Expert Advice from Amy & Kyle Bergquist at Keller Williams Legacy Partners
July was an active month in the West Hartford single-family real estate market, but not quite as exciting as June. There were 86 closings in July, which was modestly above the 2012 count, and on a year-to-date basis we are about 12% ahead of 2012 in the total number of closed deals. The statistics can shift a lot over the summer months. Buyers that put properties under contract in the spring close on those deals
Hartford County real estate markets finished May with basically the same number of single-family deals as March and April. Looking at the chart below, one might think that the market has hit some sort of speed limit or something. Why haven’t we broken through the ceiling of about 750 deals per month? The only month on the chart with a higher total was April 2010, which was the deadline for collecting the Federal Home Buyer
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,
Hartford County residential sales fell significantly in the third quarter of 2010 versus the third quarter of 2009 as buyers took a breather following the June expiration of the Federal Home Buyer Tax Credit. Median prices rose modestly over the year-previous quarter, while another measure of pricing, the median price per square foot, fell a comparable amount. Most noteworthy was the change in the mix of homes that sold as the Tax Credit phased out
The question we get more than anything else is, “Where is the real estate market going?” We try to answer with a quick recap of the current situation, and maybe some thoughts on the near future, but that’s often not enough for the questioner. They want to know the long-term direction of the real estate market. They understand that we can’t predict the future, but they ask anyway. The real answer is that nobody knows,