East Hartford CT Market Report for August 2011
Closed sales during August 2011 in East Hartford CT increased slightly from August 2010, but the median price decreased. During August 2011, there were 31 closed sales with a median price of $125,900 compared to 30 closed sales with a median price of $141,200 in August 2010.
Here's the breakdown by price range:
| Price Range | August 2011 | August 2010 |
| Under $100,000 | 10 | 5 |
| $100,000-$149,999 | 10 | 12 |
| $149,999-$199,999 | 9 | 7 |
| $200,000-$249,999 | - | 5 |
| $250,000-$299,999 | 2 | 1 |
| $300,000-$349,999 | - | - |
| $350,000-$399,999 | - | - |
| Over $400,000 | - | - |
| Total | 31 | 30 |
When we look at the number of closed sales this year, the 31 closed sales in August is continuing an upward trend, but the median price is showing much greater variability.
| Month | # of Closed Sales | Median Price |
| July | 25 | $160,000 |
| June | 23 | $145,000 |
| May | 25 | $152,000 |
| April | 23 | $162,500 |
| March | 27 | $149,000 |
| February | 14 | $134,000 |
| January | 18 | $127,500 |
One of the issues facing East Hartford, and affecting the median prices, is the high number of short sales and bank owned properties. Because short sales take so long to complete, there are usually larger numbers of properties under contract, and this is the case in East Hartford, where there are currently 31 properties under contract and 40 properties under deposit. The larger number of short sales and bank-owned properties also brings down the median price, which is evident in August's numbers.
On the other hand, there are 277 active listings in East Hartford, ranging in price from $12,900 for a mobile home to $359,900 for a four-bedroom, 3.1 bath colonial with 3098 sq. ft. The median price is $159,900, so there are many great values in East Hartford. Buyers have a lot to choose from, at very affordable prices. Sellers have a great deal of competition; there are 11.22 months of inventory (absorption rate) so sellers in East Hartford must have their homes priced competitively if they want to sell. Sellers also should expect that it will take longer than usual to sell their homes; however, price, condition, and location are the most important factors and will determine whether a home sells.
If you are interested in looking at properties in East Hartford, you can alter the criteria when you search for properties.
If you would like any help with your search, please give me a call.
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