Expert Advice from Amy & Kyle Bergquist at Keller Williams Legacy Partners
Through the first two months of the year, buyer interest in condos has been relatively mild. The February data on contracts in Hartford County show that 26% fewer deals came together this February versus last. Overall, there is 8.6 months of supply, which by definition makes it a buyer’s market (6 months of supply is the threshold). Despite the relatively high inventory levels, the supply is not always distributed in the same manner as the
Negotiated contracts on single-family homes in February 2011 were down about 24% from the year-previous monthly tally. We thought the market felt slow, and the numbers definitely support our anecdotal evidence. Activity levels varied widely between towns. Avon came out of the month as the big winner with a sharp increase in contracts. At the other end of the spectrum, Enfield and Southington finished with less than half the market activity of last year. The
The number of condominiums that went under contract in Hartford County this January trailed 2010’s total by just over 20%. The drop in activity continues the post tax credit trend from last year. Since this month’s deal count was actually in line with the January 2009 numbers, it appears that the market is simply returning to a more realistic activity level after being goosed by last year’s tax credit. Buyers and sellers successfully negotiated contracts
This month we’re reporting statistics a little differently. They’re based on the number of contracts written rather than the number of closings. Why? Because it’s fun to shake things up every now and then. And because I honestly think it’s a more relevant way to look at the market. By focusing on contracts, we get the most up-to-date view of market activity possible. The contract date is when deals are struck, when prices are negotiated,
Local real estate markets have felt surprisingly busy over the past month. November is usually when things start to slow down for the holiday season, but this year has seemed different. After a slow fall, business actually seems to be picking up recently. Are the markets really busier than normal for this time of year? The best way to investigate this question is to look at the number of contracts written by month. Let’s compare