Lenders and bank regulators need to be mindful of the historically low default rates among mortgage borrowers of the past two years,” he said.
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.