The West Hartford single-family real estate market continues to outperform 2012 in a year-over-year comparison. Closings in June jumped up to 106, which was the best individual month for the town since June 2006 (with 114 closings).
Many buyers like to close on their new homes in the summer months. June is usually the peak for closings, with July and August showing modest declines from a June peak depending on the overall strength of the market. The last few years have followed this basic trend.
Closings typically lag behind contracts by about a month and a half, since that’s how long it takes to get through the inspection and mortgage approval process. Some buyers are able to move more quickly, while others choose to take it more slowly. There were 102 single-family homes put under contract in town in May, versus 66 in June, so we do expect the closing count to fall off over the summer months again this year.
The inventory statistics in West Hartford show that the market is still favoring sellers at price points up to $500,000. That’s not to say a seller is guaranteed to have a bidding war for their home – sellers still need to pay attention to the signals the market provides. However, nicely updated properties are attracting attention when they are listed. Home buyers are also taking note of properties that need some work. The key in both cases is that the homes need to be priced properly for their location and condition.
Here are the June stats for the West Hartford single-family housing market.