Greater Hartford Real Estate Market Statistics- July 2008

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…

My takeaways…

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.