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April 16, 2024

Despite slow start to spring home sales in Greater Hartford, pending sales increased 8% in March

Contributed A home for sale.
By Andrew Larson

While high demand and limited supply continue to push housing prices upward, pending sales of single-family homes in Greater Hartford increased in March, according to the Greater Hartford Association of Realtors.

Compared to March of last year, pending sales were up 7.6%, from 340 to 366, the group said.

During the same year-over-year timeframe, the median sales price rose 13.1%, from $325,000 to $367,500. Inventory dropped 16.4%, from 590 to 493, according to the group.

At the same time, new listings decreased 8.1%, from 430 to 395. The average number of days on the market increased 115.2%, from 33 to 71 days.

“Most likely because inventory is limited, the spring market is off to a slow start,” said Holly Callanan, CEO of the Greater Hartford Association of Realtors. “Buyer demand and short supply seem to be moving prices upward.”

In the condominium market, closed sales decreased 14.8%, from 115 to 98, but pending sales increased 27.8%, from 115 to 147, on a year-over-year basis. Condo inventory increased 14.5%, from 124 to 142, and the average number of days on the market increased 108.7%, from 23 to 48.

The median sales price for a condo increased from $227,000 to $252,500 – an 11.2% jump from March 2023.

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