Welcome to the HARTFORD MULTI-FAMILY Real Estate Market Update
presented by The Master's Key Realty for the
Month of March 2011.
MULTI-FAMILY RESIDENTIAL PROPERTIES
Currently there are 239 actively listed Multi-Family properties in Hartford, CT. Of these, 26 are 5-19 units, which would require commercial financing. These multi's range in price from a low of $80,000 for a six unit rehabber to $1,000,000 for a package of properties with 16 units in all.
TWO TO FOUR UNIT MULTI-FAMILY PROPERTIES
Currently there are 176 actively listed 2 - 4 UNIT Multi-Family properties in Hartford, CT. These multi-family homes range in asking price from $25,000 to $290,000. Thirty-one of these properties are new to the market in March 2011, the remaining 145 have been on the market for more than 30 days. Days on the market range from 3 to 796.
There are currently 29 multi-family homes listed under $100,000., and 41 more listed between $100,000 to $150,000. There are 90 homes listed between $150,000 and $250,000., and just 16 listed over $250,000.
SALES ACTIVITY:
There are 40 homes currently under deposit in Hartford CT - but just seven of these multi-family homes went under contract during the month of March. Six of them were listed under $99,900., and one was listed at $160,000. In comparison, in 2010, twice that number, fourteen homes went under contract in the month of March.
In addition, eleven multi-family properties were sold (closed sales) in Hartford during the month of March 2011, eight of them ranging from $45,000 to $86,000., and the remaining three sales at $120,000., 141,000., and 182,000. Closed sales were on the market before going under deposit an average of 68 days on the market. In comparison, in 2010, there were seventeen closed sales in the month of March.
It is important to note, however, that 10 of the 11 sales were either bank owned foreclosure properties (7 of them) or short sales (3). Only one was considered an arms-length non-distressed sale.
With 11 homes selling in one month, and 176 homes on the market, the absorption rate is 16. This means that it would take 16 months to absorb the current inventory of multi-family homes now on the market if sales continue at the current rate. If you are thinking about selling your two to four unit home in Hartford, CT, this should help you determine the most suitable pricing on your house for sale to meet your desired selling time.
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If you are thinking about buying or selling a home in the Hartford CT area or any of its surrounding towns, please call me for a personal consultation. I would be more than happy to discuss marketing and pricing strategies, and how absorption rates affect your pricing, or to answer any other questions you may have about real estate.
If you know somebody who is having difficulty in the current economy and struggling with their mortgage payment and doesn't know what to do, I may be able to help them, especially if they are facing foreclosure! Please suggest they give me a call. All referrals will be handled professionally and confidentially, just as you would expect!
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