Greater Hartford Real Estate Market Statistics- Summer 2008

Labor Day unofficially marks the end of summer. Vacations are over for the most part. Kids are headed back to school. The drawbridge to the Cape is raised.

Now is the perfect time to look back at the full spectrum of data for the spring real estate market in the Hartford area. Most people try to plan their moves between the months of May and August. This behavior follows the break in the school cycle, slower times at work, and the desire to move during nicer weather. People relocate throughout the year and others don’t necessarily time their buying for this 4 month block, but the majority of transactions take place in this window.

So how did towns in the Hartford area fare this spring market when compared to the spring real estate market of 2007? Here are the results, for single family homes only. All data is pulled from the CT Statewide MLS, deemed reliable but not guaranteed…

1. Each of the 16 towns I reviewed saw declines in the number of closed sales when comparing 2008 to the same time period in 2007. A few towns saw minor fluctuations, but 11 of the 16 towns had declines of more than 20% in the number of closings.

2. 11 of the 16 towns also saw declines in the median price when comparing 2008 to 2007. Six of the towns saw median price declines of 10% or more.

3. I have no idea what the heck is going on in South Windsor. The number of closings dropped off a cliff, declining by 44%, but the median price increased by 17%. There were no new construction projects which skewed the data. I’ve rechecked the numbers and they’re right. Right now, South Windsor is a riddle wrapped in an enigma.

4. The yellow shaded boxes in the Months of Inventory column highlight current markets that favor buyers.

5. West Hartford continues to kick butt and is the strongest seller’s market in the area. It was one of the towns where I was involved in a multiple offer situation last week.

The next two weeks will be busy with new listings coming on the market. Many sellers held off listing in the last weeks of August, as there is always little buyer activity during this time as the summer winds down. Next we can begin to wonder how the election will affect our local real estate market in Greater Hartford.