New Britain City Journal

New Britain's Weekly Online Newspaper

Business

Single-Family Homes Sales Increase in Greater Hartford

Closed sales of single family homes increased 28.37 percent (from 624 to 801) and pending sales also rose 12.23 percent (from 883 to 991) over May of 2011, according to the Greater Hartford Association of REALTORS® (GHAR).

In New Britain, zillow.com states that 85 homes were sold in the City in May at a median price of $125,600. The median listing price is $129,500. There are still 495 homes in the City for sale.

The median sale price in Greater Hartford rose 4.55 percent (from $220,000 to $230,000) and inventory dropped 4.16 percent (from 7186 to 6887). New listings decreased 12.50 percent (from 1912 to 1673) and the average days a home spent on the market increased 4.71 percent (from 85 to 89), during this same one year timeframe.

Statistics from the previous month, April to May, show an increase closed sales of 20.81 percent in Greater Hartford (from 663 to 801) and a decrease pending sales of 2.56 percent (from 1017 to 991). New listings decreased 5.32 percent (from 1767 to 1673) and the median sale price increased 9.52 percent (from $210,000 to $230,000) during this same time frame.

In year to date statistics, closed sales are up 19.56 percent (from 2449 to 2928) and pending sales also rose 24.59 percent (from 3501 to 4362). New listings increased 6.06 percent (from 7273 to 7714) and the median sale price decreased 3.67 percent (from $218,000 to $210,000).

Closed sales of condominiums increased by 9.04 percent (from 166 to 181) over May of 2011. The median sale price dropped 19.77 percent (from $174,500 to $140,000) and the average days on market dropped 7.69 percent (from 104 to 96 days). Condo inventory decreased 5.67 percent over last year (from 1974 to 1862).

“Four months of consecutive gains in closed sales is a trend that indicates the Greater Hartford housing market is on an upward curve,” GHAR President and CEO, Jeff Arakelian, stated. “Hopefully this strong spring market will continue into the summer months,” he continued.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, notes home sales are staying well above the levels seen from 2008 through 2011. “Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” he said.

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. 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.