May 2007 Market Statistics for Greater Hartford
June 28, 2007
Here are the statistics released by the Greater Hartford Association of Realtors for single family home sales in Greater Hartford. As you’ll see, there are both good and bad indicators for the real estate market.
Signs of a Weak Real Estate Market
- The number of closed sales in the single family residential market is down
- over 22% compared to this month last year and over 10% YTD compared to last year
- Average days on market is up
- Homes are spending 6 more days on the market compared to last year, YTD
- Homes are spending 8 more days on the market compared to May of 2006
- Inventory is up
- 12% more homes are on the market in May 2007 than in May 2006
Signs of a Strong Real Estate Market
- Pending sales are higher, not enough to soak up the extra inventory but people are still buying homes
- YTD, there are .51% more pending home sales than last year
- When compared to the month of May last year, there is a greater than 1% increase in the number of pending sales
- Median sales prices are still notching upwards
- YTD, the median sales price is $254,700, up from the same period in 2006
- In May, the median home sales price was $257,000, up from May of last year
Entry Filed under: Buying a House, Connecticut, Prices, Real Estate, Real Estate Market. .
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