Brent Bell, CRS, e-PRO, GRI, Hartford County

February is a short month which buyers used to purchase just over 2 homes per day in West Hartford! We had 58 homeowners accept contracts (not including sales with hubbard clauses) during this month of snow, winter vacation and two tax credits (up to $8,000 for new buyers and up to $6,500 for existing homeowners purchasing a new primary residence).

First, sales in February are up for single-family homes compared either to February, 2009 (58 compared to 37 one year ago) or to January, 2010 ( 34 in January versus 58 in February). The median days-on-market for the sales was 29 days and the median list price was $279,900. Note that the market continues to be soft for homes priced over $600,000. Check my earlier blog entry for 2009 sales details.

February 2010 deposits taken for West Hartford Single-Family Homes & Active Inventory:

Under Contract For Sale

Under $200,000 7 23

$200,000 to $250,000 12 23

$250,000 to $300,000 14 37

$300,000 to $350,000 8 27

$350,000 to $450,000 7 32

$450,000 to $600,000 8 25

$600,000 to $750,000 2 12

Over $750,000 0 26

Totals 58 205

For more detailed sales data which applies to your personal situation contact Brent on the web or call his cell at 860-614-8927.

Follow me at www.twitter.com/BrentinCT

Prices have been relatively steady over the last few years in the West Hartford condominium market, with the number of days-on-market jumping up! Inventory currently for sale is approaching the total number of units sold across town last year. Unless demand picks up considerably in 2010, this could be a real buyers' market for condominiums in West Hartford!

The West Hartford condominium market had 94 closed sales in 2009 (Just a few less than the 103 units which closed in 2008). The median sales price also declined slightly-- to $217,500 in 2009 from $224,000 in 2008. For the successful sales in 2009, median days-on-market was 76---well above the 43 days-on-market in 2008.

The highest price paid in 2009 was $640,000 for unit 502 on Memorial Road (a 1,597 sf, 2 bedroom, 2 bath home in Blue Back Square). The median price of $217,500 purchased a 2 bedroom, 2 bath home in Barclay Court (779 Prospect Avenue, # C-10). The lowest-priced condominium was for only $5,000 at the Canterbury. This unit was on the second floor at 45 Highland Street, offering 1 bedroom and 1 bath in 611 square feet.

As Febuary 2010 comes to a close, there are 85 condominium homes available to purchase. The prices range from a low of $15,000 for a 1 bedroom, 1 bath unit (611 sf) at the Canterbury on Highland Street to $699,900 for a 2 bedroom, 2 bath (1,319 sf) unit built in 2007 at 85 Memorial Road (Blue Back Square, 2nd floor). The median-priced property is at 60 Cassandra Boulevard: 2 bedrooms, 2 baths & 2,019 sf built in 2002 with a 2-car garage & offered at $311,000. The pricing is fairly optimistic with this inventory; median days-on-market is 121 (4 months on the market without a contract).

Currently, there are 25 condominiums under contract in town. The highest-priced is on Memorial Road in Blue Back Square, with an asking price of $699,900 (2 bedrooms, 2 baths, 1,613 sf, built in 2008). The median is 730 Farmington Avenue in Stonebridge Estates, priced at $279,900 (2 bedrooms, 1 bath, 1,100 sf, built in 2007). The lowest-priced is 100 Oakwood Avenue in Twin Oaks, asking $88,000 (2 bedrooms, 1 bath, 891 sf, built in 1964).

For more information on the value of your condominium in this market, contact Brent today by cell (860-614-8927) or by email (brentbell@remax.net). You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.MyHartfordAreaRealtor.com . Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!

Many people have not looked at the generous details of the repeat home buyer tax credit! (Please remember that this information is general advice; consult your tax professional or the IRS for the most definitive interpretations of this benefit!)

Myth 1: A repeat buyer must buy a more expensive home or "move up" to claim the $6,500 credit...

TRUTH: The repeat buyer must have owned and lived in their home for at least 5 consecutive years of the last 8 years prior to the purchase date of the new property. Repeat buyers may purchase any home to be their new primary residence---more expensive, less expensive or the same price!

Myth 2: Two unmarried buyers cannot claim the tax credit if they purchase a home together, especially if they qualify for different credits...

TRUTH: The buyers can blend their credit, as long as the total credit for one purchased property does not exceed $8,000 (assuming one buyer is eligible for the first-time buyer credit) and as long as the manner of blending is reasonable--- so an even split of $4,000 each or a split of $6,500 to one and $1,500 to the other could be allowable.

Myth 3: You must occupy the home by April 30, 2010 in order to qualify for the credit...

TRUTH: As long as you enter into a binding sales agreement by April 30, you will still be eligible for the credit as long as you complete the purchase by June 30, 2010.

Myth 4: You cannot have access to the credit until after you close on the home...

TRUTH: As long as you are CERTAIN you will purchase a property, you can adjust your tax withholding in advance to compensate for your reduced tax burden during the year (assuming you will file this credit with your 2010 taxes--you also have the option to file this credit as if you purchased the property on December 31, 2009 if this works better for your tax situation).

For a more complete discussion of this program, visit www.federalhousingtaxcredit.com.

The Glastonbury market median sales prices dropped 16% from 2008 to 2009, moving from $388,000 to $325,000. The number of houses closing was stable, from 316 sales in 2008 to 313 sales in 2009 (based on Multiple Listing Service statistics as of January 26, 2009). For the successful sales in 2009, median days-on-market was just 42---well-priced & well-marketed homes continued to sell! The median list price of sold properties decreased almost 13%, from $399,900 in 2008 to $349,000 in 2009. The range in prices buyers paid to live in Glastonbury in 2009-- $101,500 to $1,200,000 (in 2008, this range was from $150,000 to $2.1M). The recession was buffered by the first-time buyer's tax credit, making it easier to sell more modestly-priced properties! This does not mean that your property is worth 16% less than last year...

As January 2010 comes to a close, there are 111 single-family homes available to purchase (compared to 133 in January 2009). The prices range from a low of $165,000 for a 4 bedroom, 2 bath (2,773 sf) home built in 1780 at 279 Quarry Road to $6.5M for a 5 bedroom, 5.3 bath (9,844 sf) home built in 1998 at 321 Clark Hill Road. The median-priced property is at 336 Country Club Road: 3 bedrooms, 2.1 baths & 2,533 sf built in 2002 & offered at $459,000.

Currently, there are 32 houses under contract in town. The highest-priced is 96 Chatham Hill Road, with an asking price of $879,900 (5 bedrooms, 4.2 baths, 4,869 sf, built in 1999). The median is 21 Barrington Way, priced at $354,900 (4 bedrooms, 2.1 baths, 2,534 sf, built in 1989). The lowest-priced is 1899 Chalker Hill, asking $144,900 (3 bedrooms, 1 bath, 1,015 sf, built in 1932).

For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or by email (brentbell@remax.net). You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.MyHartfordAreaRealtor.com . Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!