5 Sure Signs that the West Hartford Real Estate Market has Shifted!
- Closed Sales. The first quarter of 2013 has seen a 22.5% increase in the number of single family homes sold in West Hartford when compared to the same time period last year (93 closed sales vs. 114 closed sales in 2012).
- Average Sales Price. In West Hartford, 1st quarter sales posted a 3.15% increase in average sales price over 1st quarter 2012. The average sales price for a 3-bedroom, 2-bath, 2000 square foot home is $315,493 vs. $305,860 last year.
- Average Days on Market. Days on market for single family homes in town have shifted dramatically, down from an average of 91 days to 69 days on market during January through March, 2013. This 31% decrease in days on market is significant and has been impacted by many multiple offer situations which have occurred this spring, especially for homes near West Hartford Center. In fact, 44% of homes located within a mile of the Center went under contract in 3 weeks or less during the 1st quarter of 2013!
- Average Dollars Per Square Foot. Although $/sq. ft. is one of many factors to consider when pricing a home, it is on a positive trend in West Hartford-- $156.31 in 1st Quarter 2013 vs. $150.24 in 1st Quarter 2012. This is line with the upward trend in average sales price.
- Average Sales Price/List Price Ratio. The average sales price to list price ratio is also up (1.96%) over 2013. Sellers have been netting 97.16% of their list price during the first three months of 2013.
As housing inventory in West Hartford and mortgage rates remain low overall, the shift toward a seller's market is clear. Buyers who have been "on the fence" should give serious thought to making a move now, and timing is perfect for sellers who have been waiting for the market to improve. West Hartford remains a destination for many, with great neighborhoods, schools, shopping, dining and diversity.
Questions about what's happening in your neighborhood? Contact Laurie at (860) 212-8305 or firstname.lastname@example.org.