Expert Advice from Amy & Kyle Bergquist
Week after week I analyze MLS data to try to figure out how the market is doing. The County lost ground again last week when comparing the number of new listings to the same week in 2019. Despite the underperformance, there were positive signs in last week’s data. Importantly, it was the fourth week in a row when the number of new listings increased. The weekly total was about the level of new listings in
As the chart above clearly shows, the month of April did not conform to traditional spring market trends. Instead of the surging towards peak activity in April and May, the 2020 market reversed direction and recorded fewer contracts than were observed in January. For those interested in the magnitude, April lagged the same month in 2019 by about 37%. Despite the reversal, on a year-to-date basis the County is only trailing 2019 totals by 2.5%
Earlier in the month I wrote about the sudden reversal in the number of listings when comparing 2020 to 2019. I have been tracking that metric on a weekly basis, and the results have been more of the same. The original chart that I used to illustrate the dramatic shift is probably no longer the best way to visualize what is happening in the market. There is now enough data since the 2020 market transitioned
The COVID-19 pandemic is serious, but people are still buying houses. In fact, the virus has made the pre-existing problem of too few homes available for sale even worse. It is not a bad time to sell, even with all the restrictions in place. Sellers able to accommodate showings actually have an advantage right now because inventory is so low in many price bands and sub-markets. Contract data from the first three months of 2020
March contract totals gave no indication of the turmoil that Greater Hartford experienced during the month. The coronavirus pandemic arrived early in the month, closed schools beginning the week of 3/15, and resulted in a stay-at-home directive beginning the week of 3/22. Despite those unprecedented measures, the County finished the month with more signed contracts than March 2019. The cumulative contracts signed as of each day of the month showed no signs of a slowdown