The median sale price of single-family homes in Greater Hartford rose 12.7% last month compared to the year-ago period, according to the Greater Hartford Association of Realtors.
The median price of $306,000 last May rose to $345,000, the association said. Meanwhile, new listings dropped 12.5% (from 934 to 817) and inventory decreased 33.1% (from 1,422 to 951).
Closed sales decreased 12.9% (from 611 to 532) and pending sales decreased 6.1% (from 737 to 692).
With high demand and low supply, the average number of days on the market sank 32% percent (from 25 to 17).
Between the start of 2022 and the end of May, the number of new listings totalled 3,485 – a 12.7% decrease from the same period last year. At the same time, pending sales decreased 6.9% (from 2,764 to 2,573) and closed sales decreased 12.2% (from 2,437 to 2,140).
In the same year-over-year comparison, the median sale price increased 5.8% (from $292,950 to $310,000) and the average number of days on the market decreased 26.3% (from 38 to 28 days).
The market for condominiums was tight, too. The median sale price of condos in May 2022 increased 12.2% (from $180,000 to $202,000) compared with last May.
During the same timeframe, closed sales increased 3.6% (from 166 to 172) and pending sales decreased 14.1% (from 191 to 164). Inventory dropped 47.4% (from 361 to 190).
Compared with May 2021, the average number of days on the market last month decreased 20% (from 25 to 20) and new listings decreased 17.8% (from 230 to 189).
Holly Callanan, CEO of the Greater Hartford Association of Realtors, said the local market is seeing a slight decline in demand, which could help balance the low housing supply.
“The slowing demand could be the result of high prices and increased interest rates,” Callanan said.
Nationally, Lawrence Yun, chief economist for the National Association of Realtors, said that higher home prices along with higher mortgage rates have reduced buyer activity.
“It looks like more declines are imminent in the upcoming months, and we’ll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years,” Yun said.
