Greater Hartford Residential Sales Market Improves In July

Closed and pending single-family home sales in and around Hartford both rose by double digit percentages last month compared to July 2010, though median prices and new listings both fell year-over-year, according to the Greater Hartford Association of Realtors (GHAR).

Closed sales rose almost 14 percent, to 685 from 601. Pending sales jumped 12.5 percent. The median sales price dipped 4 percent, to $238,000, and new listings fell 5.4 percent. The average number of days a home spent on the market dropped to 63 days from 73 days during the same time frame, the Realtor organization said.

Year-to-date, closed sales fell 17 percent, to 4,047 from 4,872. The median sale price decreased dipped slightly more than 2 percent year-over-year to $225,000.

Closed condominium sales in July in Greater Hartford decreased by more than 23 percent, to 134 from 165 in July of last year. The median condo sale price dropped 4.7 percent, to $163,000.

“The jump in closed sales is likely due to stabilization of the market after the housing tax incentives of the previous year,” GHAR President and CEO Jeff Arakelian said in a statement. “Hopefully, more buyers will take advantage of the current market with lower sales prices and historically low interest rates.”

-Commercial Record