Good News in CT Real Estate – Closed Home Sales Increase 31.9 Percent

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RISMEDIA, April 8, 2008-Closed sales for single-family homes increased by 31.9 percent (from 451 to 595 homes) between February and last month, according to data from the Greater Hartford Association of Realtors® (GHAR). During the same period, the average days a home spent on the market decreased by 13.8 percent (from 82 to 72 days).

Pending sales for single-family homes increased by 21.9 percent (from 757 homes in February to 923 homes in March), while new listings and inventory increased by 24.4 percent (from 1,354 to 1,684 homes) and 4.2 percent (from 5,330 to 5,552 homes), respectively. The median sale price for a single family home decreased a very slight .04 percent (from $241,000 to $240,000).

“Though yearly comparisons still show losses, the jump in closings last month is encouraging for the Greater Hartford market,” said Greater Hartford Association of Realtors President and CEO Jeff Arakelian. “Since the beginning of this year, pending home sales have been increasing from month to month, and the increase in closed sales last month appears to be a direct result of this forward looking indicator. It strongly suggests a path in the same positive direction that is expected for the national market.”

Comparing March 2007 with last month, home inventory increased by 5.51 percent (from 5,262 to 5,552 homes) and the average days a home spent on the market increased by 7.46 percent (from 67 to 72 days). During this same period, the median sale price of single-family homes decreased by 5.14 percent (from $253,000 to $240,000) while closed sales decreased by 33.37 percent (from 893 to 595 homes).

The median sale price for condominiums in the region decreased by 2.77 percent (from $169,700 in March 2007 to $165,000 last month). In addition, the average days a condominium was on the market increased by 25 percent (from 68 to 85 days), closed sales decreased by 42.02 percent (from 326 to 189 condominiums) and inventory increased 16.16 percent (from 1,510 to 1,754 condominiums).

Mid- to higher-priced homes priced between $140,000 and $500,000 saw a decrease in sales, but still continue to represent the majority of sales within the region. Homes priced $100,000 – $119,999, however, showed a 75 percent increase in sales.

On a national level, market forecasts are generally consistent with the Greater Hartford region. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but month-to-month improvements are another sign that the market is stabilizing,” said Lawrence Yun, NAR chief economist. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”

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

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Thursday, March 18, 2010