Greater Hartford Q3 2009 Real Estate Market Statistics

We’ve moved into the last quarter of the year and you can tell fall is here; the leaves are changing, it’s apple picking time, and I’m wearing long sleeves on my morning runs.

How did the Greater Hartford real estate market do in the third quarter of 2009? Here’s the latest data from the CT Multiple Listing Service for single family homes, deemed reliable, but not guaranteed…


My Observations…

1. The number of closed sales for the third quarter of 2009 increased from the same time period for 2008. Aggregated, the number of closed sales in these towns increased by 6%. That’s a pretty healthy increase, closed sales had decreased for the past several quarters.

2. Prices aren’t doing nearly as well. Every town but Manchester saw a decline in the Median Sale Price, several seeing decreases of more than 10% when comparing to Q3 of 2008. Days on Market also increased in most towns, so homes are selling for less and taking longer to sell. Not ideal if you’re a Seller.

3. The last column of data related to current Months of Inventory is telling an interesting story. The cells shaded blue are the towns that are currently a Neutral market (between 3-6 months of inventory). Newington, shaded green, is a Seller’s market (less than 3 months of inventory). The 4 remaining towns, shaded peach, are Buyer’s markets (6+ months of inventory). While the majority of the towns are Neutral markets right now, we will most likely see many of them move towards Buyer’s markets as we move into the winter months, as sales historically slow in the last 3 months of the year.