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September 23, 2020

Greater Hartford home sales up 24% in August

By Joe Cooper

Single-family home sales and prices in the Hartford area continued to soar in August as current homeowners are looking for more space during the COVID-19 pandemic, Realtors say.

There were 832 single-family home sales in the Hartford area last month, an increase of 159 transactions, or 23.6%, compared to Aug. 2019, the Greater Hartford Association of Realtors (GHAR) said Tuesday.

Median prices for homes in August also rose to an average of $290,000, up more than 14.1% from $254,000 in the year-ago period, GHAR said. 

Meanwhile, new listings increased 1.1% (from 817 to 826) and inventory fell 34.1% (from 2,693 to 1,773) in August. Pending sales increased almost 30% last month.

In 2020, the real estate trade association said year-over-year sales have increased 1.6% with 4,548 sales, and their median prices have jumped nearly 7% from $248,000 to $265,000. The average days home spent on the market decreased 6.7% from 59 to 55 days.

Condo sales in Greater Hartford in August also climbed 6% to 176, and their median prices increased 10.4% from $160,000 to $176,750.

“Typically, sales slow as the school year begins but our Greater Hartford housing market remains solid,” said GHAR CEO, Holly Callanan.

Nationally, Lawrence Yun, chief economist at the National Association of Realtors, said the housing market is “booming” with higher home sales vs. pre-pandemic days.
 
“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021,” Yun said.

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