Greater Hartford Home Prices Continue Stable Trend in November

Sales volume remains healthy, says GHAR president
Sales volume remains healthy, says GHAR president

RISMEDIA, December 13, 2006?A decrease in the number of new home listings and closed sales has not significantly altered a stabilizing trend in the region’s home prices that continued last month, according to recent data from the Greater Hartford Association of Realtors?.

While new home listings dropped 31.1% from October to November (1,704 to 1,174) and 13.68% comparing November 2006 (1,174) with November 2005 (1,360), the median home sale price has increased slightly to $252,400 – a .096% increase compared with $250,000 in October and a 1.82% increase compared with the median sales price of $247,886 in November 2005.

4,978 homes in the region were on the market for sale last month, a 13.73% increase compared with 4,377 homes that were for sale in the region in November 2005, and a 6.8% decrease compared with the 5,346 homes on the market in October.

Forty-three percent of the 741 homes sold last month did so in 30 days or less; 23% in 60 days or less and 12.5% sold in less than 90 days. In November 2005, 48% of the 958 homes sold that month did so in 30 days or less, 23.6% sold in 60 days or less and 14.6% sold in less than 90 days.

Condominium prices continued their upward trend in November. The median condominium sales price year-to-date increased by 7.59% to $170,000 (compared with $158,000 for year-to-date 2005) and by 16.14% last month to $183,500 (compared with $158,000 for November 2005.) Closed sales decreased 5.49% year to date, from 3,695 to 3,492 units, and 13.79% comparing November 2005 to last month, from 319 to 275 units.

?Based on the sales activity we’ve seen in the past few months, it appears that home prices will continue on a level trend into 2007,? said Jeff Arakelian, president and CEO of the Greater Hartford Association of Realtors. “Despite market corrections during the past year, sales volume in the region remains healthy and the region’s housing market offers options for buyers in every price range.”

Pending home sales are hovering in a narrow range, another indication that a stabilization is occurring in the housing sector, according to the National Association of Realtors®. Based on contracts signed in October, the Pending Home Sales Index slipped 1.7% to a reading of 107.2 and is 13.2% lower than October 2005. The index had trended up from a cyclical low of 105.6 in July, and a decline from year-ago levels is narrowing. In September, the index was 13.6% below a year earlier, while in August the decline was 14.0%.

Of the 741 single-family homes sold in Greater Hartford last month, .09% sold for less than $100,000, 25.2% sold between $100,000 and $199,999, 39.4% were between $200,000 and $299,999, 27.2% fell in the $300,000 to $499,999 range and 7.1% sold for $500,000 or more.

For more information, call 1.860.561.1800 or visit www.gharonline.com.