Residential real estate activity ticked upwards during the month of October, with 948 single-family contracts in Hartford County. It was significantly fewer than October of last year, but more in line with the traditional seasonal trends most recently seen in 2019. On a year-to-date basis the market finished the month about 5% behind 2020 and 11% ahead of 2019 … it is a very strong year for real estate.
Inventory trends showed typical market patterns even though the overall number of homes available was very low. New listings during the month were 14% and 20% below the 2019 and 2020 October totals, respectively. With unsold listings likely to expire near the end of the year, and the typical decline in new listings during the colder months, it is likely that inventory levels will continue to fall.
Individual towns showed a wide range of results. Some have strongly outperformed 2020. Many have modestly stepped back from last year’s deal totals, while activity in some declined considerably. Windsor Locks only had 5 active listings when I gathered the data, representing 0.3 months of inventory … and deals are up 26% year-to-date.
Buyers still need to be focused on new listings since inventory is so low and the environment continues to favor sellers. Quality homes are being bought quickly, though the competition seems less fierce than it was during the spring.
Sellers considering a sale should weigh the pros and cons, but it is not crazy to list a home right now. We’re happy to talk through your situation with you to figure out what makes the most sense for your situation.