Here is the East Hartord CT Real Estate Market Report January 2017:
HOMES FOR SALE
Currently, there are 133 properties for sale in the Town of East Hartford. The most expensive is $269,900 boasting 5 bedrooms and 4 full bathrooms within a 3,790- square foot home.
The average size and listed price is 1,331 sq.ft. and $136,743, respectively.
Based on the historical active listings in January of 2015, the current inventory is down by 82 units. The number of units for sale as of this date is 133 compared to 215 in January 2015. The town of East Hartford is not the only market which is suffering from low inventory. The towns of Manchester and Vernon have only 3 to 4 months worth of inventory this month. January 2015 had 6-7 months of inventory.
HOMES UNDER CONTRACT
Eight-two properties are currently under contract at $269,900 as the most expensive with 2,375 square feet and $131.460 as the average listing price with 1,331 square feet.
The median list price is $124,950. Since the median price is lower than the average list price of $131,460, more units are listed higher than $124,950. Median price separates the bottom half from the upper half.
Sold Homes in 2016 is up by 40 units compared to the sales in 2015. The average sale price last year is also higher than its preceding year. The 2016, compared to the year 2015, is better in terms of the number of units sold and Average Sale Price. Sale Price in 2016 is $105.03 per square foot versus $99.57 per square foot in 2015.
This means that homes fetched higher $ per each square footage in 2016, on the average.
The Significance of the Current Inventory
The sold units from January 2016 to December 2016 converted into an absorption rate give us an approximate length or period of time when the current inventory of 133 units would be depleted.
Given the absorption rate of 40 units sold in a month, the Town of East Hartford, currently, has a 3-month supply. This is not a lot of properties on the market and with this inventory, unless demand is curtailed, home prices might increase tremendously.
Absorption Rate: “The rate at which available homes are sold in a specific real estate market during a given time period.” Click on the link for a better explanation of Absorption Rate.
This market report is provided to you by Maria Gilda Racelis of Home Buyers Realty. Contact her for all your real estate needs. You will be glad you did.
For real-time listings, visit the website www.amazingcthomes.com.
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