Peggy Chirico ~ Hartford & Tolland County Real Estate Blog

East Hartford CT Market Report ~ June 2011

June was an interesting month for East Hartford CT real estate.  Both the number of closed sales and the median price were down from the previous two months.  During June, there were 22 closed sales with a median price of $145,250; during May, there were 25 closed sales with a median price of $152,000 and during April, there were 23 closed sales with a median price of $162,500.

Compared to activity of June 2010, we see significantly fewer closed sales (22 versus 41 for last June) and a lower median price ($145,240 versus $164,900 for last June).  This is similar to surrounding towns that saw spikes in both number of closed sales as well as median prices because of the homebuyers' tax credits.

However, there are currently 41 homes under contract and 47 homes under deposit.  East Hartford has a greater number of bank-owned and short-sale properties than the surrounding towns.  Because these (especially the short sales) tend to take longer than traditional sales, we can't necessarily expect that the next few months will show a jump in closed sales.  Also, because of the high number of these types of properties, we shouldn't be surprised if the median prices remain flat either.

Currently, there are 257 homes on the market in East Hartford CT with a median price of $159,900.  Given the number of homes that closed over the past month, there is currently 15.7 months' worth of inventory (absorption rate).

This is important information for both buyers and sellers.  For buyers, it means that there is plenty to choose from at very affordable prices.  Interest rates are still low and a moderately priced home may be much more attractive than renting.  With many great neighborhoods, East Hartford can be the perfect entry into homeownership.

On the other hand, sellers must realize that it is going to take longer to sell their homes simply because of the inventory levels.  They will need to price their homes very competitively and make sure that theirs shows best in their price range.  A well-cared for, well priced home will still sell; and many buyers don't want the hassle of short-sales or bank-owned properties.

If you are looking for a home in East Hartford, call or email me and I will send you listings that match your criteria.

South Windsor CT Market Report ~ June 2011

During June, there were 21 closed sales in South Windsor, CT with a median price of $259,900.  This is a slight increase over April and May in closed sales and a significant increase in median price, with May showing 20 closed sales with a median price of $218,500 and April showing 17 closed sales with a median price of $220,000.

A more interesting statistic, however, was median days on the market, which was 14 for the month of June, compared to 60 and 66 for May and April, respectively.

In addition, there are 18 homes under contract and 22 homes under deposit.  With only 109 houses currently on the market, South Windsor has 7.09 months of inventory, which is a better absorption rate than some other nearby towns.  The moral of the story here is that if you are looking to move into South Windsor, you will need to be decisive about it.  And if you are thinking of putting your house on the market, now seems to be a great time to do so.

Compared to last June, we are still seeing fewer closed sales and lower median prices.  The homebuyer tax credit created a buying frenzy, with higher median prices.  Fortunately, this is the last month that we will have to explain the skewed data created by the incentives.  In South Windsor, last June showed 38 closed sales with a median price of $301,000.  Here is the breakdown by price range:

If you are looking for a home in South Windsor, there are only 109 homes on the market with a median price of $279,900.  Please let me know if you would like help with your search!

Manchester CT Market Report ~ June 2011

As expected, the Manchester CT housing market showed vibrant results for June.  With the real estate conveyance tax set to increase on 7/1/11, many sellers were eager to close by 6/30/11.  There were 41 closed sales with a median price of $178,500.

The last few months have shown increasing gains in both number of closed sales and median prices.  During May, there were 33 closed sales with a median price of $175,000 and in April there were 23 closed sales with a median price of $155,000.

Of course, this June couldn't top last June (the last month for the homebuyer tax credits), with last June showing 64 closed sales and a median price of $191,089, but we seem to be on an upward trend for this year.  Here is the breakdown by price range for this June compared to last June:

We will have to see how July fares, but so far there are 2 closed sales, 29 houses under contract, and 45 houses under deposit.  If you are looking for a home in Manchester CT, you have a great selection.  Currently, there are 235 homes on the market, with a median price of $189,900.  You can use the property search tool below to change your zip code, price range, and other criteria to see what is available.  Please give me a call if you would like any help with your search.

Manchester CT Condo Report ~ April 2011

During April, there were 10 closed sales for condo units in Manchester, CT.  Prices ranged from $42,500 to $242,500 with a median price of $139,500.

Here is a list of the complexes, BD/BA, and closed price:

• Manchester Gardens:  2BD/1BA, $42,500
• Colonial Manor: 3BD/1BA, $75,000
• Greenview Hill: 2BD/1.1BA, $105,000
• Beechwood: 2BD/1.1BA, $126,000
• Beechwood: 2BD/1.1BA, $137,000
• 579 Tolland Tpke: 3BD/2BA, $142,000
• Lewin's Crossing:  3BD/2.1BA, $162,500
• Southfield Green:  3BD/2.1BA, $172,000
• Manor Woods:  2BD/2.1BA, $189,900
• Hampton Run:  3BD/2.1BA, $242,500

The list price to sale price ratio was 94.6% and the median days on market was 105.  The median price per square foot was $102.

There are also 7 units under contract and 10 units under deposit.  If you are interested in finding a condo in Manchester CT, there are currently 65 units available, ranging from $53,900 for a one bedroom, one bath unit at Millbridge to a three bedroom, two bath unit at Cheney Village for $395,000.  The median price is $155,000.  As you can see, there are many affordable options in Manchester CT.  If you would like to see what is available in your price range, please give me a call.