The State of Greater Hartford Real Estate

Dated: 11/16/2018

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A slowdown of the real estate market isn't unusual this time of the year.

The changing seasons, and back to school routine and upcoming holidays are a time when home sellers may choose to take their house off the market until next spring. Many buyers are willing to wait until the perfect house becomes available for them, and with less buying options, buyer interest and enthusiasm tend to wane, too.

In the past year, there have been mixed results in Greater Hartford real estate. While there has been a rise in the median sale price of single family homes, there has been a decrease in closed sales as compared to last year.
According to the Greater Hartford Association of Realtors (GHAR) on Oct. 22, "The median sale price of single family homes in greater Hartford increased 3.17 percent (from $221,000 to $228,000) over September of last year. Closed sales decreased 19.98 percent (from 1,106 to 885) and new listings dropped 4.65 percent (from 1,571 to 1,498). Inventory increased 0.39 percent (from 5,162 to 5,182) during this same year over year timeframe.

In year to date statistics, closed sales decreased 3 percent (from 9,391 to 9,109) and the median sale price increased 3.97 percent (from $223,000 to $231,850). New listings decreased 1.82 percent (from 15,022 to 14,749) from the beginning of the year, when compared to last year.

Condominium closed sales decreased 1.95 percent (from 256 to 251) over September of last year. The median sale price decreased 6.99 percent (from $149,450 to $139,000) and inventory decreased 9.92 percent (from 1,159 to 1,044), over September of 2017.

In year to date statistics, condominium closed sales decreased 1.50 percent (from 2,130 to 2,098) and the median sale price decreased 4.45 percent (from $154,900 to $148,000).

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says rising interest rates have led to a decline in sales across all regions of the country.

"This is the lowest existing home sales level since November 2015," he said. "A decade's high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur under performing sales activity across the country."

Melissa Rolland is a real estate salesperson and Realtor, accredited home stager, and author of the book 'Straight from the Kitchen Table: Every Day Real Estate.' She lives in Tolland with her husband, Todd, an associate broker and Realtor. Together ,they manage the Rolland Realty Group powered by eXp Realty of CT, LLC. You can connect with them at www.RollandRealtyGroup.com or 866-408-8059."The statements and opinions contained in this article are solely those of the individual author and do not necessarily reflect the positions or opinions of EXP REALTY INTERNATIONAL, INC. or its subsidiaries or affiliates (the "Company"). The Company does not assume any responsibility for, nor does it warrant the accuracy, completeness or quality of the information provided.

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Melissa and Todd Rolland

Melissa Rolland is a real estate salesperson, accredited home stager and has been a real estate investor for over a decade, helping hundreds of homeowners buy houses, sell houses, and invest in real e....

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