Hartford Area Home Sales Surge In May

by Categorized: Uncategorized Date:

Sales of single-family house in the Hartford area rose for the second month in a row in May, a positive sign for the area’s spring home buying season, a new report today shows.

House sales surged 15 percent in May, to 922, from 801, in the 57-town area tracked by the Greater Hartford Association of Realtors.

Pending sales also jumped by 18 percent, indicating that momentum behind a recovery may become sustainable.

“It looks as though buyers who were sitting on the fence are now active, creating an increase in pending and closed sales,”  Jeff Arakelian, the association’s president and chief executive, said.

The median sale price — where half the sales are above, half below — dipped two percent, to $225,000, from $230,000.

The inventory of homes for sale continued to shrink in May, in the face of a 21-percent increase in new listings. Based on sales and inventory in May, there is a 7-month supply of properties for sale, close to the six months of supply that is considered to favor neither buyer nor seller.

While shrinking inventory is a good sign in a recovering market, real estate agents are concerned that not enough turnover to keep buyer interest high. New construction, while picking up, is still at relatively low levels.

Many sellers, agents say, remain reluctant to list. They are concerned about the economic recovery, the stability of their jobs and whether sale prices are truly on the upswing.

So when an attractive property comes on the market, there can be multiple bids — even when other properties have been sitting on the market and seeing price reductions, they say.

The Courant is using Facebook comments on stories. To comment on courant.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.

4 thoughts on “Hartford Area Home Sales Surge In May

  1. Connecticut is Circling the Drain

    Are these people heading out of this state for greener pastures?

  2. Green3nergy

    Simple economic principles can explain this phenomena.

    Everyone is leaving CT because Malloy continues to increase taxes and push unconstitutional legislation.

    Thousands of residents are selling their houses, increasing the supply of houses, thus decreasing the median price. Due to the decreased price as a result of the increased supply, demand increases because homes are now less expensive.

    Anyone who has a clue about finance and the marketplace should know that downsizing is in their best interest, unless you’re paying cash, then why not? The DOW has been on the rise as a result of the Federal Reserve’s stimulus plan — printing $85 billion worth of free money each month, inflating the bond market. Not because the economy is actually improving, but because the money supply is rapidly increasing, making it more available, thus devaluing the dollar, and making things appear to be more valuable, unless you adjust for inflation.

  3. fred

    CT population NOT decreasing per US census estimates:

    3,287,116 – 1990

    3,405,565 – 2000

    3,574,097 – 2010

    3,586,717- 2011

    3,590,347 – 2012

Comments are closed.