We’re past the Fourth of July holiday and agents have entered in the last of their closings for June, so it’s time to take a look back at how we fared with real estate sales in the Greater Hartford area during the second quarter.
All data was compiled from the CT Multiple Listing Service for single family homes only and is deemed reliable, but not guaranteed.
1. The number of closed sales for the second quarter of 2009 decreased from the same time period for 2008. Aggregated, the number of closed sales in these towns decreased by 8.1%. Not great, but not terrible by any means.
2. Median Sale Price also decreased in most towns. If you look at the largest decreases, and compare it to the column with Closings that were Bank Owned or Short Sales, it appears in most cases that distressed property sales are contributing to the drop in Median Price in several towns.
3. Months of Inventory has dropped in most towns during the past several months. Six of the 16 towns are a Neutral market (between 3-6 months of inventory), Newington is a Seller’s market (less than 3 months of inventory), and the remaining towns are Buyer’s markets (6+ months of inventory).
4. I noticed while I was looking through all of the Closed Sales for those that were Bank Owned or Short Sales, that there were several properties which I showed about 16 months ago in various towns. Originally these properties were not distressed sales. The owners were simply trying to sell. At some point the owners fell behind on payments and the bank stepped in. It was disappointing to see homes that I remembered as nice now advertised as having frozen pipes, extensive mold problems, or copper pipes removed. More troubling is what happened to the families that lived in these homes? Where did they go? How have their lives changed?