Labor Day unofficially marks the end of summer. Vacations are over for the most part. Kids are headed back to school. The drawbridge to the Cape is raised.
Now is the perfect time to look back at the full spectrum of data for the spring real estate market in the Hartford area. Most people try to plan their moves between the months of May and August. This behavior follows the break in the school cycle, slower times at work, and the desire to move during nicer weather. People relocate throughout the year and others don’t necessarily time their buying for this 4 month block, but the majority of transactions take place in this window.
So how did towns in the Hartford area fare this spring market when compared to the spring real estate market of 2007? Here are the results, for single family homes only. All data is pulled from the CT Statewide MLS, deemed reliable but not guaranteed…
1. Each of the 16 towns I reviewed saw declines in the number of closed sales when comparing 2008 to the same time period in 2007. A few towns saw minor fluctuations, but 11 of the 16 towns had declines of more than 20% in the number of closings.
2. 11 of the 16 towns also saw declines in the median price when comparing 2008 to 2007. Six of the towns saw median price declines of 10% or more.
3. I have no idea what the heck is going on in South Windsor. The number of closings dropped off a cliff, declining by 44%, but the median price increased by 17%. There were no new construction projects which skewed the data. I’ve rechecked the numbers and they’re right. Right now, South Windsor is a riddle wrapped in an enigma.
4. The yellow shaded boxes in the Months of Inventory column highlight current markets that favor buyers.
5. West Hartford continues to kick butt and is the strongest seller’s market in the area. It was one of the towns where I was involved in a multiple offer situation last week.
The next two weeks will be busy with new listings coming on the market. Many sellers held off listing in the last weeks of August, as there is always little buyer activity during this time as the summer winds down. Next we can begin to wonder how the election will affect our local real estate market in Greater Hartford.
The lazy days of summer are here. But at the Greater Hartford Real Estate Blog, we’re not lazy, we’re market focused! So just what the heck happened out there in July? Let’s look at the lastest real estate statistics, straight from the CT Multiple Listing Service…
1. If you’re a buyer and looking for a deal, you might want to concentrate on the markets with their inventory numbers highlighted yellow. Those are all Buyer’s markets right now, based on the last 3 months of sales data.
2. If you’re a seller in Newington or West Hartford (inventory highlighted green), you’re most likely in a good position right now, Seller’s market. Homes are moving fairly quickly in these two towns, and depending on the amount of inventory in your price range, you should be able to get close to your asking price, if you’re priced correctly. Buyers in these two towns should be very aware of what’s available in their price range and be able to react quickly and with reasonable offers if they see something they like. Because if you don’t move on it, someone else will.
3. If you’re a buyer or seller in any of the towns with inventory shaded white, you’re in a Neutral market. Look closely at the competition when submitting offers and pricing your home for sale.
4. Many towns saw substantial Percentage Changes in the number of closings between July of 2008 and July of 2007. Make sure you look at the actual # Sold though. Many of the numbers are small, so small changes of a few closings sometimes translates to large Percentage Changes. Ah, the wonder of statistics. Remember this when you’re reading newspaper articles about the housing market, as they often only speak in percentage terms and not actual # of Sold properties.
Here’s the latest Farmington Valley real estate market report. The data provided is for single family homes, listed in the Multiple Listing Service. The info presented here is deemed reliable, but not guaranteed…
There are 142 homes available for sale in Avon and 46 under contract waiting to close. High end buyers have their choice of properties. Average days on market is 41 days.
There are 135 homes available for sale in Farmington and 43 under contract waiting to close. Farmington experienced the same number of sold homes in April of 2008 as it did in April of 2007, 15 houses. Average days on market is 83 days.
On a side note, 50 Cent’s house has been on the market for a year. No price reductions yet. I wonder if he really wants to move? After all, the Valley is a lovely place.
On another side note, it took me awhile to find a “family friendly” 50 Cent video. I try to keep my blog PG. 🙂
There are 140 houses available for sale in Simsbury, with an additional 59 under contract waiting to close. Average days on market is 54 days. If you’re looking for a home in the $400K-$500K range in Simsbury, you have lots of choices. 21% of the houses for sale are listed between $398K-$500K.
There are 103 houses available for sale in Canton, with an additional 16 under contract waiting to close. Average days on market is 95 days. The various price ranges are fairly balanced. If you’re looking for a $1,500K+ home, you might want to try Avon, it has more choices available.