Investing in Real Estate :June 2010 Hartford County CT Real Estate Market Report

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1999?

The lyrics to Prince’s “1999″ seem to best express the last month in the Central CT real estate market and what lies ahead.

“..when I woke up this mornin’, could’ve sworn it was judgement day. The sky was all purple, there were people runnin’ everywhere. Tryin’ to run from the destruction, you know I didn’t even care. Say, say two thousand zero zero, party over, oops out of time. So tonite I’m gonna party like it’s nineteen ninety-nine.”

June was a very busy month for closings - especially in comparison to June in the last two years. Median sales prices went up. Homes were even selling a little closer to asking price. Some of this is due to the tax credit, but the rest attribute to normal reasons people buy and sell real estate (job relocation, divorce, marriage, downsizing, upsizing, etc.). Plus, low interest rates are luring first time buyers who missed the credits into the market.





Will this continue? Look at the inventory - 3,658 single family homes are on the market. That is the highest I’ve seen it since I began tracking. And you have to assume a fair percentage of the pending sales will get re-listed.

Recovery from the spring market won’t be as quick as taking an Alka-Seltzer in the morning to cure a hangover. From people who service the real estate business - lenders, stagers, home inspectors, etc - I’ve heard they’ve all suffered a dramatic slowdown in the past weeks.

The market will slow over the summer but not come to a grinding halt.  Pressure will continue to push prices down. Well priced homes in good condition will sell and sell quickly - the one fact we can always count on.

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