Expert Advice from Amy & Kyle Bergquist at Keller Williams Legacy Partners
The inventory of available homes is the clear bottleneck in the Greater Hartford real estate market. Let’s take a detailed look at the number of active listings as of this morning, March 1, 2023. Hartford County has 359 single-family homes for sale as of right now. That total is the lowest that we’ve ever seen in reporting on this data since 2009. But wait, there’s more! Not more houses, unfortunately, but a more dire experience
The imbalance between buyers and sellers in 2022 led to a 9% rise in median single-family home price in Hartford County. It was the third year in a row of sharp increases, bringing the rise in median value since 2019 up to 35%. Prices rose because buyers outnumbered sellers, and demand outpaced supply. There were bidding wars for nicer homes during the busier months of the year, and most sellers with a realistic asking price
The total number of single-family home sales decreased in Hartford County by just under 18% from 2021 to 2022. Nearly 10,000 sales was reduced to just over 8,000 sales – a very significant drop. Despite the slowing pace of sales, 2022 was a strong year for the local real estate market. We consider the pandemic years of 2020 and 2021 to be outliers. There were more deals in each of those years than our area
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
November is often a slow month for the real estate market, and this year was no exception. The County finished the month with 536 single-family contracts, more than 35% fewer than November 2022. On a year-to-date basis the County was 20% behind 2022 totals. The November total deserves a little more context. Yes, it was far below pandemic-era November deal totals. But it was also well above the totals observed during the bottom of the