11/14/2022-CT Real Estate Market Stats and buyers vs interest rates

Date: Nov 14th, 2022

HARTFORD COUNTY AND STATEWIDE (CT) STATS FOR SFR (SINGLE FAMILY RESIDENTIAL)

SHOWINGS
HARTFORD COUNTY
⬇️30% Year Over Year
⬇️9.1% Month Over Month
*Showings are a leading indicator, the windshield.

NEW LISTINGS
HARTFORD COUNTY
⬇️17.6% Year Over Year
*Week ending Oct 29th, 2022

PENDING SALES/DEMAND
HARTFORD COUNTY
⬇️38.8% Year Over Year
*Week ending Oct 29th, 2022

INVENTORY/SUPPLY
HARTFORD COUNTY
⬇️29.1% Year Over Year
*Week ending Oct 29th, 2022

DOM (Days On Market)
HARFORD COUNTY
2021-25
2022-20
⬇️20% Year Over Year
*Through Sept, 2022

MEDIAN SALES PRICE
HARTFORD COUNTY
2021-$289,500
2022-$320,000
⬆️10.5% Year Over Year
*Through Sept, 2022

% OF LIST PRICE RECEIVED
HARTFORD COUNTY
2021-102.7%
2022-102.8%
⬆️0.1% Year Over Year
*Through Sept, 2022

HOUSING AFFORDABILITY INDEX-HARTFORD COUNTY
2021-190
2022-128
⬇️32.6% Year Over Year
*Through Sept, 2022
*This index measures housing affordability for a given area. An index of 120 means that the median household income was 120% of what is necessary to qualify for the median priced home under prevailing interest rates. A HIGHER NUMBER MEANS GREATER AFFORDABILITY*

MONTHS SUPPLY OF INVENTORY-HARTFORD COUNTY
2021-2.2 Months
2022-1.8 Months
⬇️18.2% Year Over Year
*Through Sept, 2022
*Anything ⬇️6 MONTHS indicates a "Sellers Market". Anything ⬆️6 MONTHS indicates a"Buyer's Market".

INTEREST RATES
30 Year Fixed-Rate Conventional with 5% Down is 6.375% as of 11/15/22... depending on the program and your personal situation
"Marry the house, date the rate". Found your dream home and rates are climbing fast? It is expected that you will have an opportunity to refinance within the next 2-4 years.

PRICE REDUCTIONS
We're seeing more and more price reductions in the marketplace and the main reason for this is that we are in a shift. This is a sign that both sellers and agents are confused, market demand is confused and people are panicking...so, don't measure the market by price reductions. The key to being successful in selling your property for the highest price possible in the shortest amount of time is to price it for the market that you are IN NOW.

RANDOM FACTS
Source: NAR
2022 Profile of Home Buyers & Sellers
•The average tenure for people to be in their homes is 18 years.
•79% of home purchases were single family homes.
•28% of people bought over asking.
•88% of people bought existing homes.
•31% bought existing for a better price.
•28% of homeowners said they are never moving again.

WHAT DOES THIS INFORMATION MEAN TO YOU?👇
For more information on your property and your specific situation, reach out to;
👉Rob 860-982-7696👈
👉Rebecca 860-833-6795.👈

🎉Thanks for watching!🎉

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