We’ve been showing a lot of houses over the past few weeks. And it seems like there just isn’t anything out there for buyers. What do the inventory levels of single family homes in various towns in the Hartford area tell us?
All of the data used to develop this chart came from the CT Multiple Listing Service and is deemed reliable but not guaranteed. We looked at the number of homes currently for sale and the number that have closed within the last 90 days in order to get to these inventory figures.
This list is sorted by Months of Inventory. Anything between 3-5.9 months of inventory is considered a Neutral Market, neither buyers nor sellers have an advantage based on the number of houses on the market. Anything greater than 6.0 months of inventory is considered a Buyer’s market because the supply of houses outweighs the current demand. Currently there are no towns that are a Seller’s market. Sorry Newington!
These numbers are typical for this time of year. We can expect over the next month or so that these inventory levels will actually increase, as more sellers list their homes and buyers are not yet quite ready to pull the trigger on a purchase.
Remember that these numbers consider the entire market. Sellers, when pricing your home, look specifically within the price range you’ll be competing and use that to guide you. Buyers, there are no absolutes when it comes to the market, make sure you also consider the specific house you’re looking at and what its competition is to determine if it’s priced realistically.