Market report time! All data is pulled from the Multiple Listing Service as of today and is deemed reliable, but not guaranteed.
There are currently 233 single family homes for sale in West Hartford. Here’s a graph of how the inventory breaks down.
There are also 168 homes currently under contract, waiting to close. Those homes are not included in the graph above because they are no longer considered “available.”
As you can see, if you’re a seller in the $200K-$250K range, there had better be something special about your house or your agent better be doing some aggressive marketing to make it stand out from the competition. Because you have a lot of competition.
If you have a house in the $351K-$400K range, will you please call me so we can put it on the market? There are a lot of buyers in this range, but they don’t have a heck of a lot to choose from. As a seller, you’d be in a good position to negotiate and get a good price for your home. Thank you. 🙂
Comparing single family home sales for May 2008 to May 2007, the number of sales was down 38% (47 in 2008 vs. 76 in 2007). The median price dropped by 2% ($307,500 in 2008 vs. $313,700 in 2007). Days on market actually improved, 45 days for May 2008 vs. 50 days in May 2007.
My take on all of this? The market is bifurcating into quick deals and more exhaustive searches.
There are still multiple offer situations in price ranges with low inventory, with houses that show extremely well, and with specific neighborhoods and streets. I was involved in one this week and continue to hear from other agents in my office that they are too.
On the other hand, buyers with many options are taking much longer to find a home because they are looking at all properties available. They feel there is no rush because often there is more than one option that meets their needs, they are just looking for a good deal.
On to Condos…Currently there are 88 condos listed for sale in West Hartford.
There are also 30 condos currently under contract, waiting to close. Those homes are not included in the graph above because they are no longer considered “available.”
Because there is so much new condo construction going on in West Hartford, it tends to skew the data as far as days on market and median price. However, the number of sales is still relevant. Comparing May 2008 to May 2007, condo sales were down 50% (10 sales in 2008 vs. 20 sales in 2007).
If you’re looking to buy a condo in West Hartford, make sure your agent does a through analysis of comparable sales when writing an offer. If you’re looking to sell your condo, make sure you understand all of the competition in your price range and price accordingly.
The data presented in today’s market report raised some new questions for me. Be on the lookout next week for a more in-depth analysis on certain price ranges and buyer and seller behaviors.