Strategy for Buyers in Today’s Market

Sketch of a House

The 2021 real estate market is ultra-competitive for buyers in basically all price points below $700,000. Houses are regularly selling above the asking price, and in some cases well above. Our analysis of first quarter closings found that 51.5% of the single-family sales closed over asking. April was even more dire for buyers as 65% of deals closed over asking. The table below also shows that the median winning bid in the deals that closed

Over Asking in Q1 2021

2021-04-13 Percent Over Asking

The number of single-family homes that closed for more than the asking price remained quite high in the first quarter of the year. Looking at the quarterly trend since the beginning of 2019 clearly shows that the current market is behaving differently from the very active market that was observed in 2019. Over half of the Q1 deals closed for more than asking, even with sellers factoring the stronger market into the asking price. This

Over Asking Bids

2021-02-15 Over Asking Bid Title

42% of Hartford County single-family sales closed for more than asking price in 2020 according to SmartMLS. An additional 12% of sales closed at the asking price. Note that these stats exclude new construction listings since they work differently than resale listings. Regular readers are fully aware that the real estate market favored sellers in 2020, and continues to favor sellers in 2021. Our analysis of closed prices found that less than half of last

Looking for 3 Bedrooms

2021-01-26 3 Bedrooms Homes in 2020

Three bedroom homes are a core part of Greater Hartford’s housing stock. They are popular with buyers, and usually the most active part of the market. The SmartMLS showed that 3 bedroom homes represented more than 53% of the deals in 2020. However, the price of a 3 bedroom home varies from town to town. The chart below shows pricing for 3 bedroom homes in the 15 Hartford County municipalities that had the most 3

2020 Single-Family Results by Town

Porch 9155 BW 1920

I really enjoy gathering and reviewing year-end data from the Greater Hartford real estate market, probably to an unhealthy degree. There is a lot to consider this year, so I broke the analysis into multiple articles. This is Part 3 of the year-end review. The first installment focused on the number of sales, while the second installment looked at pricing. Greater Hartford is divided into many, many towns. These stats look at the 29 municipalities