Central Connecticut home sales fell again in May — down nearly 30 percent — but the Greater Hartford market is showing signs of a possible burst in pent up demand, realty authorities say.
The Greater Hartford Association of Realtors said Wednesday that closed single-family dwelling sales dropped to 624 units last month vs. 871 in May 2010. Area house sales have fallen every month so far this year.
Also, the median sale price fell 4.35 percent $220,000 from $230,000 a year ago.
But some positive signs emerged. Pending sales — deals in which a buyer has made a firm offer to a seller and is awaiting the sale closing — jumped 41 percent in May to 883 units from 627, the Realtors association said.
New listings — a reflection of sellers’ confidence they can sell a property — increased 35 percent to 1,912 units for sale.
“The jump in pending sales may be a signal that the market has finally corrected itself a year after the expiration of the housing tax credit,” said Realtors’ association President and CEO Jeff Arakelian.
Condominium sales in greater Hartford fell 32.5 percent to 136 units sold in May vs. 246 the same month last year.
The median sale price grew 7.55 percent to $174,500 from $162,250.
