Closed sales of single-family homes in the Hartford region increased 36.31% in October compared to a year ago, the Greater Hartford Association of Realtors reported.
The number of sales increasesd from 548 in October 2019 to 747 a year later, GHAR reported, while the median sales price increased 13.33% (from $247,500 to $280,500) and pending sales rose 49.9% (from 509 to 763).
New listings increased 4.66% (from 772 to 808), and inventory dropped 35.56%, from 2,610 to 1,682, during this same timeframe.
In year-to-date statistics, new listings decreased 9.67%, from 8,642 in 2019 to 7,806 this year. Pending sales increased 12.52% — from 5,608 to 6,310 — and closed sales increased 7.89% (from 5,580 to 6,020).
The median sales price increased 9.76% (from $246,000 to $270,000), and the average days spent on market decreased 10.53% (from 57 to 51 days), during this same year to date, year over year, timeframe.
Condominium closed sales increased 54.4% (from 136 to 210) and pending sales increased 41.3% (from 138 to 195) over October of 2019. The median sales price for condominiums increased 4.05% (from $173,000 to $180,000) and inventory decreased 20.67% (from 566 to 449).
"Our market typically cools with the weather this time of year but continued gains in closed sales are keeping Realtors busy," said GHAR CEO Holly Callanan. "Record-low mortgage rates are attractive but buyers must act quickly in this market," she said.
In the national outlook, Lawrence Yun, National Association of Realtors chief economist, stated: "The surge in sales in recent months has now offset the spring market losses. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market's growth to continue into 2021."
Yun forecasts existing-home sales to rise by 10% to 6 million in 2021.
