The median sales prices of single-family homes in Greater Hartford saw a slight increase in April, while available inventory continues to slide, according to new information from the Greater Hartford Association of Realtors (GHAR).
GHAR reported today that the median sales price of single-family homes in Greater Hartford increased 2.4% year-over-year in April, from $323,750 to $331,625. Meantime, inventory dropped 36.3%, from 945 to 602, and new listings dropped 41.4% year-over-year from 768 in April 2022 to 450 last month.
With inventory down, so are closings. GHAR reported that closed sales fell 30.1% year-over-year and pending sales also decreased 26.1% from April of last year.
When compared to last April, condominium closed sales decreased 36.2% and pending sales decreased 33.1%.
Inventory also dropped for condominiums, a 36.2% decrease year-over-year compared to last April and new listings dropped 31.3%. The median sales price of condominiums increased 29.5%, from $212,000 to $274,500, in that same time period.
GHAR CEO Holly Callanan said that multiple offers on available properties appears to be the reason for rising prices and inventory declines “are likely setting the tone,” for Connecticut’s home real estate market.
