The Year in Review - Median Home Prices in East Hartford CT
2010 was an interesting year in real estate, and statistics don't tell the entire story. As you can see from the charts below, the number of sales by month and the monthly median home prices fluctuated widely. Let's look first at the number of sales:
As was the case in the reports on other towns, East Hartford had a large bump in the number of closed sales as a result of the homebuyer tax credit which ran out on 6/30/10.
If we look at the median home prices by month, we will note a downward-looking trend as the year goes on.
However, another factor contributed to the median home prices--the number of bank-owned properties and distressed sales that occurred in East Hartford. That market had more than its share of distressed sales, resulting in lower median prices.
If we look at the year as a whole, however, we will see that the median price in 2010 was $155,000 (for 341 closed sales) compared to a median price in 2009 of $158,000 (for 409 closed sales). So while the number of sales went down, the median price remained relatively unchanged. Another interesting fact is that the median days on market (DOM) in 2010 was 40 compared to 45 days on market in 2009.
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