Single-family home sales and prices in the Hartford area soared in November, as record low mortgage rates continued to motivate buyers during the COVID-19 pandemic, Realtors said.
There were 647 single-family home sales in the Hartford area last month, an increase of 44% from November 2019, the Greater Hartford Association of Realtors (GHAR) said.
Median prices for homes in November also rose to an average of $275,000, up more than 12.2% from $245,000 in the year-ago period, GHAR said.
Meanwhile, new listings increased about 1.6% (from 512 to 520) and inventory fell 40.1% (from 2,357 to 1,410) in November. Pending sales increased almost 43% last month.
In 2020, the real estate trade association said year-over-year sales have increased 10.6% with 6,669 sales, and their median prices have jumped nearly 9.8% from $246,000 to $270,000. The average days homes spent on the market decreased 12.5% from 56 to 49 days.
Condo sales in Greater Hartford in November climbed 6.4% to 149, and their median prices increased 8.7% from $161,000 to $175,000.
“The market usually slows down now but it appears that won’t happen anytime soon,” said GHAR CEO Holly Callanan.