Yesterday the Hartford Courant published an article related to the number of single family homes for sale (housing inventory) in the Greater Hartford area.
The majority of towns appear to be a buyer’s market, with more than 6 months of inventory available.
But what about the number of single family home sales and the median price for the same timeframe?
Here’s the data, taken from the multiple listing service (deemed reliable, but not guaranteed)…
As you can see by the percentage change in the number of closings when comparing the beginning of last year to the beginning of this year, the majority of towns have noticed a significant slow down in house sales. If all of the towns are consolidated, the number of closings is down 34% when comparing the same timeframe in 2008 to 2007. Ugh.
The median price change is a little less telling. What the change in median price may mean, if it’s negative, is that buyers are purchasing lower priced homes, rather than prices are falling. There may be fewer “move up” sales occurring at the higher prices because the people interested in moving up don’t necessarily want to put their homes on the market right now. They fear they will not get what their home is “worth.”
Unlike the go-go markets of a few years ago, understanding the details is more important than ever. Whether buying or selling, make sure your agent does some research for you before you make any decisions.