Just when it seemed like the real estate year was over, the month of October turned out to be surprisingly active.
Hartford County recorded 812 single-family home contracts, which was more than 11% higher than October of last year. The total was also a significant jump from last month, September 2018, when the county finished with just 684 contracts.
This single-month reversal is one of the largest we have seen since we began reporting on monthly contract data. There appears to be no direct cause for the increase. The economy has not dramatically changed, election day has not arrived, mortgage rates remain slightly below 5%, and we are not aware of any major new narratives that would justify such a significant market shift.
We’re happy to be reporting positive market news, however unexpected it may be. Consult with your favorite real estate agent to find out how this upswing impacted your town or neighborhood market. There may still be opportunities this year, and this is the time to begin planning for next year’s spring market.
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!
307-309 New Park is a two-unit building in an overlooked part of Hartford within sight of the West Hartford line. It is a short walk to the grocery store and Kane Street Fastrak station, providing easy public transportation to Downtown Hartford, New Britain, and all the stops in between. The convenient location is also close to the interstate and the local CTTransit buses stop.
The first-floor unit is two bedrooms and one bath. The upper unit encompasses both the second and third levels, providing a spacious apartment with 2 bedrooms on the second level and multiple additional rooms on the third level that have flexible uses. It’s being advertised as a four bedroom unit, but there are actually 4 rooms on the top level alone.
Both units are in good condition, with recent updates to the upstairs kitchen and downstairs bathroom. Both have laundry in the unit, and include heat in the monthly rent. Both units are currently occupied by tenants with leases. The upstairs tenant is long-term, and the downstairs tenant is related to the upstairs tenant.
The building has a newer roof and newer gas furnace. Aluminum siding means you won’t have to repaint as part of the regular maintenance. There is a small fenced yard out back, and a driveway that can fit two cars. Overnight on-street parking is allowed, and there is not much competition for the spaces.
Don’t miss this turn-key investment opportunity that makes landlording easy!
307-309 New Park Avenue is offered at $214,900. 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.
Plenty of space and flexibility with this oversized Colonial in Hartford’s Southwest neighborhood.
The first floor features a large living room with hardwood floors, updated kitchen with lots of cabinets and counter space, a formal dining room, powder room, and master suite with walk-in closet and en-suite bathroom.
Upstairs, there are three additional bedrooms, an updated full bathroom, an open office space, and large family room with sliders to a covered porch.
The basement is partially finished (unheated) and has another full bathroom. There is an attached 1-car garage, fully fenced yard with mature gardens and perennial plantings, a deck for relaxing, and shed for additional storage. Exterior maintenance is easy with vinyl siding and vinyl replacement windows.
200 Exeter Street is offered at $275,000. 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.
This West End home offers many updates, as well as a sunny, open floor plan.
The formal living room features a gas fireplace and leads to a heated sunroom with hardwood floors. Entertaining is a breeze, as the dining room is open to the remodeled kitchen. Off the foyer, there is an additional room which can be used as an office or first floor bedroom. A full bathroom completes the first floor.
Upstairs you’ll find three nicely sized bedrooms, all with ample closet space, an updated full bathroom, and a walk-up attic, great for storage. Additionally, a screened in porch overlooks the side yard.
The home has gas heat and hot water, replacement windows, vinyl siding, and a 2-car detached garage.
31 Rodney Street is offered at $240,000. 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.