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March 18, 2021

Greater Hartford home sales up again in February as inventory plummets

By Matt Pilon

February sales volume of single-family homes in the Hartford region was up 7.7% from last February, Realtors say.

There were 379 home sales completed during the recent month, up from 352 during Feb. 2020, according to the latest data Wednesday from the Greater Hartford Association of Realtors, which tracks Hartford and 26 surrounding communities.

The median sale price in the region stands at $280,000, up nearly 22% from $230,000 last February, which was the final full month before COVID-19 hit Connecticut, sending the housing market into an initial tailspin followed by a recovery and sales boom that took hold over the summer and has largely continued since.

Demand is outpacing supply, as new sale listings were down nearly 33% in the recent month.

“Housing inventory is still tight in Greater Hartford, which usually signals a rise in price,” GHAR CEO Holly Callanan said in a statement.

According to RE/MAX’s national housing report for February, also published Tuesday, the Hartford metro area had just 0.9 months worth of housing inventory in February, down sharply from 5.3 months worth of inventory a year ago. That 83% year-over-year drop was the highest of any market tracked by the RE/MAX.

Months of supply is calculated by dividing the number of homes listed for sale at the end of a given month by the number of sales contracts signed during that same month.
 

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