The median sales price of a single-family home in Greater Hartford reached $435,000 in April, up 3.5% from $420,000 a year earlier. Inventory in the region rose 1.9% year over year, from 616 to 628 listings, according to data released by the Greater Hartford Association of Realtors. New listings climbed 10.3% to 590, but closed […]
The median sales price of a single-family home in Greater Hartford reached $435,000 in April, up 3.5% from $420,000 a year earlier.
Inventory in the region rose 1.9% year over year, from 616 to 628 listings, according to data released by the Greater Hartford Association of Realtors. New listings climbed 10.3% to 590, but closed sales fell 11.2% to 309 and pending sales dipped 1.7% to 403. Homes also took longer to move, with the average days on market until sale rising from 17 to 23.
Year-to-date figures showed similar pressure on transaction volume. Closed sales through April were down 8.5% from a year earlier (1,073 vs. 1,173), pending sales fell 8.6% (1,234 vs. 1,350) and new listings dropped 5.5% (1,532 vs. 1,621). The year-to-date median sales price rose 3.8% to $405,000, and homes sat on the market for an average of 28 days, up from 24.
The condominium market saw sharper swings on several measures. April closed sales dropped 25.2% from a year earlier, falling from 107 to 80, while the median condo price jumped 13% to $305,000. Inventory was essentially flat at 172 units, pending sales fell 5.9% to 112, and days on market rose to 23 from 15.
“An increase in inventory is typical for the spring market,” said Holly Callanan, CEO of the association.
Nationally, tight supply continues to meet cautious buyers, according to Lawrence Yun, chief economist for the National Association of Realtors.
Yun said inventory “still remains tight” and multiple offers are still occurring, “though not as intense as a few years ago.” He added that lengthening days on market suggest “consumers are taking their time before making decisions.”
