105 Newbury Street, Hartford

105 Newbury

You’ve found just what you’re looking for with this move-in ready Colonial in Hartford’s Barry Square neighborhood.

The first floor architectural details remain with original woodwork, French doors, and hardwood floors throughout. The formal living room has a wood burning fireplace and opens to the formal dining room and heated sunroom. The kitchen has been fully remodeled with plenty of cherry cabinets, granite counters and updated appliances. A renovated powder room and mudroom complete the first floor.

The second floor features four bedrooms and an updated full bathroom. A nicely sized master bedroom has a walk up to additional finished and heated third floor space. One of the smaller bedrooms conveniently houses the laundry in its closet.

The home has a high efficiency gas boiler, newer gas hot water heater, and replacement windows throughout.

Both the front and back yards feature mature perennial beds for lovely blooms throughout the growing season. There is plenty of parking, as well as a storage shed.

105 Newbury Street is offered at $199,000. If you’d like to see this home, please have your agent arrange a showing, or call me at 860-655-2125 to schedule a visit. More details and a photo tour are available.

2016 Single-Family Sales by Town

The other day I posted the County level stats for sales activity and pricing. The big picture view gives a good sense of high level trends, but doesn’t provide much insight into the markets of individual towns. The reality of Greater Hartford real estate is that each town is its own market, and there can be very different dynamics at play.

Here is a summary chart showing the activity and price changes in each of Hartford County’s towns. This continues to be for single-family homes, which represent the majority of the housing stock in most towns.

2017-01-06 Hartford County Single Family Sales in 2016 by Town

How did your town do last year? If you’re interested, send me a quick note at KyleB@KyleB-RE.com and I can send you our town report to get deeper into the data.

2016 Hartford County Single-Family Sales Data

2016 was another good year for Hartford County real estate. It was the second year in a row that showed growth in the number of closed deals. The total number of single-family sales recorded in the Connecticut Multiple Listings Service (CTMLS) database was 8,515 (as of 1/6/2017).

2017-01-06 Hartford County Single Family Sales

The number of closed sales increased by 10.6% over the 2015 total. As the above chart shows, the market has returned to the activity levels seen in the early 2000s. Last year’s sales total was only about 6% below the 2005 peak.

The increase in sales was not been equally distributed across price bands. Most of the increases in 2016 were in the middle price points of the $200,000s and $300,000s. However, on a percentage basis, the price points between $400,000 and $1,000,000 also showed good growth.

2017-01-06 Hartford County Single Family Sales by Price Band

Year end is the only time that we look at pricing trends. The chart below updates the annual calculation of median and average home prices. For the first year in quite some time, the median and average sales prices both increased. It’s difficult to tell from the high level charts, but the pricing gains were concentrated in the lower price points. Sellers at the upper price points still struggled with more supply than demand.

2017-01-06 Hartford County Single Family Prices

The market is now well into the recovery phase, and is showing the first signs of upward price movement in quite some time. We’re looking forward to seeing what 2017 brings. Feel free to reach out to us if you have questions or would like more information.

December Contracts: Steady Finish

2017-01-04 Hartford County Single Family Contracts in December 2016

The Hartford County single-family market finished 2016 at almost exactly the same activity level as the previous year. The chart above shows the fourth quarter for 2015 and 2016 nearly overlapping.

The vast majority of the 9% increase in 2016’s contracts, compared to 2015’s total, occurred in the first half of the year. There was modest outperformance in August, but the second half of the year was unusually similar.

We traditionally only look at pricing data once per year, in January. Looking at smaller time periods, months or even quarters, is not very useful since the mix of homes that sell is inconsistent. This is especially true in Hartford County, where home prices cover a very broad range. Our view is that a full year’s worth of data is needed to even out the inconsistency.

We’re interested to see whether the increased activity translated into higher prices during the year. Come back for that analysis in a day or two. We want to give agents a little more time to close out all of their deals in the MLS before analyzing the 2016 sales.

Have a Happy New Year! And if you have real estate questions, please feel free to call or write … it’s time to think about spring!

2017-01-04 Hartford County Single Family Contracts in December 2016 by Town

November Contracts: Election 2016

2016-12-06-hartford-county-single-family-contracts-in-november-2016

November 2016 finished with 656 single-family home contracts in Hartford County. It was a 5% increase over the November 2015 total, leaving 2016 about 9.5% ahead of the the 2015 pace through eleven months.

As a County that voted for Ms. Clinton by a sizable margin (58% to 31%), the election of Mr. Trump could have been disruptive to the local real estate markets. We’ve been told in the past that real estate activity slows down in the final months of presidential campaigns. A natural extension of this hypothesis is that an unexpected loss by the County’s preferred candidate should also be seen in the sales activity data.

The second half of 2016 was not as active as the first half of the year. However, it is unclear if the slowing pace of deals can be attributed to the election. There was not a precipitous drop in activity at any point as voting day neared. Month-by-month results closely follow last year, which was not an election year. If anything, the consistency in the month deal counts suggests that home buyers didn’t feel the presidential election impacted their real estate activities.

It is so close to the end of the year that we’ll save the detailed data analysis for the year end report. The high level results clearly show that it was a good year for the local real estate markets. 2016 will finish with more sales than 2015.

2016-12-06-hartford-county-single-family-contracts-in-november-2016-by-town