February’s single-family home sale and price data for the 57-town Hartford area presented a mixed bag, as closed sales fell 11.27 percent from a year earlier with prices down 2.09 percent, while pending sales rose 34.18 percent, and new listings increased 23.15 percent, the Greater Hartford Association of Realtors reported.
In the area, closed sales dropped from 408 in February 2009 to 362 last month. Pending sales jumped from 591 to 793, and new listings went from 1,188 to 1,463. The median sale price dipped a bit from $219,695 to $215,100.
The average number of days a home spent on the market fell by 2.35 percent, and inventory grew by 2.78 percent from 5,029 to 5,169 year over year.
From January to February, the data show closed sales dropped 9.5 percent from 400 to 362, and pending sales rose 36.96 percent from 579 to 793. New listings rose 13.76 percent from 1,286 to 1,463, and the average days on the market jumped 5.06 percent from 79 to 83 days. Also, housing inventory increased 9.07 percent from 4,739 to 5,169 homes.
Year-to-date, compared with the same two-month period in 2009, closed sales of single-family homes increased 4.70 percent from 745 to 780, while pending sales rose 13.29 percent from 1,211 to 1,372. New listings increased 17.23 percent from 2345 to 2749, and the median sale price fell 1.48 percent from $219,500 to $216,250. The average number of days a house spent on the market didn’t budge.
Closed sales of condominiums dropped 20.17 percent from 119 to 95 in February 2009. The median sale price also dropped — by 2.62 percent from $172,000 to $167,500. Inventory decreased 0.012 percent, and the average number of days a condo spent on the market increased 4 percent from 100 to 104.
“The tax credit housing stimulus has generated predictable surges in market activity,” Greater Hartford Association of Realtors President and CEO Jeff Arakelian said. “With affordability the best it’s been in several years and with new listings on the rise, this is a great time to jump into the market.”
National Association of Realtors Chief Economist Lawrence Yun said abnormal swings are expected in housing data. “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June,” Yun said.
“The real question is what happens in the second half of the year. If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward.”
