During May, buyers and sellers balanced each other out in Hartford County’s long-running struggle with inventory. New deals totaled 1,007, while new listings totaled 1,035. Both were solid numbers that
showed both sides were still engaged in the market.
Comparing 2022 to prior years, May finished with about 13% fewer contracts than May 2021. On a year-to-date basis 2022 trailed 2021 by about 17% through the end of May.
Inventory remained stable compared to last month’s report, with 592 active listings representing about 0.7 months of homes available. Inventory levels did show some variation by price band. The lower price points continued to have the lowest inventory level, with more selection (relative to recent deals/month) at higher prices.
The changing macroeconomic environment continued to influence the real estate market during May. More buyers were focused on their mortgage interest rates as they continued their search. Sellers also keyed in on the macro factors, with some deciding to list their home sooner than planned just in case the market became less favorable later in the year. In both cases, the macro environment accelerated people’s thinking and/or timeline.