September was a down month for the Hartford County single-family market. The number of contracts signed declined more than 9% from the same month last year, leaving the County 4% behind on a year-to-date basis.
It appears that there will be a modest fall market in Hartford County this year. Other agents throughout the state are reporting similar observations about the market, so the deceleration does not appear to be unique to Greater Hartford.
I’ve heard a number of competing theories as to why we had a slow September, but it’s unfortunately impossible to know for sure why the number of deals moved downward this month. We cannot say for certain whether it is the local economy, rising mortgage interest rates, Connecticut’s political and economic situation, the national political environment, or something else entirely.
Most likely it is a combination of many factors.
Ironically, this may be an excellent opportunity for buyers to step in and find their new home. Let us know if you are considering a home search. We are always happy to talk real estate!