Central Connecticut Real Estate Market Report 04.04.08

Hartford County Real Estate Market Statistics

In summary, the overall number of single family sales are down in March 2008 from March 2007 but are up compared to February 2008. The median sales price is stable compared to March 2007 at $249,900.  The average days on market is also up slightly to 67 days compared to 64 in March 2007.

Median Sales Price in March 2008 - $249,900
420 Sales
67 Average Days on Market

Median Sales Price in March 2007 – $249,000
635 Sales
64 Average Days on Market

Median Sales Price February 2008  – $247,000
328 Sales
75 Average Days on Market

Median Sales Price February 2007 – $244,000 
459 Sales
73 Average Days on Market

Sales price is just one method used to analyze the market.  Another is the Absorption Rate, or how long it will take to sell all the homes currently on the market based on what’s happened in recent history.

In all of Hartford County, there is 8 months of single family inventory. 

Or in the last three months, 1103 homes sold, or about 368 homes per month sold.   Currently, there are 2948 homes on the market and assuming that about 368 homes will sell per month, it would take 8 months to sell the current inventory (Or 1103/3=368, then 2948/368=8, the estimated number of months it will take for a home to sell).

Generally, it is considered to be a seller’s market when there is less than 3 months inventory on the market.  3-6 months of inventory is considered normal or balanced, while anything above 6 months is considered to be a buyer’s market.