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March 13, 2024

Homebuyers seek condos/townhouses as February sales increase 33% in Greater Hartford

Contributed A home for sale.
By Andrew Larson

Condominium and townhouse sales increased 33.3%, from 69 to 92, and pending sales increased 17.8%, from 90 to 106, last month compared to February 2023, according to new data from the Greater Hartford Association of Realtors.

The data indicates that buyers seem to consider condominiums a more affordable means to homeownership, said Holly Callanan, CEO of the Greater Hartford Association of Realtors.

“Condo inventory is healthy, and prices are more stable than single-family homes at this time,” Callanan said. 

Condo inventory also increased 24.1%, from 133 to 165, and the average days on the market increased 12.5%, from 24 to 27, based on the same year-over-year comparison.

The median sales price increased 3.6%, from $241,500 to $250,250, and new listings increased 20.9%, from 110 to 133, during the same timeframe.

Conversely, sales of single-family homes in Greater Hartford decreased 11.9%, from 269 to 237, last month compared to the prior year. Also, the median sales price rose at a faster rate than condos, from $310,000 to $360,000 – a 16.1% increase. 

Inventory of single-family homes dropped 7%, from 532 to 495, but new listings increased 12.2%, from 319 to 358, in the same year-over-year comparison. Pending sales decreased 6.3%, from 304 to 285. 

The average days on the market for single-family homes increased 8.3%, from 36 to 39 days, between last month and February 2023.  

Nationally, listings were modestly higher than at the beginning of 2023, an indication of stabilizing supply and demand, according to Lawrence Yun, chief economist at the National Association of Realtors.

“Listings were modestly higher, and homebuyers are taking advantage of lower mortgage rates compared to late last year,” Yun said.

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