Tightening supply shrunk the number of available single-family homes in Greater Hartford by 36.2% in January, according to the Greater Hartford Association of Realtors. Inventory declined from 1,013 homes to 646 homes between January 2021 and January 2022, the association said, while closed sales dropped 9.6%, falling from 449 to 406 year-to-year. As has been […]
Tightening supply shrunk the number of available single-family homes in Greater Hartford by 36.2% in January, according to the Greater Hartford Association of Realtors.
Inventory declined from 1,013 homes to 646 homes between January 2021 and January 2022, the association said, while closed sales dropped 9.6%, falling from 449 to 406 year-to-year.
As has been the case for months in the residential housing market, the average time a home spent on the market dropped, from 43 days to 34 days, and the median sales price for a single-family house rose, from $286,000 to $289,000.
New listings decreased 8.6% over the same year-to-year interval.
Condominium inventory, meanwhile, was nearly cut in half, dropping 46.6%, from 313 units to 167 units. Closed sales of condominiums decreased 18.3% and pending sales decreased 5.4%.
Connecticut’s trends over the past couple of months mirror the national outlook, which remains promising for sellers and homeowners but discouraging for younger buyers contending with rising prices and a lack of options.
“December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing,” said Lawrence Yun, chief economist for the National Association of Realtors. “Sales for the entire year finished strong, reaching the highest annual level since 2006.”
