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April 20, 2021

Hartford-area home sales flattened out in March

Stuart Miles, FreeDigitalPhotos.net Connecticut home sales posted gains in July, according to the Warren Group.
By Matt Pilon

After eight consecutive months of increased single-family home sales, Greater Hartford’s housing market was flat in March.

According to the Greater Hartford Association of Realtors (GHAR), there were 474 homes sold in the region during the month, identical to March 2020.

GHAR said buyer demand in the 27 area communities it represents is still high, as evidenced by a nearly 17% year-over-year increase in the median sales price for March, which rose to $285,000 from $243,675 a year prior.

Homes are also still selling fast. Despite the flat sales volume, houses sold in March had been on the market an average of 45 days, down from 72 days in March 2020.

The challenge, according to GHAR, is inventory.

“The rise in sales price still appears to be pushed by low housing inventory in Greater Hartford,”
GHAR CEO Holly Callanan said in a statement. “The spring market is very active despite the inventory challenges.”

The RE/MAX National Housing Report on Monday cited the Hartford metro area for having one of the largest drops in inventory levels in the country for March, with a mere 0.7-month supply of homes listed for-sale, down nearly 83% from a year prior, when there was a fourth-month supply of inventory.
 

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