June Contracts: One Thousand

2017-07-08 Hartford County Single Family Contracts in June 2017

Hartford County finished June 2017 with 1,000 single-family contracts. Hitting four digits in a month is rare, a level of activity that the market only reaches during spring months of busy years. Despite reaching the 1,000 deal milestone, the month trailed the activity level of June 2016 by about 2.6%. On a year-to-date basis, 2017 trails 2016 by 0.5%.

Town-by-town results (below) are often widely scattered, but June’s results seem to be exceptionally diverse. Even in the smaller markets it’s unusual to see outperformance or underperformance of more than 50% for a month. Five of the 28 towns had at least a 50% swing in the number of deals compared to June 2016.

The year-to-date trends also show quite a bit of diversity. Many, but not all, of the less dense suburbs to the west and north of the City lagged last year’s performance by over 10%. At the other end of the spectrum, East Hartford and Manchester recorded the two largest increases in deals. East Hartford is 59 contracts ahead, while Manchester is at +57 contracts.

Inventory of active listings continues to follow the same trend we have been reporting for years. In the County overall, it is a seller’s market for properties worth less than $200,000, a neutral market for homes between $200,000 and $400,000, and a buyer’s market for prices above $400,000. The dynamics of individual towns definitely vary, but the general trend typically holds. Sellers have the advantage at the low end, while buyers have the advantage at the high end.

Although the summer has the reputation of being a slower period for real estate, the chart at the top shows that July and August are still active months for buyers. We’re looking forward to keeping the year going as we work with our buyer and seller clients. Let us know if you need some real estate help!

2017-07-09 Hartford County Single Family Contracts in June 2017 by Town

May Contracts: Rebound

Hartford County Single Family Contracts in May 2017

May contracts rebounded sharply from the seemingly out-of-line data point reported for April. Hartford County finished the month with 1,123 single-family contracts. It was a higher total than any of the spring months in 2016, or any other month since we began tracking contracts using this methodology in 2009. The May total brought the year to date deal count to within 2 of May 2016 count.

Inventory data showed that there was a modest increase in the number of available homes. The County’s months of inventory increased from 3.3 to 3.5. Additionally, the number of municipalities with 3.0 months of inventory or less declined from 12 to 8. There was more balance between supply and demand in May than in April.

Buyers intent on purchasing this spring faced two headwinds that may have caused the April data point to be an outlier.

First, competition from other buyers may have prevented home shoppers from “winning” properties that they tried to buy. This headwind was caused by the low inventory levels that were observed.

The second headwind was psychological, the natural tendency to want to wait to see if better options appear. The Greater Hartford real estate market is dominated by homes that were built decades ago. There is relatively little new construction, and virtually no large-scale subdivisions that offer new, cookie-cutter single-family homes.

Because of the nature of the housing stock, every home is different. Buyers who don’t love their options will often wait to see if something better comes onto the market. They want to find the right fit. However, there is a limit to their patience. At some point they have to pick from the available options so that they have a place to live.

May continued the strong spring real estate market. Hartford County is back on pace with 2016, and shows signs of continued strength into the late spring and early summer months.

Hartford County Single Family Contracts in May 2017 by Town

21 Capitol Ave, Unit C, Hartford

21 Capitol C, Hartford

Historic charm and modern updates make this condo a fantastic option for carefree living, right in the heart of Downtown Hartford.

This townhouse-style unit is move-in ready with an open floor plan, high ceilings, exposed brick, oversized windows, hardwood floors throughout, new lighting fixtures and fresh paint.

The remodeled kitchen offers granite counters, stainless steel appliances, updated cabinetry, and a breakfast bar. The space flows into the dining area and beyond to the living room with a wood burning fireplace. Down a short hallway on the main level, you’ll find an updated full bathroom and a bedroom.

Upstairs, the master bedroom suite features double closets, a renovated en-suite bathroom, and a lofted ceiling with skylights.

The condo has central air conditioning, plenty of storage space, laundry in the unit, a reserved parking spot, and access to the green space adjacent to the rear of the building. The condo fee includes heat and hot water.

Enjoy a quick walk to the theatres, Wadsworth Atheneum, popular restaurants, Bushnell Park and more!

21 Capitol Avenue, Unit C, has 2 bedrooms, 2 baths, and 1,327 sqft. The home is offered for $249,900. If you’d like to see this home, please have your agent arrange a showing, or call Amy at 860-655-2125 to schedule a visit. More details and a photo tour are available.

550 Fern Street, West Hartford

550 Fern Street, West Hartford

550 Fern is a turnkey home with a family room addition off the back.

A landscaped front yard invites you to enter the traditional Colonial. The front-to-back living room is spacious, and includes a gas fireplace. The updated kitchen is open to the dining room, and features stainless appliances, stone counters, multiple pantry closets, and counter seating. A family room with built-in shelving connects the kitchen back around to the living room. The updated full bath on the main level allows the family room to easily be converted to in-law space.

There is a stone patio outside the kitchen that is perfect for a grill. Beyond the patio is a large, level yard with storage shed.

The three upstairs bedrooms are all a reasonable size. The full bath on the upper level was recently remodeled, and includes a Jacuzzi tub.

The home has newer vinyl siding, most of the windows have been replaced, and has many new doors. The high efficiency gas furnace also includes micro-filtration and humidification to cut down on allergies. Central air will keep you cool all summer long.

550 Fern is across the street from the Fernridge Park tennis courts, swimming pool and playground. West Hartford Center and all its dining and entertainment options are a short walk away. The convenient Fern Street bus line provides a green, and stress-free, alternative to driving to Downtown Hartford for work.

550 Fern Street is offered at $369,900. If you’d like to see this home, please have your agent arrange a showing, visit the open house on Sunday 5/21/2017 from 1:00 to 3:00, or call Kyle at 860-655-2922 to schedule a visit. More details and a photo tour are available.

28 North Quaker Lane, West Hartford

28 North Quaker

There’s lots to love about this charming Colonial, just a short walk to West Hartford Center and Blue Back Square.

A traditional full width porch welcomes you to the home. Inside, the freshly painted interior and hardwood floors set the stage. An oversized living room features a wood burning fireplace and built-in bookcases. The formal dining room has a corner hutch and connects to the kitchen. The kitchen features a large eat-in space, butler’s pantry, and direct access to the deck and backyard. A powder room completes the first floor.

Upstairs, the master bedroom has a full bathroom and walk up access to the attic. There are three additional bedrooms, another full bathroom, and a heated sleeping porch.

The home has low maintenance vinyl siding, replacement windows, and a new hot water heater. There is also a 2-car detached garage.

28 North Quaker Lane is offered at $335,000. If you’d like to see this home, please have your agent arrange a showing, visit the open house on Sunday 5/21/2017 from 1:00 to 3:00, or call me at 860-655-2125 to schedule a visit. More details and a photo tour are available.