Greater Hartford arrived in the heart of the spring real estate market during April with 1,026 deals reached during the month. It was a 6% increase over last year’s number, and brought the year-to-date deal total to within 1% of the prior year. 2018 is another very active real estate year.
Inventory levels remained low, continuing the trend from the first quarter. At the end of April the metric stood at 3 months. A market is generally considered a seller’s market when inventory dips below 3 months, so Greater Hartford was right on the line.
The other trend to watch is mortgage rates. There have been a couple steps upwards in rates so far this year, and there continue to be fears that rates could move even higher. Despite the uptick, mortgage rates continue to be near historic lows. Buyers may feel the pain of incrementally more interest in their monthly payments, but the total deal counts for April clearly show that the changes have not been enough to discourage buyers from putting homes under contract.
May is traditionally a very active month, and we see no reason to think 2018 will be any different. Happy spring everyone!