Closed sales of single-family homes in the Hartford area rose 36.31% year over year in October, the Greater Hartford Association of Realtors reported.
The number of sales rose from 548 in October 2019 to 747 a year later, GHAR reported, while the median sales price rose 13.33% (from $ 247,500 to $ 280,500) and outstanding sales increased 49.9% (from 509 to 763 USD) rose.
New registrations increased 4.66% (from 772 to 808) and inventories decreased by 35.56% from 2,610 to 1,682 over the same period.
In the statistics since the beginning of the year, new registrations fell by 9.67% from 8,642 in 2019 to 7,806 this year. Outstanding sales increased 12.52% – from 5,608 to 6,310 – and closed sales increased 7.89% (from 5,580 to 6,020).
The median sales price increased 9.76% (from $ 246,000 to $ 270,000) and the average market days decreased 10.53% (from 57 to 51 days) year over year over the same period.
Completed condominium sales increased 54.4% (from 136 to 210) and outstanding sales increased 41.3% (from 138 to 195) in October 2019. The median condominium sales price increased 4.05% (from $ 173,000 to $ 180,000) and inventory increased 20.67% (from 566 to 449).
"Our market typically cools with the weather at this time of year, but brokers are concerned with the continued growth in closed sales," said Holly Callanan, CEO of GHAR. "Record-low mortgage rates are attractive, but buyers need to act quickly in this market," she said.
In the National Forecast, Lawrence Yun, Chief Economist of the National Association of Realtors said, "The increase in sales over the past few months has now offset the market losses in the spring. With the news that a COVID-19 vaccine will be available soon and with mortgage interest me assume that market growth will continue until 2021. "
Yun is forecasting an increase in sales of existing properties by 10% to EUR 6 million in 2021.