7 Pilgrim Rd, West Hartford

7 Pilgrim West Hartford

Great layout in this move-in ready Colonial located in the Hartford Golf Club neighborhood.

The first floor offers oversized formal living and dining rooms, an updated kitchen with eat-in space that opens to a family room with built-ins, a dedicated first floor office, and a remodeled powder room.

Upstairs features a master bedroom with walk-in closet and bathroom, as well as three additional bedrooms and another full bathroom.

Air conditioning, a two car attached garage, partially fenced yard, and deck complete the property.

7 Pilgrim Road is offered at $379,000. If you’d like to see this home, please have your agent arrange a showing, or call Amy at 860-655-2125 to schedule a visit. More details and photo tour are available.

2017 Hartford County Single-Family Sales Data

Hartford County finished 2017 with a slight increase in the number of single-family home sales compared to 2016. The total in the Connecticut MLS database as of 1/4/2018 was 8,649, or 1.6% higher than the previous year. Although there wasn’t significant growth in market activity, the deal total for the year remained close to the 2005 peak, signifying strong overall demand.

2018-01-07 Hartford County Single Family Sales

Looking at the trend in pricing, the chart below shows that both the average and median sales price fell in 2017 compared to 2016. There has been little progress in pricing for years, with both metrics just below the 2009 result, and well off the 2007 peak.

2018-01-07 Hartford County Single Family Prices

Pricing results are not uniformly bad, despite the middling numbers, but it is difficult to see the bright spots when reducing the entire market to a single data point. Additionally, the decrease in the average and median prices is a bit misleading, as will be discussed below.

Lower price bands showed a strong increase in activity over the past few years. Most of the housing stock in the region is worth between $100,000 and $300,000. In 2017 those deals represented nearly 65% of all sales. Those are the price bands that experienced consistent buyer interest and rising prices. The upper end of the market continues to struggle with low demand and downward pressure on prices.

2018-01-07 Hartford County Single Family Sales by Price Band

Distressed sales are a meaningful part of the Greater Hartford market. The percentage of single-family homes sales that were either foreclosures (bank owned) or short-sales (seller owed more than mortgage) remained steady at just over 13%. Most of the deals that closed for less than $100k were distressed (456 out of 652, or 70%), though more than half of the distressed deals closed for more than $100k.

Differences in buyer demand at the various price points have been evident for years. 2017 continued the trend of strength at the low end and weakness at the high end.

It appears that average and median prices decreased because of how those numbers are calculated rather than because of buyers bidding less. In 2017 the number of buyers for low end homes increased versus 2016, while the number of buyers for high end homes decreased. The mix of sold homes changed. Therefore, when the average and median prices were calculated, the mix of sales ($200,000 deals vs $500,000 deals) forced the overall average and median prices down.

Prices fell for technical reasons, not because individual homes are necessarily worth less than they were last year (though some are worth less). The big picture takeaway is that headline numbers like median sales price can’t always be trusted. It is important to get into the numbers to understand the details.

We’re looking forward to seeing what 2018 brings. As always, we are happy to answer questions for folks who would like more information.

869 Farmington Ave Unit 206, West Hartford

869 Farmington 206

Don’t miss this updated one bedroom plus office located a short walk from West Hartford Center. The unit is on the second floor, offering an open plan and comfortable layout.

A spacious foyer with coat closet welcomes you home. The kitchen includes counter seating, and is updated with new cabinets, stone counters, and stainless appliances. An oversized doorway connects to the dining area, which leads to a comfortable living room. Just off the kitchen is a bright office that could serve as a smaller bedroom if needed.

Down the hall is a generous bedroom with double closets and new ceiling fan. The updated bathroom has new fixtures, and both a glass stall shower with rainfall showerhead and a separate bathtub.

The unit is part of the Westbury community, which includes elevator access, video buzzers for the security door, and heat/HW included in the monthly fee. Gardening plots are available in back on a first come first serve basis. Learn more about the community at https://www.WestburyCondo.com/.

The assigned parking space is located just outside the back door (space #1), and there is a private storage room in the basement that is about 10’x10’.

This turn-key property is a gem – come see it today!

869 Farmington Avenue Unit 206 is offered at $195,000. If you’d like to see this home, please have your agent arrange a showing, or call Kyle at 860-655-2922 to schedule a visit. More details and a photo tour are available.

December Contracts: That’s a Wrap

2018-01-04 Hartford County Single Family Contracts in December 2017

Hartford County finished December with 464 single-family home contracts, more than 12% fewer than December 2016. For the full year we observed 9,767 deals, a mere 17 fewer than the 2016 total. Local real estate performed well during 2017 despite the December finish.

We’ll get deeper into the statistics next week by analyzing closed sales for the year. Contract data is interesting because of its immediacy, which is why we report it on a monthly basis. However, the closed sales data available at the end of the year contains much more information.

Most importantly, closed sales include a true market price for each property. It is valuable to look at how pricing changes over time, but we don’t know the value of a home when the buyer and seller agree to the contract. We have to wait until the deal closes, which typically takes 45 – 60 days.

It is also nice to be able to use a full year’s worth of sales when analyzing pricing. As you can see from the chart at the top, the real estate market has strong seasonal trends. It’s better to compare a full year to a different full year so that the effects of seasonality are minimized.

The other advantage of using full year data sets is that there is a lot more data. Hartford County homes are not usually in large subdivisions, and most of the housing stock is at least 40 years old. Each property is different, both because it was built individually (versus being built with 100 other identical homes), and because owners have made different updates over the years. Therefore the mix of homes sold (style, size, price, …) can vary widely from month to month, and even quarter to quarter. The more data that is included in the analysis, the more significant the findings.

As we work to analyze the 2017 closed sales, here is the final tally of contracts for the year, which gives a good sense of market activity in the County overall and in individual towns.

Thank you for reading, and have a wonderful 2018!

2018-01-04 Hartford County Single Family Contracts in December 2017 by Town

November Contracts: Smooth Landing

2017-12-05 Hartford County Single Family Contracts in November 2017

Hartford County finished November with 646 single-family home contracts, which was slightly fewer than the total from November 2016. On a year-to-date basis, the market is about 0.5% ahead of last year.

Monthly deal counts followed the 2016 trends very closely for the past few months as the market began to wind down for the year. December is off to an active start, but will continue the quieting trend. There tend to be fewer home buyers at this time of year, but those who are shopping are generally more serious about their search.

There were very few differences in the number of deals in each of the different price bands. Most of the bands below $1 million are within 1% of their 2016 total. The $300,000s has been the largest gainer, with a 2.9% increase. There have been fewer deals at the million dollar level, but because that is such a small part of the overall market it is difficult to assess the significance.

Inventory levels are low, which is common because sellers take their homes off the market during the holiday season. This is the slowest time of the real estate year as both buyers and sellers regroup and begin to plan for the spring.

Have a happy holiday season … we’ll have a full analysis of the 2017 market in January.

2017-12-05 Hartford County Single Family Contracts in November 2017 by Town