Hartford County finished December, and 2022, with a subdued month in the real estate market. There were 415 contracts signed, about 30% fewer than in December 2021. The year finished 21% behind 2021’s totals.
Inventory was the story all year long. It continued to be very low in December, and that is ultimately what limited the number of deals. Buyers who persevered through the holiday months were decisive in bidding quickly and strongly for the relatively few new quality properties.
Local agents took great delight in touting a report by realtor.com that cited metro Hartford as the top market for 2023. To us, this confirms that we were right not to worry about the nationwide reports of a falling market. But we’re not 100% on board with the realtor.com projections, a topic for a different day.
When will there be a significant number of new listings? Have sellers been biding their time as they wait for January? What will be the catalyst that will cause owners to become sellers in 2023? There will definitely be some listings as people transition through life stages and events. But how many owners beyond that will choose to sell?
Since listing inventory is the bottleneck in our market, these are the key questions that agents and buyers need to consider. They’re also relevant to sellers since they are focused on understanding the competitive environment between buyers and sellers.
Welcome to 2023, we’re wishing you a fantastic year!