I was just messing around with some data in the Multiple Listing Service. If you’re a real estate investor, toying with the idea of becoming a real estate investor, or a home buyer that would consider purchasing and living in a multi-family- you should take a very strong look at Hartford right now.
Year-to-date, multi-family homes sales are down 24% in Hartford, compared to the same timeframe in 2007. The median price for multi-families in Hartford is down 37% this year, compared to the same timeframe in 2007. And there is a whopping 15.4 months of multi-family inventory on the market in Hartford right now. That means if no more multi-families were listed in Hartford, it would take 15.4 months to sell what’s currently out there based on the current rate of closings.
As I mentioned the other day in my Short Sale post, 15% of the available multi-families are short sales. If you’ve got time and some cash, this may be an excellent opportunity for you to score a bargain in Hartford.