Home sale prices in the greater Hartford area rose in March, but sales didn't make any gains compared with the same month last year, a new report Thursday shows.
The median sale price of a single-family house — in which half the sales are above, half below — rose 5 percent, to $210,000 in March, compared with $200,000 for the same month a year ago, according to the report from the Greater Hartford Association of Realtors.
The industry group, which tracks sale trends in a 57-town region stretching from Enfield south to Middletown, reported that closed sales were flat on a year-over-year basis.
The sales provide a tentative lead-in for the spring home-buying season, traditionally the strongest of the year. Sales closed in March generally would have gone under deposit 45 to 60 days earlier.
The association reported that pending sales rose 3.2 percent in March compared with a year ago, a sign that sales may be gathering some modest momentum in April. But new listings — key to keeping interest of would-be purchasers, fell more than 20 percent on a year-over-year basis.
The inventory of single-family houses fell by more than 22 percent in March. Based on the number of sales in March, which came in at 809, the region has seven-month supply of homes for sale. This leaves the greater Hartford area in a buyer's market, but barely.
A buyer's market is said to exist when there is a six-month or more supply of houses for sale. If it falls below six months, sellers have the upper hand in negotiations because there are fewer options. At six months, the market is said to favor neither buyer nor seller.
But even with that decline, the pace of sales still left the region in a seller's market, with a seven-month supply of houses on the market.
In 2016, house sale prices in Hartford County outpaced several areas of the state, including Fairfield County.
Through the first three months of the year, closed sales of single-family houses rose 5.3 percent and the median sale price slid just under 1 percent, the association said. The gains for the year are tied to increased sales in January.
Swings in the median price do not necessarily mean all prices or home values are moving in the same direction. Home prices can vary widely from town to town and even neighborhood to neighborhood, and are influenced by property condition and updates to kitchens and bathrooms.
The median price also can be influenced by the mix of houses sold. Higher-priced homes — those at $750,000 or above — can lift the median, but have not been selling quickly in recent years.
The association draws its data from the Multiple Listing Service.
