February 2007 MLS Statistics from Greater Hartford Association of Realtors
March 27, 2007
Here are the numbers that have been recently released by the Greater Hartford Association of Realtors for single-family residential properties. There are some interesting things about these statistics:
- Pending sales year-to-date and in February are up, but so is inventory (number of houses on the market.)
- Closed sales is also higher than it was last year at this time.
- Median and average prices are still higher than where they were last year.
- Homes are taking longer and longer to sell -a little more than 3 months now on average.
Add all this up and my interpretation is that sellers are willing to let their homes sit on the market in order to get their price. This is probably due to the fact that many people selling have a decent amount of equity in their homes. It will be interesting to see if this continues if the pool of buyers shrinks due to the tightening of lending guidelines.
(Sorry for the alignment issues - formatting is not my specialty.)
Year-to-Date Single Family Residential
2007 2006 % Change
New Listings 2,932 2,851 +2.92
Pending Sales 1,780 1,651 +7.81
Closed Sales 1,281 1,271 + 0.79
Avg. Sales Price $294,832 $287,470 +2.56
Med. Sales Price $253,000 $250,000 + 1.20
Avg. Days on Market 71 61 +16.39
February 2007 Single Family Residential
2007 2006 % Change
New Listings 1,305 1,402 -6.92
Pending Sales 909 904 +0.55
Closed Sales 607 578 +5.02
Avg. Sales Price $293,917 $277,658 +5.86
Med. Sales Price $250,000 $244,450 +2.27
Avg. Days on Market 75 62 +20.97
Inventory 4,975 4,228 +17.67
Entry Filed under: Buying a House, Connecticut, Real Estate Market, Selling a House. .
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