12/12/2022-CT Real Estate Market Update/What's HGTV have to do with me?!

Date: Dec 12, 2022

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

SHOWINGS YOY
HARTFORD COUNTY
⬇️32.4%
⬇️21.3%
*Clearly the number of listings available are the leading reason for fewer showings*
*Showings are a leading indicator, the windshield.

*As of 11/26/22...Year Over Year*
NEW LISTINGS
HARTFORD COUNTY
⬇️23.2%

PENDING SALES/DEMAND
HARTFORD COUNTY
⬇️24.1%

INVENTORY/SUPPLY
HARTFORD COUNTY
⬇️27.6%

DOM (Days On Market)
HARFORD COUNTY
2021-28
2022-28
0% Change

MEDIAN SALES PRICE
HARTFORD COUNTY
2021-$289,000
2022-$315,000
⬆️12.5%

% OF LIST PRICE RECEIVED
HARTFORD COUNTY
2021-102.1%
2022-102.5%
⬆️0.4%

HOUSING AFFORDABILITY INDEX-HARTFORD COUNTY
2021-194
2022-121
⬇️37.6%
*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
2021-2.0 Months
2022-1.8 Months
⬇️10%
*Anything ⬇️6 MONTHS indicates a "Sellers Market". Anything ⬆️6 MONTHS indicates a"Buyer's Market".

INTEREST RATES
30 Year Fixed-Rate Conventional for a 760 fico 20% down conventional are 5.98% with an APR of 6.256 based on a purchase of a single family with a 300k as of 12/13/2022... 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, NATIONAL
•According to the Real Estate Staging Association, 73% of homes sold over list price when staged and sold 9 days faster than the average DOM. On average, staged homes sold $40,000 over list price and an average staging investment of 1.3% resulted in a 7% return on investment.
•How the media and social media platforms impact a buyer walking through the home is key. Everyone wants to buy an HGTV home!
•The difference between homes that sell and homes that sit is condition.
•Buyers are looking for the prettiest property with the most value in the market.

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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Did you miss our previous article...
https://trendinginrealestate.com/where-to-buy/exactly-how-to-find-and-buy-foreclosed-homes