Monday's Market Minute: West Hartford, CT
November is typically thought of as the turning point from fall to winter in the real estate world. It's the time of year when not only have all the leaves fallen from the trees, but the time when home sellers ask themselves, "Should we take the house off the market until spring?" and buyers lament the lack of housing inventory to choose from. It's quite a conundrum!
Sales of single family homes in West Hartford during November churned along at about the same pace as last year. In November, 2012 there were 48 closed sales; in November 2013 there were 50.
However, the median sales price of homes in West Hartford was up by 11% when comparing closed sales from the past two Novembers:
West Hartford, CT Single-Family Real Estate Sales
|November, 2012||November, 2013||Difference|
|Median Listing Price||$312,200||$339,950||+8.9%|
|Median Sale Price||$304,000||$337,500||+11%|
|Average Day on Market||61||74||+21%|
|Sale Price/List Price Ratio||97.6%||97.6%||--|
Source: CT Multiple Listing Service
It's interesting to note that nearly a quarter of the closed sales (24%) during the month of November, 2013 were sold at or ABOVE list price which seems to indicate that perhaps winter isn't such a bad time to sell. After all, the lack of inventory continues to be a problem for buyers looking for the perfect place to call home with only 204 single family homes currently on the market in West Hartford. (In a town with over 17,000 single family homes that's only 1% on the market and competition for the well-priced home in good condition remains fierce!!)
The more telling year to date numbers show that West Hartford real estate is trending upward with sales up by 16.7% year-to-date in 2013 when compared to the first 11 months of 2012 (683 closed sales YTD in 2013 vs. 585 during same time period of 2012). Overall, the media price of single family homes in West Hartford is up by a modest 1.3% so far in 2013 ($309,000 vs. $305,000). Good news for all: a slow and steady housing recovery is in the works! For more West Hartford real estate trends, check out my Market Insider. For more specific information about buying or selling in your neighborhood, contact me.