West Hartford Real Estate: Is on Fire This Spring 2024

 

House on Fire

The West Hartford real estate market for residential properties is heating up once again this spring in 2024. According to the latest market report from the Hoye Home Team, it is evidently a stronger seller’s market this spring compared to last spring, with high buyer demand quickly reducing the limited inventory of homes available for sale and driving prices even higher this year. This is great news for potential sellers, as it means they have a higher chance of selling their homes quickly and at a favorable price, often above their asking prices. It is a great time to be a Seller this Spring.

West Hartford Real Estate Sold Chart increasing

West Hartford Single-Family Home Prices Soaring Spring 2024The median sale prices for single-family homes in West Hartford have increased to $476,000 in March 2024. This is a significant rise of 5.7% from the previous month and 11.7% higher than the same time last year. Due to the intense competition for listings, sale prices often exceed the asking price. In fact, the average closed sales of single-family homes in West Hartford this Spring Market is 9.7% over the original list price. As the prices in this competitive market are rapidly increasing, it is important for potential buyers to act swiftly.

Properties in West Hartford, CT, are selling at a remarkable pace, with many sellers listing their homes on a Friday and leaving for the weekend. This strategy allows for a maximum number of potential showings throughout the weekend, and often, when the Sellers return home on Sunday night, they have multiple offers to choose the highest and best offer. In March, the median days on the market for West Hartford homes sold was just 12 days, with over half of all new listings going under pending in under two weeks. This represents a 53.8% decrease in marketing time compared to March 2020. For potential buyers, this underscores the need to act quickly to secure their dream home in this highly competitive market.

 

Luxury Home Sales in West Hartford are Booming

The high-end luxury market with homes over $1 million has also shown particular strength, with a median sale price of $1.05 million for the top quartile of listings. These premium properties sold in a median of just 98 days on the market. It wasn’t too long ago that our high-end listings took over one year or more to sell.

Other price segments are also demonstrating rapid price appreciation as buyers compete aggressively. The second-highest quartile of listings, from $569,000 to just under $1 million, had a $569,000 median sale price, up 24.6% month over month.

Looking at the median days on the market, properties in the $499,000 to $569,000 range were typically under contract in just 14 days. Even relatively affordable starter homes in West Hartford, those priced under $350,000, often went over asking and commanded a $389,900 median sold price after just a few days on the market.

 

Driving Factors Behind West Hartford’s Real Estate Boom

West Hartford Real Estate: Is on Fire This Spring 2024 3 Months Supply of Inventory

Several factors appear to be contributing to West Hartford’s real estate frenzy in 2024:

-Extremely Low level of homes available for sale: I’ve been selling West Hartford real estate  for 25 years and I’ve never seen inventory this low during the Spring Market. Despite mortgage rates being in the 7 percent range, buyer interest remains high this Spring. The inventory is extremely low, with less than one month’s supply available, currently standing at just 0.42 months of supply. As a result, the forces of supply and demand are firmly in the seller’s favor this Spring. The market action index is well into the seller’s market territory.

High-Interest Rates Affect on Sellers: The current lending standards and interest rates are causing a dilemma for many potential home sellers who have a mortgage with an interest rate below 3%. Many would-be Sellers are hesitant to sell their homes and get a new mortgage at the current rate of 7.5%, which is understandable. This has resulted in a limited number of new listings in the market, as existing homeowners choose to stay put and wait for lower mortgage rates. However, it’s essential to keep in mind that the real estate market is cyclical and fluctuates over time. Therefore, it’s advisable to evaluate your options carefully and consider consulting with your realtor and mortgage broker before moving forward with your decision to sell.

High-Interest Rates Affect on Buyers: The prospect of rising mortgage rates this year has motivated some buyers to secure housing before rates climb even higher. This has helped add to the bidding war pressure, with few homes available for sale this Spring.

Out-of-towners: There is strong demand from buyers relocating from out of town, such as from higher-cost areas like New York City, Boston, and New Jersey. These buyers are seeking better value, lower taxes, and high-ranked schools.

Lack of New Construction: West Hartford is an older town that went through its big build-out phase decades ago and doesn’t have much new land available for large tracks of single-family homes left to build on at this point. Currently, it looks like the UConn School land will be developed as a mixed-use with Condos and Apartments. The lack of new construction of Single-Family homes in the West Hartford real estate market adds to the supply deficit.

It appears that the seller’s market in West Hartford real estate is not cooling off anytime soon. As a result, we can expect another active spring and summer season, with sellers setting new highs this season. Buyers need to be prepared with flexible financing and may have to waive contingencies to get their offers accepted. Working with an experienced local buyer’s agent who can help guide you through this challenging market is important. Successful buyers must be willing to act rapidly on desirable new listings.

Even in a strong seller’s market, sellers should be cautious not to overprice their homes. While it is possible to take advantage of these favorable conditions, it is important to set a fair price based on recent comparable sales. Critical repairs and curb appeal enhancements should be made before listing if needed. Additionally, working with a top marketing professional can help expose the property to the largest number of qualified buyers. It’s often best to let the market determine a higher price if it chooses to do so.

If you’re planning to buy or sell a property in West Hartford or anywhere else in the Greater Hartford area, We can help you navigate this exceptionally strong seller’s market this year by providing you with the latest insights and strategies.


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