Halfway through the year, the real estate market is in good shape. Activity levels are in line with the previous two years, which were both strong years for the market.
Hartford County finished the month of June with 969 single-family contracts, which was about 3% fewer than the total from last June. On a year-to-date basis the first half of 2018 was about 1.6% behind the first half of 2017.
One of the important trends of the first half of the year was an increase in mortgage rates. We started 2018 with buyers getting mortgages with interest rates at about 4.0%. Rates jumped to just below 4.5% in the first quarter, and crept up a little more in the second quarter. We’re seeing rates in the mid-to-upper 4% range right now.
The increase in mortgage rates is relatively modest in the overall scheme of things, and rates are still at very low levels historically, but these types of changes do have an impact on buyers. Monthly interest payments tick upwards, reducing the monthly budget available for actually buying the house or covering the other costs that go along with home ownership. At the margin the change in rates will have a cooling effect on prices.
Despite the increasing rates, we fully expect the real estate market to continue to be active for the remainder of the year.
Conveniently located in the West Side neighborhood, this move-in ready Colonial has fantastic curb appeal with plenty of updates and charm.
The traditional floor plan offers a formal living room with a wood burning fireplace and formal dining room for entertaining. The kitchen is updated and leads to a mudroom and sun porch overlooking the backyard.
Upstairs there are three bedrooms and a completely remodeled full bathroom.
An oversized, level, sunny backyard is fully fenced and perfect for gardening and play. Relax on the paver patio.
The lower level is partially finished and houses the laundry area. There is also a walk-up attic for additional storage space.
The home features many recent updates including a newer boiler and oil tank, vinyl siding, driveway, front entry stairs and paver patio.
18 Courtland Street is 3 bedrooms, 1 bathroom, 1,350 sqft, and is available for $192,500. For more information, or to schedule a private tour, please contact Amy Bergquist at 860-655-2125 or AmyB@AmyB-RE.com. More details and a photo tour are available.
An open floor plan offers great flow in this West End colonial, just steps from the UConn Law School and Hartford Seminary.
Lovely perennial gardens and mature plantings welcome you and invite you to spend some time on the front porch. Inside you’ll find a library with built-in bookcases and a formal living room that opens to a dining room with a fireplace and built-in. The kitchen has eat-in space, stainless steel appliances, and leads to a pantry with storage cabinets, the laundry room and a half bath.
On the second floor, the master bedroom has a remodeled en-suite full bath and large closet. There are two additional nicely sized bedrooms and a renovated hall bathroom.
The third floor features a fantastic oversized room with a cathedral ceiling and skylight, making it light and bright. This space offers so many possibilities; a family room, an office, an art studio. The fourth bedroom is also on this floor.
The backyard has a deck, a 1-car garage, and the yard is fully fenced.
The home has gas heat and hot water, central air conditioning, an architectural shingle roof, and the interior has many freshly painted spaces.
109 Girard Avenue is 4 bedrooms, 3.1 bathrooms, 2,710 sqft, and is available for $325,000. For more information, or to schedule a private tour, please contact Amy Bergquist at 860-655-2125 or AmyB@AmyB-RE.com. More details and a photo tour are available.
This outstanding 2-family is turnkey and perfect for an owner occupant or investor.
Unit 1 has original oak detailing, leaded glass windows, and pocket doors. The living room has a decorative fireplace and opens to a formal dining room with built-in hutch. The renovated kitchen has eat-in space, a dishwasher and pantry for storage. There are three large bedrooms and an updated bathroom.
Unit 2 also has original oak detailing, leaded glass windows, and pocket doors. It encompasses the second and third floors of the home. The living room has a wood burning fireplace and connects to a den and the formal dining room, both with built-ins. The kitchen has been extensively remodeled, as has the full bathroom. There are two large bedrooms and two enclosed porches that complete the second floor space. The third floor offers an additional oversized bedroom, full bathroom and kitchenette with sitting space, and plenty of storage space, perfect for an in-law or au pair.
The home has two newer high efficiency gas boilers and gas hot water heaters, laundry in the basement for each unit, a 2-car garage, a lovely front porch, and a fenced backyard with a deck. Don’t miss this fantastic opportunity!
53 Beacon Street is 6 bedrooms, 3 bathrooms, 3,701 sqft, and is available for $310,000. For more information, or to schedule a private tour, please contact Kyle Bergquist at 860-655-2922 or KyleB@KyleB-RE.com. More details and a photo tour are available.
2018’s monthly deal count increased in May. The 1,089 total was slightly less than the May 2017 total, but a solid increase over the April 2018 count. On a year-to-date basis there have been 1.3% fewer Hartford County single-family home contracts in 2018 than there were through the end of May 2017.
May is traditionally the single busiest month of the year. It is also far enough into the year that the town-by-town results have enough data to be interesting. Most of the towns in the County are within 10% of their 2017 performance on a year-to-date basis. Rocky Hill, Avon, Granby, and Burlington all outperformed last year by more than 20%, while only East Granby, Marlborough, and Manchester lagged last year by more than 20%.
Taking a more detailed look at Manchester, it appears that their 21% underperformance can be directly attributed to a lack of inventory. The Manchester market is busiest in the $100,000s, where 148 homes went under contract through the end of May 2018. That’s about 30% fewer than the 213 that had gone under contract by the end of May 2017. There is currently only a 2 month supply of listings in that price band, making it a strong seller’s market.
Inventory levels continue to be low throughout the County. There were only 3.2 months of homes available as of the end of May, which is barely above the level that is considered a seller’s market. June should continue to be active before the pace of deals begins to slow down in the second half of the year.