Real Estate Recovery? Good News from The Hartford Courant
Those of us who track the real estate statistics every month know that July was a rebounder in terms of closed sales. It was the first month that we didn't have to compare month-over-month (2010 vs. 2011) with the inflated numbers generated by the homebuyers' tax credit, which ended 6/30/10.
Those of us in real estate also know that we not only have to battle the market but we also have to battle public perception of the market--much of which is fueled by bad press.
But this morning in The Hartford Courant, usually one of the bearers of bad news, there was an article written by Janet Podsada that stated that "closed sales of single-family houses were up 14 percent last month over July of 2010..."
Although the median price dropped 4% in the 57 towns comprising the Hartford region, there is also good news that pending sales (those that will most likely close in the next 45 to 60 days) in the Hartford region were up 12% from last July.
What else is good news? Inventory is down 5% and houses are selling more quickly with the median days on market dropping to 63 from 73 days a year ago.
In the towns I track routinely, here are the reported numbers from this July and last July:
| Town | July 2011 | July 2010 |
| South Windsor | 20 | 12 |
| East Hartford | 25 | 22 |
| Manchester | 32 | 29 |
| Vernon | 11 | 10 |
| Ellington | 6 | 6 |
| Tolland | 10 | 11 |
| Coventry | 11 | 4 |
| Bolton | 7 | 3 | Columbia | 4 | 3 |
| Bloomfield | 11 | 11 |
| West Hartford | 70 | 45 |
| Newington | 20 | 14 |
| Wethersfield | 31 | 12 |
And there is more good news: Mortgage rates hit a 50-year low last this week!
Let's hope that this good news will encourage people to take advantage of low rates and lower median prices to move into their next homes!
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Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential CT Realty
peggychirico@gmail.com
860-748-8900
If you are buying or selling a home in Hartford County or Tolland County, please call me, email me, or visit my website. I would be happy to help you with your home search or provide a market analysis for your home.
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