Greater Hartford Real Estate Market Statistics- Condos

I recently posted the latest real estate statistics for single family homes in Greater Hartford. Below are the latest real estate statistics for condos in Greater Hartford.

I pulled the time period of April through July (essentially the spring market) and compared 2008 to 2007. A few things to keep in mind; some towns simply have more condo complexes than others, some towns have lots of new condo construction going on while others do not, some condo stock is for 55+ owners only and I did not separate those out.

All data came from the CT Multiple Listing Service and is deemed reliable, but not guaranteed…

My takeaways…

1. If buyers are looking for a deal, they may want to focus on towns with Months of Inventory shaded yellow. These towns are all indicating a Buyer’s market (more than 6 months of inventory). However, it is still important to look at the overall inventory situation in the price range you’re interested in, as it might be somewhat different than the town’s overall condo market.

2. Months of Inventory may be understated in some cases, as new construction condos may not enter every available unit in the Multiple Listing Service, so they can’t be counted for my analysis. Sometimes a new condo complex will have only a few listings in the MLS as a random sample, even though they have many more units available for sale. This causes inventory estimates to be understated.

3. For the most part, condos are sitting much longer than they did last year. In many cases, on average, they sit for longer on the market than a single family home in the same town.

4. Median prices seem to be down in most towns as well. Part of this decline may be attributed to more newer construction selling in 2007 than 2008, therefore inflating the median price in 2007 with higher priced new condos.