East Hartford CT Market Report for November 2011
Much of central Connecticut was dark and cold the first week of November because of massive power outages from Storm Alfred, but the housing market in East Hartford was sizzling hot! The number of closed sales in November 2011 was DOUBLE the number of closed sales in November 2010 (32 closed sales vs. 16 closed sales).
The median price also rose over last November, with this November being $147,750 and last November being $134,450. Closed sales ranged from $22,000 for a two-bedroom, one-bath, 852 sq. ft. mobile home to $245,000 for a three-bedroom, 2.1 bath, 2320 sq. ft. colonial. People may finally be realizing that there are bargains to be had both in the price of homes and low mortgage rates! Here is the breakdown by price range:
| Price Range | November 2011 | November 2010 |
| Under $100,000 | 7 | 2 |
| $100,000-$149,999 | 10 | 11 |
| $149,999-$199,999 | 11 | 3 |
| $200,000-$249,999 | 4 | - |
| $250,000-$299,999 | - | - |
| $300,000-$349,999 | - | - |
| $350,000-$399,999 | - | - |
| Over $400,000 | - | - |
| Total | 32 | 16 |
November 2011 also compared positively to prior months in 2011. November was the second highest month for closed sales for the entire year to date and the median price was the highest of the last four months. Here is the recap of the year:
| Month | # of Closed Sales | Median Price |
| November | 32 | $147,750 |
| October | 23 | $134,900 |
| September | 34 | $136,750 |
| August | 31 | $125,900 |
| 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 |
There are also 24 homes under contract and 40 homes under deposit, so the positive trend should continue.
If you are looking for a great house at a great price, you should check out East Hartford. There are currently 229 homes on the market ranging in price from $22,500 for a two-bedroom, one-bath, 600 sq. ft. mobile home to $289,900 for a three-bedroom, two-bath, 1362 ranch on almost two acres with a pond, a 60-foot barn, and three-car garage, which would be perfect for a car enthusiast (among others). The median price is $149,900.
With the current inventory, the absorption rate in East Hartford CT is 9.16 months. Although this shows that it is a buyers' market, sellers who price their homes to sell will still sell quickly. If you are buying, let me help you find your perfect home; if you are thinking about selling, I will help you sell it quickly for the best price possible. Give me a call!
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