Greater Hartford single-family home median sales prices rose 6.8 percent in October, while condo median prices rose 2.6 percent, compared with the same period a year ago, Realtors say.
Those single-family home prices increased to $214,750 from $202,250 compared with last October, while the condo prices rose to $137,750 vs. $134,250 the year prior, according to the Greater Hartford Association of Realtors.
The single-family home sales prices increased for the seventh consecutive month, the organization said.
“Tightening inventory is likely the reason for the continued increase in sales price,” stated GHAR CEO Jeff Arakelian. “Buyers should seek the knowledge and experience of a Realtor as soon as possible in the process to help navigate this market.”
Although pending single-family home sales increased 1.43 percent from 1,051 to 1,066 a year earlier, closed sales decreased 4.97 percent, from 1,006 to 956, new listings decreased 11.49 percent, and inventory dropped 30.38 percent, from 8,939 to 6,223. However, a home’s average number of days on market decreased 17.57 percent, from 74 to 61 days.
For condos, the average days spent on the market also decreased 8 percent, from 75 to 69 days, but closed sales decreased 4.46 percent, from 224 to 214 and inventory decreased 9.93 percent from 1742 to 1569.
Year to date, the median sales price of single-family homes increased 4.46 percent, from $213,000 to $222,500, while the median condo sale price dropped 1.34 percent, from $146,875 to $144,900.
