Regional Spotlight: Greater Hartford Home Prices Remain Stable in April

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RISMEDIA, May 22, 2007-Despite an 8.6% increase in homes available for sale and a 9.98% drop in closed home sales, median home prices in Greater Hartford increased by nearly 2% in April, according to the Greater Hartford Association of Realtors®.

The region’s home sales data reflects a high level of market variability: From January to April, new home listings increased 4.5% (from 6,530 homes for the first four months of 2006 to 6,824 this year); pending sales increased 0.23% (from 3,976 to 3,985), closed sales decreased 7.31% (from 3,161 to 2,930) and average days a home was on the market increased 7.94%, from 63 to 68 days.

Sales for the region’s condominium market decreased by 10.33% so far this year (from 1162 to 1042 units) while median sales prices increased 2.42%, from $165,000 in 2006 to $169,000 this year.

Housing activity this year will be somewhat lower than in earlier forecasts due to stricter lending standards and a decline in subprime mortgage origination, according to the latest projections (http://www.Realtor.org/Research.nsf/files/CurrentForecast.pdf/$FILE/CurrentForecast.pdf) by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, said one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth.

“Home buyers today see their purchases as long term investments that will appreciate over time,” said Greater Hartford Association of Realtors® President and CEO Jeff Arakelian. “This outlook means that buyers shop for value in homes that are favorably located and well maintained. Greater Hartford continues to offer a wide range of quality homes in attractive communities at prices that are competitive for a variety of tastes and budget ranges.”

Of the 749 single-family homes sold in Greater Hartford so far this year, 1% sold for under $100,000, 23% sold between $100,000 and $199,999, 39.5% were between $200,000 and $299,999, 2.95% sold in the $300,000 to $499,999 range and 6.8% sold for $500,000 or more.

For more information, call 1.860.561.1800 or visit www.gharonline.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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