Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 19, 2022

Realtors: Single-family home sales in Greater Hartford down 13% in Dec.

Photo | Pixabay
By Zachary Vasile

Closed sales of single-family homes in the Greater Hartford area fell 13% between Dec. 2020 and Dec. 2021, a further sign of decreasing inventory as the cost of housing continues its pandemic-fueled climb.

The year-to-year comparison, released this week by the Greater Hartford Association of Realtors, found that the number of single-family homes changing hands in central Connecticut fell from 746 to 649. Pending sales also declined by 10.7%, from 571 homes to 510 homes.

New listings decreased 17.3%, and inventory plummeted 33%, from 1,125 houses on the market to 754 houses for sale, over the same interval.

Median sales prices, meanwhile, climbed 7.5%, from $278,250 to $299,000.

A similar trend was seen in the market for condominiums. Closed sales dropped 8.5%, pending sales declined by 14.8% and the median sales price grew 8.3%, from $180,000 to $195,000.

“The housing market theme in Greater Hartford continues to be low inventory,” said GHAR CEO Holly Callanan. “Those looking to sell in the coming months can take advantage of the significant growth in sales prices.”

Lawrence Yun, chief economist with the National Association of Realtors, said mortgage rates are projected to climb in 2022, but doesn’t expect the increase to be “overly dramatic.”

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF