Peggy Chirico ~ Hartford & Tolland County Real Estate Blog

South Windsor CT real estate sales during 2011 showed a fairly typical picture of the ups and downs of the market.  As was the case with many towns in Connecticut, South Windsor's closed sales and median price were down from the previous year.  In 2011, there were 195 closed sales compared to 202 closed sales in 2010; the median price was $254,900 in 2011 vs. $274,450 in 2010.  So closed sales were down 3.47% while median price was down 7.12%.

If we look at the average price ($294,398 in 2011 vs. $296,397 in 2010), the difference was .8%.  Why consider both median and average prices? The median price simply places all the values in order and selects the one in the middle, whereas the average takes the numerical average.  One high-priced home will bring up the average significantly, but it won't affect the median price.  So an average price provides an indication of the breadth of home values, whereas a median price tells you which home value was in the middle. It is important to look at both average and median prices, as well as which homes actually sold.

Here is a comparison of the number of closed sales by month for 2010 and 2011 in South Windsor CT:

As in just about every other town, South Windsor showed a surge in closed sales in June 2010, which was the deadline for the homebuyers' tax credits.  But from July through September of 2011, closed sales beat out the prior year, and then once again dipped below 2010 levels.

While there are plenty of sour notes in the real estate market in general, South Windsor fared well overall, posting a minor decrease in closed sales over the prior year, a modest decrease in median price, and virtually no change in average price.

South Windsor CT Market Report for December 2011

The number of closed sales in South Windsor CT was up in December over the previous month (17 closed sales in December compared to 13 closed sales in November).  The median price was also up from $240,000 in November to $249,900 in December.

However, compared to last December, both number of closed sales and median price were down.  Last December showed 26 closed sales and a median price of $256,000.  The only bright spot there was that the number of homes sold over $400,000 remained the same.  Here is the breakdown by price range:

Like many other towns, South Windsor's median price and number of closed sales have had their ups and downs this year as shown in the table below:

But the really interesting aspect of the South Windsor real estate market is that there are currently just 75 homes on the market.  Given that there are 17 homes under contract and 13 houses under deposit, the absorption rate in South Windsor CT is just 6.2 months, which is one of the lowest absorption rates around.

If you are interested in finding a home in South Windsor CT, the homes range from $16,500 for a two-bedroom, 1.1-bath, 520 sq. ft. mobile home to a $1.3 million for a six-bedroom, two-bath, 3054 sq. ft. colonial on 75 acres. The median price is $269,900, with 30 homes for sale between $200,000 and $300,000, so if that's your price range, you have some options.  However, with the limited inventory, buyers will need to be competitive in their offers, especially if the property is in a good location and in good condition.

If you are thinking about putting your home on the market, there will be less competition so you can expect that your home won't be on the market long, especially if you price it well.

Whether you are thinking about buying or selling in South Windsor CT, please give me a call. I would be glad to help you achieve your goals. 

Vernon CT Market Report for November 2011

Real estate sales in Vernon CT during November were typical of most of the year, holding steady at 14 homes sold.  However, this is just 2/3 of what was sold in November 2010 (22).

The median price also took a big hit this November over last November ($146,250 was the median price for November 2011 compared to a median price of $226,000 for November 2010).

 Here is the breakdown by price range:

It's interesting that all the sales this November were under $250,000, whereas last November there were six in the upper price ranges. When we look at how November compared to the rest of 2011, we can see that the number of houses sold are within a fairly tight range, but the median prices are all over the place. One of the problems with looking at median prices is that it is a reflection of who is buying houses in any given month, and during November, buyers were buying lower-priced homes.

There are also 22 homes under contract (with a median list price of $169,555) and 15 homes under deposit(with a median list price of $149,900), so we should expect similar numbers over the next couple of months. Here is a recap of the year so far in Vernon CT:

I think it is interesting to see which houses actually sold during November 2011 in Vernon CT, along with list price, sold price, and days on market (DOM):

If you are looking at a home in Vernon CT, there are currently 116 homes on the market with a median list price of $205,900.  That means that there are 10.9 months of inventory (the absorption rate) in Vernon CT. Generally speaking, sellers are facing a longer time on the market unless their homes are priced right for the condition, and buyers have a greater selection, depending on the price range they are looking in.  If you are thinking about buying or selling in Vernon CT, be sure to contact me.  I would be happy to help you!

Bloomfield CT Market Report for November 2011

There were 13 homes sold in Bloomfield CT during November 2011.  This compared a bit unfavorably when compared to November 2010 which showed 17 homes sold, but 13 is the most number of homes sold in one month in Bloomfield CT since June.

The median price for November 2011 was up from last November ($192,500 for November 2011 vs. $180,000 for November 2010).  Here is a recap of homes sold and median price by month for 2011 so far:

All in all, the real estate market in Bloomfield CT seems to be picking up.  Another positive sign is that there are 11 homes under contract and 21 homes under deposit, so let's hope that Bloomfield closes out the year with another increase in homes sold.  

Here are the homes which sold in November, with list price, sold price, and days on market (DOM).

If you are looking for a home in Bloomfield CT, there are currently 125 on the market, ranging in price from two-bedroom, one-bath, 768 sq. ft. ranch for $79,900 to a four-bedroom, 4.2-bath, 2899 sq. ft. colonial on Gillette Ridge Golf Course with four acres for $1.2 million.  The median price is $199,000.  As you can see, Bloomfield offers a wide range of homes for sale in many great neighborhoods, close to town or out in the beautiful countryside.  Please let me know if you would like help with your search.

South Windsor CT Market Report for November 2011

The weather following our freak snowstorm on October 29 was wild and crazy, but the real estate market was pretty tame in South Windsor CT during November 2011.  There were 13 homes sold compared with 14 homes sold in November 2010.  The total homes sold per month were at the lowest since March 2011.

In November 2011, the median price was $240,000, compared with a median price of $281,950 in November 2010.  Here are the properties that sold in November 2011 in South Windsor CT.

The median price also took a hit when compared to the past few months.  Here is a recap of the number of closed sales and median price by month for 2011 to date:

On a brighter note, however, there are 6 homes under contract and 22 under deposit, so we will have to wait and see how many properties close by the end of the year.

The South Windsor CT has always been a desireable real estate market, and buyers hoping to find their next house in South Windsor only have 77 homes to choose from.  They range in price from $14,900 for a two-bedroom, one-bath 700 sq. ft. mobile home to $1.3 million for a six-bedroom, two-bath, 3054 sq. ft. farmhouse on 75 acres.  The median price of homes on the market is $269,900.

Given the inventory, the absorption rate for South Windsor is 8.08 months.  Of course, with such a wide range of prices, buyers need to realize that there are quite a bit fewer homes at their preferred price point. If you are buying or selling a home in South Windsor CT, please contact me if you would like more information about the South Windsor CT real estate market.

East Hartford CT Market Report for November 2011

Much of central Connecticut was dark and cold the first week of November because of massive power outages from Storm Alfred, but the housing market in East Hartford was sizzling hot!  The number of closed sales in November 2011 was DOUBLE the number of closed sales in November 2010 (32 closed sales vs. 16 closed sales).

The median price also rose over last November, with this November being $147,750 and last November being $134,450.  Closed sales ranged from $22,000 for a two-bedroom, one-bath, 852 sq. ft. mobile home to $245,000 for a three-bedroom, 2.1 bath, 2320 sq. ft. colonial.  People may finally be realizing that there are bargains to be had both in the price of homes and low mortgage rates!  Here is the breakdown by price range:

November 2011 also compared positively to prior months in 2011.  November was the second highest month for closed sales for the entire year to date and the median price was the highest of the last four months.  Here is the recap of the year:

There are also 24 homes under contract and 40 homes under deposit, so the positive trend should continue.  

If you are looking for a great house at a great price, you should check out East Hartford.  There are currently 229 homes on the market ranging in price from $22,500 for a two-bedroom, one-bath, 600 sq. ft. mobile home  to $289,900 for a three-bedroom, two-bath, 1362 ranch on almost two acres with a pond, a 60-foot barn, and three-car garage, which would be perfect for a car enthusiast (among others). The median price is $149,900.

With the current inventory, the absorption rate in East Hartford CT is 9.16 months.  Although this shows that it is a buyers' market, sellers who price their homes to sell will still sell quickly.  If you are buying, let me help you find your perfect home; if you are thinking about selling, I will help you sell it quickly for the best price possible.  Give me a call! 

Manchester CT Market Report for November 2011

Considering that most of central Connecticut was out of commission the first week of November and we had a major holiday as well, the number of closed sales in Manchester CT was remarkable.  There were 30 closed sales compared to 18 closed sales for November 2010.  Quite a difference!

The median price for November 2011 was $152,500 compared to $189,950 for the prior November, so the median price is significantly lower.  I always caution that the median price is the midpoint of all the sales, so if a lot of lower-priced homes sold, the median price is going to be lower.  There are bargains out there, and people are buying them.  The houses sold this month ranged from $63,500 for a two-bedroom, one-bath, 850 sq. ft ranch which was a short sale to $399,900 for a four-bedroom, 2.1-bath, 2800 sq. ft. new construction craftsman style home. 

Here is the breakdown by price range:

It's interesting to note that there were more homes in the upper price ranges that sold this November compared to last November, which is a positive thing.

In comparing November to the previous months in 2011, November's closed sales were the highest since July although the median price was the second lowest of all the prior months.  There are, however, 18 homes under contract and 32 homes under deposit, so the next months' closed sales should remain steady.  Here is a recap of closed sales and median price for 2011 so far:

If you are looking for a home in Manchester CT, there are currently 239 homes on the market, ranging in price from $64,900 for a four-bedroom, one-bath 1610 sq. ft. colonial to $759,000 for a four-bedroom, 3.1-bath, 4000 sq. ft. colonial built in 2010. The median price of all active listings is $179,900.

With the current level of inventory, the absorption rate in Manchester CT is 9.6 months, which is still a buyers' market.  However, homes are still moving quickly if they are priced right for the condition they are in. So whether you are looking for a fixer-upper or a home in pristine condition, Manchester will offer you many choices.  And, sellers, if you are wondering if you should list your home during the holidays, you will find there are plenty of reasons that you should

If you are looking for a home in Manchester CT, please give me a call. I would be glad to help you with your search!

East Hartford CT Market Report for October 2011

In comparing October 2011 with October 2010, East Hartford real estate sales and median price were down this year over last.  In October 2011, there were 23 closed sales with a median price of $134,900 compared with 26 closed sales and a median price of $144,750 in October 2010.

In addition, days on market (DOM) were up this year (77 in 2011 and 45 in 2010), but sale price to list price ratio is virtually unchanged (96.7 in 2011 vs. 96.9 in 2010).

Here is the breakdown by price range:

Although closed sales were down in October 2011 compared with the few months prior, the number of pending sales continues to rise.  We saw 68 pending sales in September, but in October 2011 there were 80 pending sales (37 under contract and 43 under deposit).  It will be interesting to see how many of these pending sales close in November.

Here is a recap of the year in East Hartford, CT: 

In addition, the number of houses on the market in East Hartford CT is down from the prior month (278 in September and 247 as of this date).  With 247 homes on the market and a median price of $154,900, East Hartford CT has plenty of homes at very attractive prices.  Homes on the market range from $15,000 for a two-bedroom, one-bath mobile home to $299,900 for a four-bedroom, two-bath ranch.

If you are interested in finding a home in East Hartford, you can search for properties by entering your search criteria.  Please give me a call if you see something that interests you or if you would like help finding the house of your dreams in East Hartford, CT.

South Windsor Market Report for October 2011

During October 2011, there were 14 closed sales in South Windsor CT with a median price of $275,000. There were 14 closed sales in October 2010, but the median price was $259,900.  So year over year comparison for October shows that sales were the same, but the median price rose.

Another interesting statistic is that while days on market (DOM) increased in October 2011 compared to October 2010 (64 vs. 33 in 2010), the sale price to list price ratio increased (97.4% iin October 2011 vs. 95.25% in October 2010).

Here is the breakdown by price range:

If we look at how October compared to the prior months, we can see from the following chart that the number of closed sales is dropping off from prior months, but the median price of $275,000 is pivoting around the center of a low of $218,500 in May to a high of $313,385 in September.  How do we explain the surge in number of sales during the summer months? Quite possibly, people wanted to get settled prior to the start of the school year.  Here is the recap of the year so far:

In addition to closed sales, there are 6 houses under contract and 22 houses under deposit.  We will have to see how November's closed sales go. Because of the massive power outages, some closings may be delayed as the houses under deposit may need to have damages repaired from the storm and appraisals rechecked.

If you are looking for a house in South Windsor CT, there are currently 86 homes for sale, ranging from $19,500 for a two-bedroom, one-bath mobile home to a six-bedroom, two-bath colonial farmhouse for $1.3 million.  The median price is $287,400.

Inventory is down from the prior month so if you are a seller, that is good news, but if you are a buyer, you may find competition if you find a house you like.  At the current levels, the absorption rate for South Windsor CT is 8 months.  You can search for homes in South Windsor by setting the criteria for what you want.  Give me a call if you see something that interests you.

Manchester CT Market Report for October 2011

October was an interesting month in Manchester CT real estate sales.  While the number of closed sales held steady over the prior few months, the median price dropped significantly.  The same was true when comparing last October with this October.  During October 2011, there were 26 closed sales with a median price of $147,750, while during October 2010, there were 20 closed sales with a median price of $179,900.

Here is the breakdown by price range:

Should we be concerned about the median price drop? We will have to wait and see.  We can speculate about anything, but I do wonder what effect the freak snowstorm of 10/29/11 had on closings.   With people still digging out and getting power restored, I wouldn't be surprised if closings were delayed, well into November.  Most people won't close if there is debris all over the yard; they will wait for the seller to clean it up or make arrangements to do so.

If you look at the recap of closed sales and median prices by month for the year 2011, this low median price does seem a little out of line.  Remember, median price says nothing expect what was purchased during the month.  If everyone was clamoring to buy low-priced homes, then that will be reflected in the median price.  Here is the recap by month for 2011:

With 35 homes under deposit and 22 under contract,  we will have to see how November's numbers play out.  Inventory is also down somewhat from the previous month.  In September, there were 282 homes on the market; as of today, there are 259 homes on the market with a median price of $179,990.  Homes range from $59,200 for a 2-bedroom, 1-bath, 930 sq. ft. colonial to $759,000 for a 4-bedroom, 3.1-bath, 4000 sq. ft. contemporary.

Although inventory has dropped, the absorption rate for Manchester CT is still 12.1 months, meaning that it will take a little longer to sell a home.  If you are interested in selling your home, be sure to price it right, make sure your home shows better than similar properties, and play up its positive features, especially if you are trying to sell it in the winter. I would be glad to discuss this with you.

If you are interested in seeing what is on the market, you can enter your search criteria and see for yourself.  Please give me a call if you see something that fits your needs.