Covid 19 Real Estate Market Update for the Hartford County Area
During these uncertain times, it's important to have a good understanding of how the Covid-19 pandemic is effecting the real estate market in the Hartford County area.
For the week of 5/24 to 5/30
What does the data mean?
This week was the second week in row in where the New Listings ticked down a little, from 213 down to 182. I believe this could be a combination of a few factors, 1. the lack of inventory for sellers to choose from for their next purchase and 2. sellers waiting until the school year is done for their kids.
This is the second week we saw over 400 homes go under contract. Good to see that buyers are still jumping on the low mortgage rates and grabbing the new homes that are popping on the market.
Closings jumped up this week from 141 up to 216!
This past week the market saw 35 homes come off the market in the temp and withdrawn categories... this is up from last weeks 18 homes, and to be honest, I'm not sure if it's a combination of lack of inventory for those sellers to buy a new home or sellers that are still concerned about having the general public through their homes.
I've been tracking the data for over 2 months now and it's great to see that this pandemic hasn't crushed our local real estate market. What does the future hold... that's a great question. Right now banks are still holding off on foreclosing on homes, some people are starting to go back to work and the market could go either way in the near future. Will these current actions undermine the progress we've made... how many people will still be unemployed as more companies open up and choose to not bring their entire work force back... a lot of variables here. Many have thoughts, and I've learned that trying to predict the future of our local market is like trying to predict the weather months in advance... hey, it might even snow again... I'M KIDDING!! 🤣
Average Sales Price
Months of Supply
Average Days on Market
Average Price per Square Foot