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.
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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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