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March 16, 2023

‘Bottoming out’: Housing sales drop in Greater Hartford, but prices see modest growth

Contributed | pixabay.com/photos/house-home-sold-brick-for-sale-435618/ A house for sale.
By Andrew Larson

Recent data from the Greater Hartford Association of Realtors (GHAR) shows that the housing market is continuing to cool, following a series of aggressive interest rate hikes by the Federal Reserve.

As the Fed gets ready to raise interest rates again at its March 22 meeting -- possibly by a large 0.5 percentage point -- some potential homebuyers have been squeezed out of the market, giving homeowners less of an incentive to sell. 

“Until inventory increases, we probably won’t see much change in our housing market,” GHAR CEO Holly Callanan said. “Buyers should seek the advice of a Realtor now so they are fully prepared when the right property comes along.”

The median sales price of single-family homes in Greater Hartford increased 9.8%, from $280,000 to $307,500, in February compared to last year, according to GHAR.

Closed sales dropped 19.5%, from 333 to 268, and pending sales decreased 19.2%, from 3,951 to 319. 

New listings decreased 25.9%, from 428 to 317, and inventory decreased 29.3%, from 711 to 503. The average number of days on the market until sale remained unchanged at 36 days during the same year-over-year timeframe.

Condominium closed sales decreased 34%, from 103 to 68, and pending sales decreased 23.3%, from 120 to 92, over February 2022. Inventory fell 28.6%, from 175 to 125, and the average number of days on the market decreased 35.1%, from 37 to 24. The median sales price increased 40.5%, from $173,000 to $243,000, and new listings decreased 6.8%, from 117 to 109.

National Association of Realtors chief economist Lawrence Yun said that, at the national level, home sales are “bottoming out.”

“Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines,” Yun said.

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