The Hartford area’s red-hot housing market is losing some of its fire with more sellers sitting on the sidelines, making new listings even harder to come by than they were earlier this year.
Buyers also are getting more choosy about what they pay, more wary after a year of gains that sent sale prices soaring marked by bidding wars that could involve dozens of offers for a single property.
“So, it’s definitely slowed — and I don’t mean it’s crashing — it’s slowed from the frenzy,” said Alison Malkin, head broker at RE/MAX Essentia in Avon. “You’re not having bloody wars. That doesn’t mean you’re not having bidding wars. We just went live with a listing a couple of days ago, and got a bunch of offers, but not 44 offers. We’re talking four offers. And did we sell it for over asking? Absolutely.”
An analysis by The Courant of single-family house inventory data provided by SmartMLS, the statewide multiple listing service, shows that the number of properties for sale in September eroded in all but four of the 29 towns and cities in Hartford County, compared with a year ago. And the gains in the four towns — Windsor Locks, East Windsor, Hartland and Manchester — are modest, at best.
Across Hartford County, new listings fell nearly 12% in September, on a year-over-year basis, and the number of houses for sale plunged 27%, according to SmartMLS. In September, the county had a stunningly low, 2-month supply of houses for sale. The market is said to be in equilibrium — favoring neither buyer nor seller at six months.
Closed sales in September fell nearly 9% on the same basis. Sale prices did gain ground, up more than 5%, to $290,000, but at a more modest clip than earlier in the pandemic.
Home sales have boomed throughout Hartford County, garnering it national attention for its soaring sales. This surge in sales was seen throughout much of Connecticut, touched off by the pandemic. The buying frenzy was partly driven by buyers fleeing more urban areas such as New York and Boston. But it also was influenced by buyers already in the state needing more space as they settled into remote working and schooling.
Sellers who might have considered putting their house up for sale are worried they might not be able to find another property to buy. Others may look at recent mortgage refinancing with low rates and prefer to stay where they are rather than jumping into the purchase fray.
“Unless you have a place to go, whether it’s the in-laws or a second home or something like that, you’re just not going to put your house on the market,” said John M. Zubretsky, president of Weichert Realtors — The Zubretsky Group in Wethersfield. “They are basically resigned to fact that until this thing blows over — and who knows when that is going to be — they are just going to wait it out.”
Buyers “are tired of putting offers on properties and not getting them,” said Candace Adams, president and chief executive of Wallingford-based Berkshire Hathaway HomeServices New England Properties. “They are tired of being in a market that has been so lofty and frothy, and so, some buyers are choosing to rent and wait this out until they have a better selection.”
While the surge in home buying — and the accompanying price gains — was welcome in a state where the home sale market struggled after the recession of the late 2000s, there is the danger that an overheated market can tank.
Adams and others say they don’t see that happening. They foresee the home sale market settling into more normal patterns of selling and buying in 2022.
Here is a look at the top 10 towns and cities in the county with modest gains or the least declines in September, though finding that perfect house that is priced right — or being the first with the best offer — may still be a bit of a slog.
1. Windsor Locks
Number of houses for sale September 2021: 26
Number of houses for sale September 2020: 17
Percent change, year over year: +53%
Population: 12,671
Median household income: $70,067
Area (square miles): 9
Notable attraction: The New England Air Museum, located next to Bradley International Airport seeks to tell the story of aviation, the ingenuity and innovation that made it possible and the effect on how people live.
2. East Windsor
Number of houses for sale September 2021: 42
Number of houses for sale September 2020: 36
Percent change, year over year: +17
Population: 11,445
Median household income: $76,824
Area (square miles): 26
Notable attraction: The Connecticut Trolley Museum has more than 70 pieces of rail equipment dating to 1869. In 2019, the “Isle of Safety,” gathering spot in downtown between 1913 and 1976, was restored and reconstructed at the museum.
3. Hartland
Number of houses for sale September 2021: 11
Number of houses for sale September 2020: 10
Percent change, year over year: +10
Population: 1,982
Median household income: $99,722
Area (square miles): 33
Notable attraction: The Falls Brook Trail runs 1.5 miles through the Tunxis State Forest in Hartland. Falls Brook features waterfalls, cascades and pools. After the first quarter mile, the trail splits to form a 1.1-mile “lollipop loop” that follows alongside both sides of the brook.
4. Manchester
Number of houses for sale September 2021: 106
Number of houses for sale September 2020: 104
Percent change, year over year: +2
Population: 57,805
Median household income: $74,503
Area (square miles): 27
Notable attraction: The Little Theatre of Manchester, a community theater organized in 1960, moved into Cheney Hall, a National Historic Landmark building, in 1991 after extensive renovations.
5. Marlborough
Number of houses for sale September 2021: 33
Number of houses for sale September 2020: 33
Percent change, year over year: 0
Population: 6,368
Median household income: $112,557
Area (square miles): 23
Notable attraction: Owned by the town of Marlborough, Lake Terramuggus draws all types of boats, including paddle boats, canoes, kayaks, crewing sculls and sailboats. Motor boats are restricted to 3.3hp or less.
6. Windsor
Number of houses for sale September 2021: 62
Number of houses for sale September 2020: 71
Percent change, year over year: -13
Population: 28,859
Median household income: $92,199
Area (square miles): 30
Notable attraction: The Windsor Art Center is located in a former freight house next to the Amtrak line in downtown Windsor. The center offers visual art exhibitions and music performances from throughout New England and beyond.
7. Bristol
Number of houses for sale September 2021: 142
Number of houses for sale September 2020: 163
Percent change, year over year: -13
Population: 60,218
Median household income: $67,507
Area (square miles): 26
Notable attraction: Bristol’s American Clock & Watch Museum is located at the heart of historic clockmaking in America
8. Newington
Number of houses for sale September 2021: 62
Number of houses for sale September 2020: 72
Percent change, year over year: -14
Population: 30,234
Median household income: $81,646
Area (square miles): 13
Notable attraction: Founded in 1914, the American Radio Relay League promotes amateur radio and encourages the public to get involved and on the air through radio experimentation and advanced radio technology.
9. Berlin
Number of houses for sale September 2021: 53
Number of houses for sale September 2020: 62
Percent decline, year over year: -14.5
Population: 20,484
Median household income: $101,127
Area (square miles): 26
Notable attraction: The Berlin Fair dates to 1882, beginning as a harvest festival. In the early 1900s, the festival became the State Agricultural Fair and was held annually until 1919. The Berlin Lions Club brought it back in 1948.
10. New Britain
Number of houses for sale September 2021: 90
Number of houses for sale September 2020: 107
Percent change, year over year: -15.9
Population: 72,767
Median household income: $46,499
Area (square miles): 13
Notable attraction: The Iwo Jima Memorial commemorates the 100 men from Connecticut who were among the nearly 7,000 Americans who died in Battle of Iwo Jima. The monument is 40 feet high, and it flies a 48-star American flag to make the statue historically correct.
Sources: SmartMLS, AdvanceCT, neam.org, ct-trolley.org, ctwoodlands.org, cheneyhall.org, windsorartcenter.org, clockandwatchmuseum.org, vacationidea.com, ctvisit.com. ctberlinfair.com.