Local Real Estate Sales Slow, Prices Not Too Bad…

My favorite mantra in residential real estate is “the market is local.” You can read all of the national news reports you want about how foreclosures are overwhelming Ohio and Michigan and how housing prices are dropping faster than Britney’s fan base. But if you live in an economy like Connecticut with a stable job market and reasonably paced home construction, you shouldn’t expect the sky to fall on the housing market. And after doing

Hartford's West End Real Estate Statistics

Continuing on with real estate statistics for local areas, here are the most recent stats for Hartford’s West End… All of the data is pulled from the Multiple Listing Service and “while deemed reliable, is not guaranteed.” This includes public, MLS transactions only, no private sale data is included. My observations: 1. The median sales price is down 8% when comparing 2007 to 2006. 2. Homes are selling, on average, approximately 3 weeks faster when

1 Foreclosure, 2 Foreclosure, 3 Foreclosure, 4…

This past Sunday there were 36 foreclosures advertised in the Hartford Courant. A few months ago there would only be one page of foreclosures advertised. Now we’re up to 3-4 pages of foreclosures every Sunday. This week, one of them was on my block in the West End. The sign went up on the lawn 2 weeks ago. After it was listed in the Courant, I had 3 people call me to ask how they

Huh? Local Condo Sales Down, But Prices are Up?

There was an interesting article published in the Hartford Business Journal yesterday regarding local condo sales. For the first six months of this year, condo sales are off by more than 16% in Hartford County compared to 2006. However, the median price is up 1.5% over 2006. Huh? With more inventory sitting out there longer, why aren’t buyers paying less? My guess is that we are talking median sales price vs. mean sales price. I