RISMEDIA, April 17, 2007-What a change one month makes. From February to March, single-family home listings in Greater Hartford increased 41%, pending home sales rose 23% and closed sales climbed 37%.
While the inventory of homes available for sale in the region increased 6% last month to 5,262 compared with 4,975 in February, the median home sale price held steady at $253,000 (a one percent increase compared with $250,000 in February). Homes that sold did so 10% more quickly than in February, reflecting a decrease from 75 average days-on-market in February to 68 in March.
Year to year comparisons between March 2006 and March 2007 show decreases in new listings (-.33%), pending sales (-8.6%), closed sales (-12.51) and rising inventory (+16%). Despite these adjustments, median home prices increased 3.31% last month to $253,000, from $244,900 in March last year.
After last year's month to month price gains, the region's condominium market is beginning to stabilize, with a 1.51% increase in median prices ($168,000 so far this year, compared with $165,000 from January to March 2006). Year to date, the number of days to sell a condo increased from 50 to 64, and closed sales declined 11.10%, from 829 units from January to March 2006 to 737 units so far this year.
"Last month continued our region's move to a state of market equilibrium for buyers and sellers of single family homes," said Greater Hartford Association of Realtors® President and CEO Jeff Arakelian. "Inventory in March is up compared with February while closed sales increased and prices are holding steady. Based on a slower rate of price appreciation, slower rate of sales and an increase in days on the market, the condominium market seems to also be entering a similar phase. The market remains strong with great opportunities for both buyers and sellers."
The National Association of Realtors® Pending Home Sales Index, which is based on pending home sales, indicates that bad weather, and possibly the loss of some subprime lending, will dampen sales closed in March and April, according to the National Association of Realtors®.
Of the 833 single-family homes sold in Greater Hartford last month, 2% sold for under $100,000, 24% sold between $100,000 and $199,999, 38% were between $200,000 and $299,999, 27% sold in the $300,000 to $499,999 range and 9% sold for $500,000 or more.
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