31 Woodland Street #2I, Hartford

31 Woodland, Hartford

Enjoy a bright and open living area with hardwood floors and neutral paint in this spacious unit at the Woodland House. The oversized bedroom is next to the full bathroom and has access to multiple closets. There is very little wasted space in this well-designed unit.

The monthly HOA fee includes heat, hot water, electricity, central air, cable TV, 24-hour security, the amazing swimming pool, the well-equipped fitness room, and the very large lounge and game room.

The community offers indoor or outdoor parking, depending on your needs, that is arranged through the association for an additional fee.

This property is a great value for a turnkey home – just move in and enjoy!

31 Woodland #2I is offered at $67,900. If you’d like to see this home, please have your agent arrange a showing or call Kyle at 860-655-2922 to schedule a visit. More details are available.

August Contracts: Typical End of Summer

2018-09-07 Hartford County Single Family Contracts in August 2018

Hartford County finished August with 779 single-family contracts, slightly behind the August 2017 total of 785 deals. It continues to be a strong year for the county, with the total deal count only off last year’s total by about 3.4%.

Real estate markets took the traditional late summer step back in August. The pool of buyers trying to time the school year cycle typically phase out of the market at about this time of the year. Since it usually takes 45 – 60 days for a deal to close, putting a home under contract in August is unlikely to result in a move-in date before early September … after the school year has begun.

From now through March, buyers and sellers are folks who choosing to move for reasons that not related to schools. Downsizing continues to be a big trend in the region as the population ages. Work relocations are common because the Hartford area is a commercial hub. We are still seeing people buying their first home as they take advantage of the stable economy and the attractive mortgage interest rates.

Town-by-town performance is always interesting to track, and at this time of the year the numbers tend to settle because there is a meaningful amount of data. Focusing on the year-to-date column below, East Hartford and Manchester are the two municipalities showing the largest drop in the number of deals. Both are trailing 2017 by 104 contracts as of the end of August.

In East Hartford, the City had a very slow run in June and July. Those two months accounted for 57 deals of underperformance, which is more than half of the total for the year. Inventory levels are on the low side, at 2.8 months overall, but are no longer so low that buyers don’t have any homes to consider purchasing.

Manchester’s underperformance is actually more about last year than this year. The number of monthly deals this year has followed normal seasonal patterns, though it has been slightly below each corresponding month from last year. The main difference in the overall total was caused by surprisingly high deal counts in January, March, and April 2017. This year has been more of a typical year for Manchester.

Suffield has shown the largest increase in deals over 2017, with 29 more contracts leading to 25.7% more activity. As a smaller town, Suffield’s monthly data is more erratic than the East Hartford or Manchester. Consistent monthly deal counts during the summer of 2018 created the surplus deals after a hit-or-miss summer in 2017.

There could still be some surprises between now and the end of the year. Whether there are or not, 2018 is very likely to be another strong year for the local real estate markets.

2018-09-07 Hartford County Single Family Contracts in August 2018 by Town

Introducting MeetingInfo.org

MeetingInfo.org

I’m excited to share a project that has been in the works for a while. It’s ready to take the next step, and needs your help.

MeetingInfo.org is a web service that organizes information about public meetings. It’s designed to help meeting organizers connect with their constituents by publishing their meeting information online.

As a quick example, the site is perfect for municipalities, with their dozens of Councils, Boards, and Committees. The City of Hartford has been using it to document some of their meetings online for a while now.

It’s even better for small community organizations that depend on public participation. The West End Civic Association uses it for their Board of Directors and their Planning & Zoning Committee meetings.

We’re interested in expanding the site’s reach in the Hartford area – this is where we need your help.

Are you part of an organization (as an employee or volunteer) that hosts meetings for the public? Publish on MeetingInfo.org to make your community efforts more visible and accessible.

Do you run a website that has a community focus? Copy-paste a little code and you can help promote meetings in the community by displaying an up-to-date list to your readers. Here are three examples of how it looks on different sites: Greater Hartford Real Estate Blog, HartfordCitizen.com, stand-alone page.

Interested in what’s happening in Hartford? Create a (free) account on the site and follow the various groups that interest you. You’ll receive automated alerts when those groups schedule meetings and publish documents.

Publishing service subscriptions are currently being offered for free to all Hartford organizations, and for a very reasonable fee to everyone else. Visit the site or email info@meetinginfo.org to learn more.

Communities need participation to keep them moving in the right direction. More awareness of public meetings is always better. Help spread the word about the MeetingInfo.org platform!

July Contracts: Mixed Signals

2018-08-02 Hartford County Single Family Contracts in July 2018

Hartford County finished July with 868 single-family home contracts, a decline of more than 15% from the July 2017 total. On a year-to-date basis the County is a little less than 4% behind where it was at this point last year.

The comparison month, July 2017, was an outlier in last year’s data. The chart above shows that the deal total unexpectedly jumped last July, unlike the total from July 2016. Because of the odd behavior in the 2017 data, we’re inclined to not worry about last month’s result appearing to be such a big miss. 2018 continues to be a solid year, if not quite as active as 2017.

Scanning through the year-to-date performance by town in the table below, it looks like most of the towns in the Farmington Valley are having a better year than last year. On the other hand, some of the urban towns that we repeatedly highlighted last year as strong performers are showing signs that this year is a step backwards.

Inventory levels vary widely from town to town, but remain on the lower end of the spectrum. It’s possible that low inventory levels are acting as a drag on the market.

Consider East Hartford, which is more than 22% behind last year’s pace for deals. They are currently at 2.3 months of inventory, which is a seller’s market. Buyers need a reasonable selection of homes to choose from as they consider their options. And perhaps there just isn’t a good enough selection in some of the towns with low inventory. Greater Hartford is unfortunately not the type of market where people will buy any property at any price.

All of the towns that have more than 10% gains in the deal count have inventory levels of at least 4.8 months, putting them in the neutral market category. It’s a trend that we’ll monitor as we think about how to put the decrease in deals in proper context.

2018-08-02 Hartford County Single Family Contracts in July 2018 by Town

June Contracts: On Trend

2018-07-10 Hartford County Single Family Contracts in June 2018

Halfway through the year, the real estate market is in good shape. Activity levels are in line with the previous two years, which were both strong years for the market.

Hartford County finished the month of June with 969 single-family contracts, which was about 3% fewer than the total from last June. On a year-to-date basis the first half of 2018 was about 1.6% behind the first half of 2017.

One of the important trends of the first half of the year was an increase in mortgage rates. We started 2018 with buyers getting mortgages with interest rates at about 4.0%. Rates jumped to just below 4.5% in the first quarter, and crept up a little more in the second quarter. We’re seeing rates in the mid-to-upper 4% range right now.

The increase in mortgage rates is relatively modest in the overall scheme of things, and rates are still at very low levels historically, but these types of changes do have an impact on buyers. Monthly interest payments tick upwards, reducing the monthly budget available for actually buying the house or covering the other costs that go along with home ownership. At the margin the change in rates will have a cooling effect on prices.

Despite the increasing rates, we fully expect the real estate market to continue to be active for the remainder of the year.

2018-07-10 Hartford County Single Family Contracts in June 2018 by Town