Booming. That’s how real estate experts describe Connecticut’s housing market right now.
According to data provided by the Greater Hartford Association of Realtors (GHAR), there were 832 single-family homes sold in the Hartford area last month, an increase over last August by nearly 24%.
“It’s at an all-time high,” said Holly Callanan, Greater Hartford Association of Realtors CEO.
Callanan explained that with more people working from home they’re looking for a change.
“They are excited to get into new homes. They’re looking for more space so anything that is on the market right now is going like crazy,” she said.
While sales have spiked, listings remained relatively flat, only increasing by 1.1% in August.
“We have a very low supply and a huge demand,” said realtor Julie Corrado.
Corrado has been selling homes for 17 years and said she’s never seen the market like this. With limited inventory, she said there has been strong competition among those looking for a new home.
“It is a challenge for buyers. A lot of buyers make offers and they aren’t getting their offers accepted,” she said.
That was the case for one family who recently bought a house in South Windsor. After a three-month search, they finally settled on a property but to avoid losing it, they said they had to decide within an hour of seeing it.
“It was pretty stressful,” said Lavanya Nangunoori. “We were stressed that entire night and in the morning, to realize, did we actually make that decision?”
With competition being what it is, this family said it also made a max bid on their home.
“There was no negotiation back and forth we said we’re gonna match this offer and moved on,” said Swamy Munukoti.
Corrado said this is typical for buyers around the state. A combination of factors including low interest rates along with more people working from home, has helped drive the market. For those looking to buy she suggested appealing to the seller by:
- Telling them what you love about the house.
- Get pre-approved from a reputable local lender.
- Make a strong deposit
- Consider waiving contingencies.
With the demand, prices have soared. The GHAR said the average sales price in August was $290,000, up 14% from a year ago. While it has become a seller’s market, Callanan said buyers need to be on their game and make decisions quickly.