I'm always a little surprised when I hear people comment about the dire real estate market; I just don't see it. In one of my market areas (West Hartford, CT) single-family home sales increased by 28% during the first two months of 2011 when compared to the same time period one year ago. During January and February 54 single family homes were sold in West Hartford with an average
sales price of $342,651; in 2010 42 homes sold with an average sales price of $317,014. That's an 8% increase in sales price, folks! Some interesting statistics considering that the tax credit was in full swing during that time period last year.
A closer look at the numbers (for those of you who like data), shows that sellers are still getting 96% of their list price; another positive sign. Days on market are hgher than I'd like to see, but an average of 79 days (up from 71) is not too shabby considering these economic times. During the same period last year, the remaining stats are similar which seems to indicate a flat market. Not good, not bad, just reality.
The bottom line: West Hartford is still a top choice for many home buyers and home values are holding steady. It's a diverse, trendy and cool place to live. Signs of the spring real estate market are already starting to show (11 new listings in the first 3 days of March!) Sellers who price realistically, stage appropriately, and are willing to negotiate are getting their homes SOLD. Those who aren't are getting left out in the cold.
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