Buyers' Market for West Hartford Condomimiums in 2010?

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Real Estate Agent with RE/MAX Premier, Realtors
https://activerain.com/droplet/54V

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!

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Brent Bell

CRS, e-PRO, GRI, Hartford County
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