2015 was a good year for Hartford County real estate. The total number of closed single-family sales recorded in the Connecticut Multiple Listings Service (CTMLS) database was 7,701 (as of 1/6/2016).
The number of closed sales increased by 9% over the 2014 total. As the above chart shows, the market is approaching the activity levels seen in the early 2000s. The 7,701 sales are over 14% below the 2005 peak.
The increase in sales have not been equally distributed across price bands. Most of the increases have been at price points of less than $400,000, with essentially no increase in sales above $400,000.
Year end is a good time to look at pricing trends. The chart below updates the annual calculation of median and average home prices. Although the number of sales has increased over the past few years, prices have been falling.
The big picture summary is that the region’s real estate market is still working through the impact of the financial crisis. The good news is that interest level is increasing, as shown by the increase in deals. On the other hand, prices are still adjusting downwards to look for a bottom.
We’re looking forward to seeing what 2016 brings … feel free to reach out to us if you have questions or would like more information.