The Hartford County real estate market fell well off the 2020 pace in February. The month finished with 715 single-family contracts compared to 864 last February before the pandemic hit, a decline of over 17%. This February’s total was also only slightly higher than the January 2021 total, signaling something unusual in the market. We have seen flat month-over-month performance to begin the year in our dataset before, but the prior examples were in years
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
Inventory Zero: When there are no more houses available for buyers to bid on. The Greater Hartford real estate market enters the spring of 2021 in a precarious position. Inventory of available single-family homes in Hartford County was driven sharply down in 2020 by the combination of extremely high buyer demand and moderately low seller supply. The chart below shows the active single-family listings in the County on a monthly basis going back to 2017.
Hartford County finished the month of January with 698 single-family contracts. The total was a slight decline from January 2020, but overall a very active January market. Buyer demand for homes continued to be strong. Unfortunately, the local real estate market has a math problem. An extended period of strong demand and a modest gain new supply (593 new listings in January) has depleted the inventory of available homes. As of February 3rd, there were
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