This is a quick look to see what has been happening in Hartford for single family residential sales over the past year.
To find out what has been occurring in Hartford data from the Connecticut Multiple Listing Service was utilized. Although not all sales use this service, the majority of arms length transactions due go through this process. The use of the MLS also weeds out family transactions and auctions sales which would tend to skew market value indicators due to the nature of these transfers.
FannieMae has developed an analysis for appraisers to use to give a view of the market for a specific property. The idea is to see how prices have changed over the past year, what is happening with absorption rates and for houses currently for sale. Although it often results in to limited statistical information when targeting an individual property type within a neighborhood, it can be very helpful in determining what is happening with a town overall. Hartford for the most part does have large enough neighborhoods to develop an individual analysis for now this is an overall view of the city.
Firstly sales are still showing some declining in numbers. The first 6 months showed 123 sales. that total went down some for the 3 months period after that with 43 sales. Keep in mind that the first figure used is for a 6 month period versus the second which is half that, so that would correlate to 86 sales over a six month period. Another consideration is that this three month period includes three of the slowest months of the year. That figure grew to 58 sales for the last three month period. So there has been a decline in sales of 6% from the first six months.
While the number of sales have declined slightly, the absorption rate (time it would take for all current sales on market to sell at the current sales rate) has decreased to 19.3 per month from 20.3. With the current number of listings it would take 11.9 months to sell them, also an increase from 10.5 months.
Despite these factors prices have actually increased 3.7% from $133,000 to $138,000. The increase appears to have all occurred within the last three months as the prior three months also showed a median sales price of $133,000.
Marketing time for sales has increased from 27 days for the first six months to 55 day3 months.. Some caution should be given to these figures as they do not reflect prior listings that have expired and relisted, and only reflect their current listings marketing time. On market properties days on the market have shown increase from 53 days to 74, which would be expected considering the increase in listings.
The percentage of sales price to listing price has decreased slightly from 96.72% to 96.43%. This appears to be an indication that well priced properties are still moving while those that are over priced are not. The fact that there is less then a 4% difference between asking price and sales price strongly suggests that well priced properties are selling and close to their asking price while other properties are not moving at all.
The inconsistent information for Hartford shows a market in flux. Part of the explanation for the increase in prices combined with an increase in inventory and marketing time is that a lower percentage of the market may be distressed sales which is a good sign for future trends.Immobilienmakler Heidelberg Makler Heidelberg