February is a short month which buyers used to purchase just over 2 homes per day in West Hartford! We had 58 homeowners accept contracts (not including sales with hubbard clauses) during this month of snow, winter vacation and two tax credits (up to $8,000 for new buyers and up to $6,500 for existing homeowners purchasing a new primary residence).

First, sales in February are up for single-family homes compared either to February, 2009 (58 compared to 37 one year ago) or to January, 2010 ( 34 in January versus 58 in February). The median days-on-market for the sales was 29 days and the median list price was $279,900. Note that the market continues to be soft for homes priced over $600,000. Check my earlier blog entry for 2009 sales details.

February 2010 deposits taken for West Hartford Single-Family Homes & Active Inventory:

                                                                    Under Contract                            For Sale

Under $200,000                                                              7                                   23

$200,000 to $250,000                                                    12                                  23

$250,000 to $300,000                                                    14                                  37

$300,000 to $350,000                                                      8                                  27

$350,000 to $450,000                                                      7                                  32

$450,000 to $600,000                                                      8                                  25

$600,000 to $750,000                                                      2                                  12

Over $750,000                                                                0                                   26

Totals                                                                           58                                 205

 

For more detailed sales data which applies to your personal situation contact Brent on the web or call his cell at 860-614-8927.

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Prices have been relatively steady over the last few years in the West Hartford condominium market, with the number of days-on-market jumping up! Inventory currently for sale is approaching the total number of units sold across town last year. Unless demand picks up considerably in 2010, this could be a real buyers' market for condominiums in West Hartford!

The West Hartford condominium market had 94 closed sales in 2009 (Just a few less than the 103 units which closed in 2008). The median sales price also declined slightly-- to $217,500 in 2009 from $224,000 in 2008. For the successful sales in 2009, median days-on-market was 76---well above the 43 days-on-market in 2008.

The highest price paid in 2009 was $640,000 for unit 502 on Memorial Road (a 1,597 sf, 2 bedroom, 2 bath home in Blue Back Square). The median price of $217,500 purchased a 2 bedroom, 2 bath home in Barclay Court (779 Prospect Avenue, # C-10). The lowest-priced condominium was for only $5,000 at the Canterbury. This unit was on the second floor at 45 Highland Street, offering 1 bedroom and 1 bath in 611 square feet. 

As Febuary 2010 comes to a close, there are 85 condominium homes available to purchase. The prices range from a low of $15,000 for a 1 bedroom, 1 bath unit (611 sf) at the Canterbury on Highland Street to $699,900 for a 2 bedroom, 2 bath (1,319 sf) unit built in 2007 at 85 Memorial Road (Blue Back Square, 2nd floor). The median-priced property is at 60 Cassandra Boulevard: 2 bedrooms, 2 baths & 2,019 sf built in 2002 with a 2-car garage & offered at $311,000. The pricing is fairly optimistic with this inventory; median days-on-market is 121 (4 months on the market without a contract).

Currently, there are 25 condominiums under contract in town. The highest-priced is on Memorial Road in Blue Back Square, with an asking price of $699,900 (2 bedrooms, 2 baths, 1,613 sf, built in 2008). The median is 730 Farmington Avenue in Stonebridge Estates, priced at $279,900 (2 bedrooms, 1 bath, 1,100 sf, built in 2007). The lowest-priced is 100 Oakwood Avenue in Twin Oaks, asking $88,000 (2 bedrooms, 1 bath, 891 sf, built in 1964).

For more information on the value of your condominium in this market, contact Brent today by cell (860-614-8927) or by email (brentbell@remax.net). You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.MyHartfordAreaRealtor.com . Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!

Many people have not looked at the generous details of the repeat home buyer tax credit! (Please remember that this information is general advice; consult your tax professional or the IRS for the most definitive interpretations of this benefit!)

Myth 1: A repeat buyer must buy a more expensive home or "move up" to claim the $6,500 credit...

TRUTH: The repeat buyer must have owned and lived in their home for at least 5 consecutive years of the last 8 years prior to the purchase date of the new property. Repeat buyers may purchase any home to be their new primary residence---more expensive, less expensive or the same price!

Myth 2: Two unmarried buyers cannot claim the tax credit if they purchase a home together, especially if they qualify for different credits...

TRUTH: The buyers can blend their credit, as long as the total credit for one purchased property does not exceed $8,000 (assuming one buyer is eligible for the first-time buyer credit) and as long as the manner of blending is reasonable--- so an even split of $4,000 each or a split of $6,500 to one and $1,500 to the other could be allowable.

Myth 3: You must occupy the home by April 30, 2010 in order to qualify for the credit...

TRUTH: As long as you enter into a binding sales agreement by April 30, you will still be eligible for the credit as long as you complete the purchase by June 30, 2010.

Myth 4: You cannot have access to the credit until after you close on the home...

TRUTH: As long as you are CERTAIN you will purchase a property, you can adjust your tax withholding in advance to compensate for your reduced tax burden during the year (assuming you will file this credit with your 2010 taxes--you also have the option to file this credit as if you purchased the property on December 31, 2009 if this works better for your tax situation).

For a more complete discussion of this program, visit www.federalhousingtaxcredit.com.

 

Young buyers are attracted to the excitement and convenience of living in the city! There is a trend towards buying homes within walking distance of shopping, restaurants and the local pub. Living in the city usually means a shorter commute and a yard that requires less than 2 hours per week to maintain. This home at 149 Beacon Street in Hartford's West End combines a super-convenient location with many updates attractive to today's buyers: bathroom with whirlpool tub & newer kitchen! This is a great home for casual entertaining or private relaxation!

The Glastonbury market median sales prices dropped 16% from 2008 to 2009, moving from $388,000 to $325,000. The number of houses closing was stable, from 316 sales in 2008 to 313 sales in 2009 (based on Multiple Listing Service statistics as of January 26, 2009). For the successful sales in 2009, median days-on-market was just 42---well-priced & well-marketed homes continued to sell! The median list price of sold properties decreased almost 13%, from $399,900 in 2008 to $349,000 in 2009. The range in prices buyers paid to live in Glastonbury in 2009-- $101,500 to $1,200,000 (in 2008, this range was from $150,000 to $2.1M).  The recession was buffered by the first-time buyer's tax credit, making it easier to sell more modestly-priced properties! This does not mean that your property is worth 16% less than last year...

As January 2010 comes to a close, there are 111 single-family homes available to purchase (compared to 133 in January 2009). The prices range from a low of $165,000 for a 4 bedroom, 2 bath (2,773 sf) home built in 1780 at 279 Quarry Road to $6.5M for a 5 bedroom, 5.3 bath (9,844 sf) home built in 1998 at 321 Clark Hill Road. The median-priced property is at 336 Country Club Road: 3 bedrooms, 2.1 baths & 2,533 sf built in 2002 & offered at $459,000.

Currently, there are 32 houses under contract in town. The highest-priced is 96 Chatham Hill Road, with an asking price of $879,900 (5 bedrooms, 4.2 baths, 4,869 sf, built in 1999). The median is 21 Barrington Way, priced at $354,900 (4 bedrooms, 2.1 baths, 2,534 sf, built in 1989). The lowest-priced is 1899 Chalker Hill, asking $144,900 (3 bedrooms, 1 bath, 1,015 sf, built in 1932).

For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or by email (brentbell@remax.net). You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.MyHartfordAreaRealtor.com . Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!

If you aren't one of the 6 million people who have seen this youtube video, enjoy a smile as the staff promotes Breast Care Awareness. Share this with your friends & family; they will thank you! The Pink Glove Dance http://www.youtube.com/watch?v=OEdVfyt-mLw Thanks to the Hartwick.edu nurses blog for promoting this video!

The West Hartford market had a sluggish start and a very strong finish in 2009. There were 624 closed sales of houses recorded in the Multiple Listing Service for the year (down from 646 in 2008). One of the most encouraging numbers was the median Days on Market for these sales at 37 days. People in many other parts of the country would be amazed that half of the houses took contracts just over one month (or less) after their debut on the market!

For 2009, the median list price was $292,000 & the median sale price was $285,000. The range in sale prices for the year started at $72,500 and continued to $2,600,000; quite diverse housing stock in West Hartford!

With the usual caveats that averages result from the actual homes sold in a given year, the number of closed sales in 2009 is down 3.4% from the 2008 sales level. The median sales price is off 6.25% from 2008 to 2009.

Looking to the present, there are just 169 houses available to purchase as of today (an extremely low inventory for a town of over 60,000 residents). The prices range from a low of $107,500 for a 2-bedroom, 1-bath (1,050 sf) home at 688 Flatbush Avenue to a high of $2,295,000 for a 6-bedroom, 6.2 bath (7,012 sf) home at 51 Old Stone Crossing. The median-priced property is located at 42 Spring Lane (4-bedrooms, 1 1/2-baths & 2,076 sf), offered for $339,900.

Currently, there are 51 houses under contract in town. The highest-priced is Lot 7 at Cranbrook, with an asking price of $995,000 (4-bedrooms, 3.2-baths, 4,289 sf). The median is 1122 Trout Brook Drive, priced at $274,900 (4-bedrooms, 2 1/2-baths, 2,170 sf). The lowest-priced is 14 Saint James Street, priced at $159,900 (2-bedrooms, 1-bath, 965 sf).

For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or email (brentbell@remax.net). You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.WestHartfordHomeValues.com. Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!

Statistics based on MLS data obtained January 14, 2010.

The West Hartford market remained solid for the first nine months of 2009 (with less sales at the higher end of the spectrum). There were 456 closed sales of houses recorded in the Multiple Listing Service for the year through the end of September (down from 517 during the same timeframe in 2008). One of the most encouraging numbers was the median Days on Market for these sales at 35 days. This shows that well-priced properties are still selling quickly (and in multiple offers). The Days on Market is a week longer than in 2008 (27 days).

Given that there were only 130 closed sales in the final quarter of 2008 and we have already had 19 closed sales and have 117 homes under contract at this point, we should see a recovery in terms of the number of sales during this final quarter!!!

For 2009 sales, the median list price was $295,000 & the median sale price was $285,000. The range in sale prices for the year started at $106,600 and continued to $954,700; this range shows both great choice and affordability in town (it also shows that no one paid over $1M to live in West Hartford in the first nine months of the year; in contrast, the highest sale in 2008 was $2.441M).

The median sale in 2009 was 5 Miamis Road, selling in 41 days. The asking price was $289,000 and the buyer paid $285,000 for a 3-bedroom, 2 1/2 bath Ranch home with a 1-car garage.

Looking to the present, there are 229 houses available to purchase as of today (this inventory is down from a high this spring of over 300 homes and up only slightly from the low-200s in January). The prices range from a low of $84,900 for a 2-bedroom, 1-bath (908 sf) home at 89 Prospect Avenue to a high of $4,800,000 for a 9-bedroom, 6 1/2 bath (13,132 sf) home at 112 Stoner Drive. The median-priced property is located at 1079 Farmington Avenue (5-bedrooms, 2-baths & 1,724 sf), with an asking price of $359,900. Note that there are currently 4 homes in town priced below $150,000 and 13 priced over $1M.

Currently, there are 117 houses under contract in town. The highest-priced is 56 High Ridge, with an asking price of $1.1M (5-bedrooms, 5-baths, 6,774 sf). The median is 81 Brookmoor, priced at $269,900 (3-bedrooms, 1.1 baths, 1,400 sf). The lowest-priced is 109 Washington Circle, priced at $119,900 (3-bedrooms, 1-bath, 1,100 sf).

For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or email (brentbell@remax.net). Ask a real estate expert with 20 years of local experience. You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.WestHartfordHomeValues.com. Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!

New offering at 179 Hart Street! $175,000. Many updates and wonderful location near park, shopping, elementary school and hospital! See a virtual tour and call Brent for a personal showing at 860-614-8927.

 

http://www.west-hartford-ct.com/Listing/VirtualTour.ashx?ListingID=6009713