Everyone and their uncle seems to be offering their thoughts and predictions for the national housing market in 2008. Let’s take a look and see how West Hartford did when comparing 2006 to 2007. Because, as we all know, housing is local. This is not Phoenix or Vegas or Miami.
All data was pulled from the Multiple Listing Service (insert the standard “deemed reliable but not guaranteed” disclaimer here…) and represents single family homes sales only. No condos or multi-family properties were included in my analysis. Also, private sales were not included in my analysis.
The number of sales were down for the year in West Hartford, but pricing remained strong, up by 4% on average.
As of today, there is 3 months of housing inventory on the market in West Hartford. That means the housing market in West Hartford is in a neutral position. Zero to 3 months of inventory indicates a seller’s market, 3 to 6 months of inventory indicates a neutral market, and 6+ months of inventory indicates a buyer’s market.
Moving into the spring real estate market in West Hartford, buyers will have a tough time getting the deals they are expecting if the inventory levels remain healthy. I’ll continue to provide statistics as we move through the year.
Farmington Valley stats will be posted tomorrow. Maybe there are more deals available there…
I love data! More real estate statistics, this time for the Farmington Valley. All data is from the MLS for single family residential sales…
Tomorrow I’ll give a summary of how the market is doing West of the River. It’s really not that bad, surprisingly positive in fact.
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.
1. The median sales price is down 8% when comparing 2007 to 2006.
2. Homes are selling, on average, approximately 3 weeks faster when comparing 2007 to 2006.
Sorry for the delay with my observations regarding the West Hartford real estate statistics, business exploded over the past few days. That’s a good thing!
After comparing the single family residential sale statistics for the second and third quarters of 2006 to 2007, there are some interesting notes, particularly after breaking it down by school district.
Overall, the town of West Hartford has seen a 1.5% increase in MEDIAN sales prices (only in single family residential) when comparing 2006 to 2007. The breakdown by school district shows a wide range though…
Braeburn saw the largest increase in MEDIAN price at 20.4%, while the Webster Hill district saw the largest decline in MEDIAN price by -6.4%. So while there were widely diverse increases and decreases, that didn’t translate into a meaningful change in the overall town.
Last two elementary school districts for the West Hartford real estate statistics. I’ll provide some observations tomorrow.