May Contracts: Buyers are Back

2020-06-03 Buyers are Back

May contract numbers are in, and they showed that buyers have returned to the market in force. There were 1,131 single-family contracts signed in Hartford County, which was slightly higher than the May 2019 total. On a year-to-date basis the County is less than 2% behind the deal total from this point last year. The big story in the market continues to be the very low levels of inventory. Buyers do not have much to

New Listings and the Broader Market

Weekly Listings

I’ve been tracking the number of new listings on a weekly basis to understand how the coronavirus impacted the Greater Hartford real estate market. Data about new listings is easily gathered from the MLS, and is an immediate gauge of seller sentiment. Because the market was already showing low inventory before the virus arrived, new listings seemed like it would be the obvious bottleneck in the market. The manner in which the listing data was

Looking for Normal

Looking for Normal

Week after week I analyze MLS data to try to figure out how the market is doing. The County lost ground again last week when comparing the number of new listings to the same week in 2019. Despite the underperformance, there were positive signs in last week’s data. Importantly, it was the fourth week in a row when the number of new listings increased. The weekly total was about the level of new listings in

April Contracts: COVID Market

COVID Market

As the chart above clearly shows, the month of April did not conform to traditional spring market trends. Instead of the surging towards peak activity in April and May, the 2020 market reversed direction and recorded fewer contracts than were observed in January. For those interested in the magnitude, April lagged the same month in 2019 by about 37%. Despite the reversal, on a year-to-date basis the County is only trailing 2019 totals by 2.5%

The Pace of Listings

2020-04-25 Cumulative Listings

Earlier in the month I wrote about the sudden reversal in the number of listings when comparing 2020 to 2019. I have been tracking that metric on a weekly basis, and the results have been more of the same. The original chart that I used to illustrate the dramatic shift is probably no longer the best way to visualize what is happening in the market. There is now enough data since the 2020 market transitioned