The median single-family home sales price in Greater Hartford in November increased for the first time in months, and the number of homes sold also rose. New listings and inventory also saw growth from November 2014 to November 2015.
The Greater Hartford Association of Realtors reported the median sale price of single-family homes increased by 2.4 percent from $200,000 to $204,700 over November of last year. Closed sales and pending sales also rose 6.4 percent from 675 to 718 and 22.5 percent from 712 to 872, respectively.
The Realtors association said new listings increased 10.8 percent (from 1,026 to 1,137) and inventory increased 6.3 percent (from 7,681 to 8,168). The average number of days on market increased 2.9 percent (from 70 to 72 days), during the same timeframe.
Year-to-date statistics in comparison to this time last year indicate a rise in closed sales of 9 percent (from 8,988 to 9,794) and pending sales increased 14.9 percent (from 10,099 to 11,606). The median sale price decreased 1.9 percent (from $216,000 to $212,000) and new listings increased 4.1 percent (from 18,367 to 19,125). The average days on the market from the beginning of the year as compared to last year, decreased 5.3 percent (from 75 to 71 days).
Condominium closed sales increased 8 percent (from 163 to 176) over November of last year. The median sales price increased 2.5 percent (from $138,000 to $141,500) and the average time a condo spent on the market decreased 14.6 percent (from 89 to 76 days). Condo inventory increased 20.5 percent (from 1,373 to 1,655) from a year earlier.
Year to date, condominium closed sales increased 1.7 percent (from 2,323 to 2,363) and the median sale price increased 4.9 percent (from $140,000 to $146,850). The average days on the market from the beginning of the year decreased 3.2 percent (from 93 to 90 days).
“We haven’t seen a rise in sales price since the spring so this is a welcome sign for our housing market,” said GHAR CEO Jeff Arakelian. “Hopefully the warm weather keeps sales on the rise this winter.”
In the national outlook, the National Association of Realtors says a sales cooldown in October was likely given the pullback in contract signings the last couple of months.
