Everyone and their uncle seems to be offering their thoughts and predictions for the national housing market in 2008. Let’s take a look and see how West Hartford did when comparing 2006 to 2007. Because, as we all know, housing is local. This is not Phoenix or Vegas or Miami.
All data was pulled from the Multiple Listing Service (insert the standard “deemed reliable but not guaranteed” disclaimer here…) and represents single family homes sales only. No condos or multi-family properties were included in my analysis. Also, private sales were not included in my analysis.
The number of sales were down for the year in West Hartford, but pricing remained strong, up by 4% on average.
As of today, there is 3 months of housing inventory on the market in West Hartford. That means the housing market in West Hartford is in a neutral position. Zero to 3 months of inventory indicates a seller’s market, 3 to 6 months of inventory indicates a neutral market, and 6+ months of inventory indicates a buyer’s market.
Moving into the spring real estate market in West Hartford, buyers will have a tough time getting the deals they are expecting if the inventory levels remain healthy. I’ll continue to provide statistics as we move through the year.
Farmington Valley stats will be posted tomorrow. Maybe there are more deals available there…