Greater Hartford home sales jumped 21.2 percent in May. The local market also saw a marked improvement in how quickly home sales close as well as uptick in sales prices.
According to the Greater Hartford Association of Realtors (GHAR), there were 1,091 closed sales in May, compared to 900 in the year-ago period. The median sales price of single-family homes increased 3.49 percent, from $215,000 to $222,500.
Condominiums are not faring as well. Compared to May of last year, condominium closed sales decreased 13.22 percent (from 242 to 210). The median sale price decreased 4.19 percent from $153,950 to $147,500.
New single-home listings decreased 14.75 percent (from 2,570 to 2,191) and inventory dipped 8.03 percent (from 7,907 to 7,272). The average number of days on market decreased 14.29 percent (from 77 to 66 days), during this same year-over-year comparison.
In year-to-date statistics, GHAR said closed sales of single-family homes rose 24.1 percent (from 3,305 to 4,100) and pending sales rose 18.19 percent (from 5,024 to 5,938). The median sale price increased 3.19 percent (from $203,500 to $210,000) and new listings also increased 2.10 percent (from 8768 to 8952). The average days on market decreased 9.76 percent (from 82 to 74 days) from the beginning of the year.
The average days a condo spent on the market decreased 9.64 percent (from 83 to 75 days). Condo inventory decreased 9 percent (from 1785 to 1624), over this time last year.
In year-to-date statistics, condominium closed sales increased 6.45 percent (from 853 to 908) and the median sale price decreased 1.59 percent (from $142,150 to $139,900). The average days on market from the beginning of the year decreased 8.99 percent (from 89 days to 81 days).
