The Hartford County real estate market fell well off the 2020 pace in February. The month finished with 715 single-family contracts compared to 864 last February before the pandemic hit, a decline of over 17%. This February’s total was also only slightly higher than the January 2021 total, signaling something unusual in the market.
We have seen flat month-over-month performance to begin the year in our dataset before, but the prior examples were in years where demand was low and the market was searching for a bottom. In 2021 it is the low supply of available homes solely causing the modest February deal count. Buyers are definitely out there looking for opportunities.
At the County-wide level, inventory is extremely low in the price bands that make up the vast majority of deals, the $100,000 – $400,000 range. There is also very low inventory in the $400,000 – $700,000 range that represents about 15% of the market.
March will be an important month for the real estate market. It is a very popular month for new listings, which is exactly what is needed to begin bringing the supply of available homes back in line with the demand from buyers. Stay tuned – we will keep you posted on how the situation develops.