Home sales in Greater Hartford slowed in November, but the area still remains on a pace to exceed sales in 2012 by more than 10 percent, a new report today shows.
Through the first 11 months of this year, closed sales of single-family houses rose 11.2 percent, to 8,900, from 8,007 for the same period in 2012, according to the Greater Hartford Association of Realtors, which tracks a 57-town area.
So far this year, the median sale price — where half the sales are above, half below — has been essentially flat, rising less than one percent, to $220,000, from $219,000 for the same 11-month period in 2012.
In November, closed sales of single-family houses fell 7.3 percent, to 735, from 793 for the same month a year ago. It was the first year-over-year decline in sales of single-family houses since December, 2011.
The median sale price in November dropped 6 percent to $202,000 from $215,000 for the same month a year ago.
Jeff Arakelian, the association’s president and chief executive, said he does not believe the sales slowdown in November — the first year-over-year decline since December, 2011 — is a worrisome sign for the market.
“The drop in closed sales is the first we’ve seen in many months, which may be the result of the change in the season,” Arakelian said. “Prices remain low, and inventory is rising, making this a perfect time for consumers looking to purchase a home.”
Pending sales of single-family houses were up more than 16 percent in November compared with a year ago, indicating that sales could still have momentum in the next few months, according to the association.
Based on the inventory of homes for sale and the number of sales in November, the market is still favoring buyers, with a nearly eight month supply of properties for sale. A market is generally said to favor neither buyer nor seller, at six months. Less than six months and sellers generally have an edge.
The market can vary significantly from town to town and neighborhood to neighborhood. Attractive properties in the best locations and with the latest updates can draw multiple offers, while others can sit for months, forcing owners to cut asking prices.
Check back for updates.