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October 16, 2020

Greater Hartford home sales up 20% in September

Photo | HBJ file
By Sean Teehan

Single-family home sales and prices in the Hartford area continued an upward trend in September as low mortgage rates motivated buyers during the COVID-19 pandemic, Realtors said.

There were 706 single-family home sales in the Hartford area last month, an increase of 152 transactions, or 28.7%, compared to September 2019, the Greater Hartford Association of Realtors (GHAR) said Thursday.

Median prices for homes in September also rose to an average of $291,500, up more than 20% from $241,900 in the year-ago period, GHAR said. 

Meanwhile, new listings  decreased 27.8% (from 820 to 592) and inventory fell 56.1% (from 2663 to 1168) in September. Pending sales increased almost 28.7% last month.

In 2020, the real estate trade association said year-over-year sales have increased 4.6% with 5,265 sales, and their median prices have jumped nearly 9.4% from $246,000 to $269,000. The average days home spent on the market decreased 8.6% from 58 to 53 days.

Condo sales in Greater Hartford in September climbed nearly 30% to 178, and their median prices  increased 9.5% from $161,000 to $176,250.

“The high level of closed and pending sales shows that buyers are extremely motivated, so multiple offers and bidding wars are likely,” GHAR CEO, Holly Callanan said.

Nationally, Lawrence Yun, chief economist at the National Association of Realtors, said the home sales numbers "continue to amaze," and he expects the trend to continue through the end of 2020.

"Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery," Yun said.

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