Condominium sales in the Greater Hartford area surged more than 12% in July, compared with the same month last year, as buyers turned to condos amid rising single-family home prices and tight inventory.
Condominium sales in the Greater Hartford area surged more than 12% in July, compared with the same month last year, as buyers turned to condos amid rising single-family home prices and tight inventory, according to data released Monday.
The Greater Hartford Association of Realtors reported that 139 condominiums sold in July, up from 124 in July 2024. The median condo sales price rose 3.4% — to $303,000 — from $293,000 a year earlier.
Meantime, closed sales of single-family homes remained flat at 516, while the median price climbed 3.5% to $440,000 from $425,000 in July 2024. Homes sold faster, with the average time on market dropping to 13 days from 16 days the previous year.
"The condo market has really flourished this summer," said Holly Callanan, CEO of the Greater Hartford Association of Realtors. "It's likely because our single-family housing market has tight inventory and higher prices."
The condominium market showed other signs of strength. New condo listings increased 21% to 167 units, and pending sales jumped 23.4% to 153 units compared with July 2024.
For the year through July, single-family home sales have increased 1.5%, with the median price up 3.3% to $413,000. Days on market fell 18.2% to 18 days compared with the same period last year.
The trends reflect broader national patterns.
Lawrence Yun, chief economist for the National Association of Realtors, said that record-high home prices have increased homeowner wealth by an average of $140,900 over the past five years.
The Greater Hartford Association of Realtors represents more than 5,100 members in Hartford and Litchfield counties.
