As a real estate broker I know that the real estate market can be like a roller coaster. Over time it goes up and down. Some of the climbs are steep and some of the drops, as we have seen in the past 5 or 6 years, are down right scary! The good news however is that here in West Hartford the rough ride appears to be coming to a close. Recent activity in the market is positive as the following statistics show...
Current Housing Inventory is DOWN, especially in West Hartford!
Two years ago at this time, there were enough homes and condominiums on the market for it to take 10 to 11 months to sell them. Statewide those numbers are down to 4.6 months for single family homes and 5.5 months for condominiums, when new deposits are figured in. Here in West Hartford that number is LESS THAN 3 Months! This dramatic change is emblematic of the strength of our housing recovery... inventories are down while sales are up, a combination that will help buoy home prices!
Connecticut is showing strong momentum.
Closed sales of single family homes rose 16.0% over last year and sales of condominiums are up 9.2%. New deposits are up again this quarter, rising 14.7% for single family homes and 17.2% for condominiums over last year. Month’s supply of inventory has dropped again for the fourth straight quarter for both homes and condominiums making NOW a great time to put your home on the market! Looking ahead, housing permits are on a sharp increase, climbing 39.9% to 3,616 permits issued through this past November. Overall, there is steady improvement in the housing market.
Pending Sales are UP
We now have had four straight quarters of increased sales deposits, the leading indicator of our market. We now find more residents are opting to purchase than in the previous three years. As already stated, both single family and condominium deposits are up for the year. While the fourth quarter is not historically the strongest of the year, 2012 outpaced 2011 convincingly. Hartford county had a double-digit increase over the previous year and also led in single family deposits with over a 20% increase.
Closed Sales are UP
Closed sales continued their growth all year with single family home sales rising 16.0% by year end. Condominiums, whose sales record had been held back by a lack of financing availability, rose 9.2% this year compared to last year. Condominium sales were 22.1% higher than the fourth quarter of last year. Single family closed sales were 25.3% better than the fourth quarter of last year. Hartford county had the second strongest growth of closed single family home sales in the state.
NOW is the time
With home prices on the upswing, NOW is the time for Buyers to make their move. Mortgage rates are still at or near historical lows. As spring is just around the corner we will see seasonal inventory increase for a short time as Sellers list their homes for sale. If you or someone you know is ready, willing and able to take advantage of the best real estate market in recent times, give us a shout! We are experienced professionals also ready, willing and able to help!
Michael Bannett, Broker and Jackie Allingham, GRI
860. 371. 8300 860. 983. 5241
Prudential CT Realty