May contract numbers are in, and they showed that buyers have returned to the market in force. There were 1,131 single-family contracts signed in Hartford County, which was slightly higher than the May 2019 total. On a year-to-date basis the County is less than 2% behind the deal total from this point last year.
The big story in the market continues to be the very low levels of inventory. Buyers do not have much to choose from. The rapid pace of May deals, combined with the unseasonably slow pace of new listings, combined to push total inventory down even further from where it was last month.
The supply and demand dynamics are most favorable for owners in the points below $300,000, as County-wide inventory is less than 1.3 months. The $300,000s price band is also a seller’s market with inventory of 2.4 months, while inventory levels increase as the price point rises.
Town by town statistics seem more erratic than usual for this time of year, and I don’t see any bigger picture trends in the data. What I find most striking about the chart below is the low levels of inventory in some of the largest markets.
This continues to be an excellent opportunity for sellers. Lots of buyers are looking for a new home, and are being supported by easily available mortgages at interest rates near historic lows. Let’s talk about your your real estate goals!