Home Sales In Greater Hartford Strong in ’12, But Prices Don’t Follow

by Categorized: Uncategorized Date:

Sales of single-family houses in Greater Hartford posted double-digit gains in 2012 compared with the previous year, but a key component of a housing recovery is still missing: price gains.

For all of 2012, the median sale price — where half the sales are above, half below — dipped 1.6 percent, to $218,000, from $221,500 in 2011,  according to a new report today from the Greater Hartford Association of Realtors for the 57-towns it covers.

Prices rose in four months last year — May, August, October and November — with May registering the largest increase, at 4.5 percent. It wasn’t enough, however, to swing the year-end results upward; and a decline in December’s median derailed hopes for a three-month trend of rising sale prices.

“Although the closed sales numbers are encouraging, I would feel even better about the housing market recovery when prices stabilize or increase,” Jeff Arakelian, the association’s president and CEO, said.

In 2012, closed sales of single-family houses rose nearly 21 percent, to 8,711, from 7,255 in 2011. December sales shot up by 27 percent on a year-over-year basis, the tenth consecutive monthly gain.

At year-end, the inventory of houses on the market fell nearly 10 percent, to 4,923. Based on the number of closed sales in December — 696 — the area has about a seven-month supply of houses for sale. That’s still in a buyer’s market but closer to six months of supply which is typically thought to favor neither buyer nor seller.

The association gathers its statistics from Multiple Listing Service data.

 

 

 

 

 

 

 

 

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.

One thought on “Home Sales In Greater Hartford Strong in ’12, But Prices Don’t Follow

Comments are closed.