Central Connecticut Real Estate Market Report 7.11.08

July 11th, 2008 categories: Central Connecticut News & Information, Real Estate Market

Hartford County Real Estate Market Statistics

We saw some life in the real estate market this month.  For the month of June, single family sales did pick up but are still down when compared to June ‘07.  Median sales price is up for June over last month.  Inventory levels are down, but not by much, to about 6 months of inventory. 

Median Sales Price in June 2008 - $260,000
710 Sales
31 Average Days on Market

Median Sales Price in June 2007 - $269,900
891 Sales
27 Average Days on Market 

Median Sales Price in May 2008 - $242,700
548 Sales
39 Average Days on Market

Median Sales Price in May 2007 - $252,500
686 Sales
33 Average Days on Market

Absorption Rate

In the last three months in Hartford County, 1756 single family homes sold or an average of 585 per month.  There are 3641 homes currently on the market or 6 months of inventory, down from 7 months of inventory in May 2008.

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.

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This entry was posted on Friday, July 11th, 2008 at 4:55 am and is filed under Central Connecticut News & Information, Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Karen said at July 15th, 2008 at 6:21 pm

   Thanks for the info about sellers market vs. buyers market. I learned something new.

2. Commercial Real Estate said at July 17th, 2008 at 8:10 am

   Great Article. Just a lot of great info.

3. Connecticut Realtors Optimistic About Real Estate Market said at July 26th, 2008 at 5:46 am

   […] Central Connecticut Real Estate Market Report 7.11.08 […]

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