Peggy Chirico ~ Hartford & Tolland County Real Estate Blog: Connecticut: East Hartford

East Hartford CT Market Report for December 2011

East Hartford CT finished out the year strong, with 26 closed sales and a median price of $143,500. Many people mistakenly think that real estate comes to a halt in December because of the holidays, but that was not the case in East Hartford.

Compared with December 2010, this December had a higher number of closed sales (26 this December vs. 22 last December), but the median price was down ($143,500 this December vs. $150,000 last December).

Here is the breakdown by price range:

The median price was up and down throughout the year, but December's median price came very close to the median price for the entire year, which was $144,000.  

Here is a recap by month for 2011:

There are also 20 homes under contract and 37 under deposit. Given that there are 205 active listings in East Hartford, CT, the absorption rate is currently 10 months, which is lower than it has been in recent months.

If you are looking for a home in East Hartford, there is plenty to choose from.  From a low of $9999 for a two-bedroom, one-bath, 719 sq. ft. mobile home to a high of $299,900 for a new construction colonial with three bedrooms, 2.1 baths and 1800 sq. ft., the median price is $149,900. There are many fine neighborhoods in East Hartford, with plenty of opportunities to find a great home at a great price.

To see all the homes for sale in your price range, contact me and I will be glad to help you find your next home. 

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! 

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.

East Hartford CT Market Report for September 2011

East Hartford posted gains in both number of closed sales and median price in September 2011 compared to the prior month.  In September, there were 34 closed sales with a median price of $136,750, compared to 31 closed sales with a median price of $125,900 in August.

When we look at the same month last year, the number of closed sales was up this year, but the median price was down slightly.  In September 2010, there were 25 closed sales (compared to 34 this year) and a median price of $140,000 (compared to $136,750 this year).   Here is the breakdown by price range:

While the number of closed sales has shown a gradual rise, the median price has taken a hit (although it rose this month over last).  Here is a recap of the activity for each month this year so far:

What is the really interesting statistic about the East Hartford housing market, however, is the huge number of pending sales.  There are 34 homes under contract and 34 homes under deposit.  With numbers like these, we can expect the number of closed sales to remain at good levels.

There are also 278 homes currently on the market, ranging in price from $12,900 for a two bedroom, 1 bath mobile home to $309,900 for a four bedroom, 3 bath colonial.  The median price is $154,900.

East Hartford has some amazing values on the market right now, and buyers will get a lot for their money.  If you want to see what is on the market in East Hartford, you can change the search criteria to match your needs and see the listings.  Contact me if you would like help with your search!

East Hartford CT Market Report for August 2011

Closed sales during August 2011 in East Hartford CT increased slightly from August 2010, but the median price decreased.  During August 2011, there were 31 closed sales with a median price of $125,900 compared to 30 closed sales with a median price of $141,200 in August 2010.

Here's the breakdown by price range:

When we look at the number of closed sales this year, the 31 closed sales in August is continuing an upward trend, but the median price is showing much greater variability.

One of the issues facing East Hartford, and affecting the median prices, is the high number of short sales and bank owned properties.  Because short sales take so long to complete, there are usually larger numbers of properties under contract, and this is the case in East Hartford, where there are currently 31 properties under contract and 40 properties under deposit.  The larger number of short sales and bank-owned properties also brings down the median price, which is evident in August's numbers.

On the other hand, there are 277 active listings in East Hartford, ranging in price from $12,900 for a mobile home to $359,900 for a four-bedroom, 3.1 bath colonial with 3098 sq. ft.  The median price is $159,900, so there are many great values in East Hartford.  Buyers have a lot to choose from, at very affordable prices.  Sellers have a great deal of competition; there are 11.22 months of inventory (absorption rate) so sellers in East Hartford must have their homes priced competitively if they want to sell.  Sellers also should expect that it will take longer than usual to sell their homes; however, price, condition, and location are the most important factors and will determine whether a home sells.

If you are interested in looking at properties in East Hartford, you can alter the criteria when you search for properties.

If you would like any help with your search, please give me a call.

East Hartford CT Market Report ~ July 2011

The East Hartford CT real estate market was a busy one in July 2011.  There were 25 closed sales with a median price of $160,000.  This compared favorably to July 2010, which showed 22 closed sales and a median price of $149,000.  So the number of sales is up and so is the median price. 

Here is the breakdown by price range:

It has also been fairly steady for the past four months.  Here's how July compared to June, May, and April:

• July:  25 closed sales, median price $160,000
• June: 23 closed sales, median price $145,000
• May:  25 closed sales, median price $152,000
• April:  23 closed sales, median price $162,000

But perhaps the most exciting news is that there are 38 homes under contract and 44 homes under deposit for a total of 82 homes! With these numbers, East Hartford should continue its momentum over the next few months. 

If you are looking for a house in East Hartford CT, there are currently 282 on the market with a median price of $155,500.  With that many homes in affordable ranges, there is sure to be one that is perfect for you.  Buyers have plenty of opportunities in East Hartford, CT.

If you are selling your home in East Hartford, CT, it may take a little longer to sell your home unless it is in top condition and priced very competitively.  Under those circumstances, homes are moving quickly, but with so many homes on the market, buyers are being very choosy.  The current absorption rate (how many months of inventory there is) is 14.56.  If you are thinking about putting your home on the market, call me and I will be glad to offer suggestions for selling as quickly as possible.

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.

East Hartford CT Market Report ~ May 2011

East Hartford is a great place for affordable homes.  The statistics for May 2011 showed a slight increase over April 2011 in the number of closed sales--25 in May versus 23 in April.  However, the median price was down in May, with a median price of $152,000 compared to a median price of $162,500 in April. 

Median days on market improved somewhat with May showing 61 versus 68 for April.  Also improving was the list price to sale price ration with May showing 95.9 versus 95.6 in April--a very slight uptick.

Compared with the previous May, which saw a surge because of the homebuyers' tax credit, number of sales were down, 25 compared to 38, but the median price was up ever so slightly--$152,000 compared to $151,950 in 2010.  This may seem negligible, but in other areas we saw an increase in median price simply because of the homebuyers' tax credit.  So the difference is more than would appear.

Also on an upnote is the fact that there are currently 36 homes under contract and 44 homes under deposit in East Hartford.  With the increase in the state conveyance tax scheduled to take place on 7/1/11, we should expect a large number of these closing by the end of June.

Here is the breakdown by price range:

If you are looking for a house in East Hartford, there are currently 245 homes on the market with a median price of $156,900.  As I mentioned above, East Hartford is a great place for affordable homes and you can search for what is available by changing the search criteria in the form below.  Please let me know if I can help you find the home of your dreams at a great price!

East Hartford CT Market Report ~ April 2011

During April 2011, there were 23 closed sales, with a median price of $162,500.  Compared to the previous month, which showed 27 closed sales and a median price of $149,000, the total number of sales was down slightly but the median price was up.

Of course, when we compare this April with last April, we see the same trend that we have seen across most of the towns in my market:  sales are down significantly and median prices are all over the place.  Last April in East Hartford, there were 48 closed sales with a median price of $172,000.  With the homebuyer tax credits, many people were trying to make the deadline to receive the money so there was quite a bit of abnormal activity.  It will be great (and more informative) when we can compare year over year by month and not have to deal with these fluctuations.

Here is the breakdown by price range:

Currently, there are also 32 properties under contract and 45 properties under contract.  These are good numbers for East Hartford, which is a great place to find a variety of affordable homes in all price ranges.  If you are looking for a home in East Hartford, there are 226 homes on the market with a median price of $159,900.  Please use the form below to change your criteria so you can find your perfect home in East Hartford.

If you are thinking of selling your home in East Hartford, please remember that right now there is a 13.17 month supply of inventory (absorption rate).  However, homes that are priced well and in great condition can sell much quicker than that.  If you are ready to sell your home in East Hartford, please give me a call so we can discuss how your turnaround time can be quicker!

March Market Report for East Hartford CT

Interesting things were going on in East Hartford CT during March 2011.  For once, the number of closed sales and the median price were almost identical to the numbers from March 2010.  In March 2011, there were 27 closed sales, just as there were in March 2010.  The median price in March 2011 was $149,000 compared to a median price of $148,900 in March 2010.

March numbers also compared favorably to February, which had 13 closed sales and a median price of $138,000, and to January, which had 18 closed sales and a median price of $127,500.

Here is the breakdown by price range:

There are also 28 homes under contract and 35 homes under deposit.  With 214 houses currently on the market, the absorption rate in East Hartford is 10 months.

If you are looking for a home in East Hartford, you have 214 from which to choose.  The prices range from $7,800 for a 550 sq.ft. mobile home to $399,900 for a newer 3098 sq. ft. colonial with four bedrooms and 3.1 baths.  The median price for homes on the market is $159,900.  If you want to see what is available, use the property search site to narrow your criteria.  Please let me know if you would like help with your search!