Hartford County finished June with 763 single-family contracts. The total was about 12% fewer than June 2022, leaving the year about 22% behind for the full first half.
805 new listings during June supported the number of deals, and left the inventory of active homes available level with the end of May. There are enough listings for 0.7 months worth of sales, though that is likely overstated by opportunistic sellers. 23% of active listings have been on the market for at least 90 days, and 45% of active listings have been on the market for at least 30 days.
The market is not uniformly hot right now. There are variations between towns and between neighborhoods. There are also variations between price points. The chart below shows the inventory of available homes broken down by price band.
The vast majority of Greater Hartford housing stock is currently selling between $200k and $700k. Those price bands are all strong seller’s markets (from a County-wide perspective), though there are slightly more options for buyers as prices rise through the range.
But the $1,000,000+ market is a buyer’s market. In the midst of this incredible mismatch between the large number of buyers and the small number of sellers, there are plenty of million dollar homes available. This slice of the market accounts for 51 active listings, of which nearly 50% have been on the market for more than 90 days and a full 75% have been on the market for more than 30 days. To be fair, some of these homes are new construction opportunities, which means that they aren’t even built yet and makes them more likely to sit on the market as they wait for an interested buyer.
In other news, Berlin continued it’s trend-defying strength as it continues to bounce back from a slow 2022. Go Berlin!
