iStock illustration

The Greater Hartford’s inventory of single-family homes for sale was down 52 percent year-over-year in February, the Greater Hartford Association of Realtors announced Wednesday.

Only 959 homes were for sale in the area in February, compared to 2,004 in February 2020.

The decrease is being driven in part by a dearth of new listings, with only 464 homes hitting the market in February, compared to 689 that did so in February 2020. At the same time, the average number of days a home spent on the market dropped from 74 to 53, a 28.38 percent drop.

It’s a sign the state’s prospective homebuyers will continue to face tough competition this spring as sellers, many of whom are afraid they won’t be able to find a new home should they sell their current one, hold off from listing.

New listings year-to-date decreased 33.18 percent, from 13,05 to 872, over the same figure through Feb. 29, 2020. The average days spent on market decreased 37.33 percent, from 75 to 47, during this same time frame.

The condominium market saw a substantial reduction in inventory as well, with the number of units for sale in February dropping to 309, from 474 last February. New listings also dropped, from 140 to 185, as did average days on market. That fell from 70 to 56, a 20 percent decline.

“Housing inventory is still tight in Greater Hartford, which usually signals a rise in price,” GHAR CEO Holly Callanan said in a statement. “Using a knowledgeable Realtor is vital to navigating the multiple offers and tight deadlines that are associated with this unique market.”