West Hartford has been one of the hottest real estate markets so far this year. Here are a few charts to show where it is as of the middle of the spring season. Data is for single-family homes and comes from the CTMLS, which deemed reliable but not guaranteed.
The number of closed sales has at least equaled the 2012 total in every month. Overall, 19% more deals have closed this year compared to the first four months of 2012.
The number of closings over the past 12 months has increased in nearly every price band. The jump in the $400,000s has been especially impressive.
Demand for homes, as reflected in the properties currently under contract and waiting to close, is well distributed by price band.
Supply of homes is limited, averaging about 3.5 months of inventory. At price points below $500,000 the market has even less available for buyers.
What these charts don’t show is that prices are increasing in West Hartford. Because every property is different, and the mix of homes that sell in a given period of time is constantly changing, there is no easy metric that captures pricing accurately. But any (active) real estate agent can tell you that bidding wars are back, and that buyers need to have their act together in order to have a shot at getting an updated home in the middle and lower price bands.