The Year in Review - Median Home Prices in East Hartford CT
2010 was an interesting year in real estate, and statistics don't tell the entire story. As you can see from the charts below, the number of sales by month and the monthly median home prices fluctuated widely. Let's look first at the number of sales:
As was the case in the reports on other towns, East Hartford had a large bump in the number of closed sales as a result of the homebuyer tax credit which ran out on 6/30/10.
If we look at the median home prices by month, we will note a downward-looking trend as the year goes on.
However, another factor contributed to the median home prices--the number of bank-owned properties and distressed sales that occurred in East Hartford. That market had more than its share of distressed sales, resulting in lower median prices.
If we look at the year as a whole, however, we will see that the median price in 2010 was $155,000 (for 341 closed sales) compared to a median price in 2009 of $158,000 (for 409 closed sales). So while the number of sales went down, the median price remained relatively unchanged. Another interesting fact is that the median days on market (DOM) in 2010 was 40 compared to 45 days on market in 2009.
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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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Peggy I would have to go back and check but I think that April is when the Tax Credit went away, so that spike in sales must have been Buyers trying to get in under the dead line.
Hi George - You are right - the contract had to be in order by 4/30 but they had til 6/30 to close so all across the towns I cover, there was a spike April through June! So it definitely generated activity.