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Real Estate Notes
Rise in Closed and Pending Sales in Greater Hartford Housing Market . Condominium sales also increase over 26 percent
(West Hartford, Conn., March 21, 2012) – According to the Greater Hartford Association of REALTORSŽ (GHAR), closed sales of single family homes increased 10.50 percent (from 381 to 421) and pending sales also rose 48.64 percent (from 516 to 767) from February of last year. The median sales price dropped 3.81 percent (from $210,000 to $202,000). New listings jumped up 55.25 percent (from 847 to 1315) and inventory increased 15.03 percent (from 5244 to 6032), when compared to last year. Short term numbers show an increase in pending sales by 28.91 percent (from 595 in January to 767 in February). Closed sales also increased 7.12 percent (from 393 to 421) as new listings rose 3.38 percent (from 1272 to 1315), when compared to January. The median sale price rose 3.59 percent (from $195,000 to $202,000). Housing inventory increased by 7.48 percent (from 5612 to 6032) during this same time frame. In year to date statistics, closed sales rose 3.30 percent (from 789 last February to 815 February of this year). Pending sales also increased 29.84 percent (from 1049 to 1362) as did new listings 39.76 percent (from 1851 to 2587). The median sale price decreased 7.44 percent (from $215,000 to $199,000) during this same time period. Closed sales of condominiums in Greater Hartford increased 26.37 percent (from 91 to 115) when compared to February of last year. The median sale price dropped 3.59 percent (from $153,000 to $147,500) and inventory rose 0.95 percent (from 1684 to 1700). “The unusually warm winter and great housing affordability are most likely the reason for a jump in sales,� GHAR President and CEO, Jeff Arakelian, stated. “I’m optimistic about continued activity with home prices stabilizing,� he continued. In the national outlook, Lawrence Yun, NAR chief economist, said underlying factors are much better compared to one year ago. “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,� he said. “Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.� The Greater Hartford Association of REALTORSŽ (GHAR) is the largest local real estate trade association in Connecticut, serving 3400 members in the 57 town Greater Hartford real estate brokerage community. The Association provides technology, training, networking and business support to members, and supports a healthy real estate market by upholding high professional and ethical standards through a Code of Ethics, ongoing education and certification programs. As the advocate for the real estate brokerage industry, GHAR is the Voice for Real EstateŽ in the Greater Hartford region. For more information, call 1.860.561.1800 or visit www.gharonline.com.
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