HARTFORD, Conn. (WTNH)– The Hartford real estate market is one of the hottest in the nation. Demand is off the charts and houses are moving faster than last year.
One thing the pandemic has been good for: home sales across Connecticut’s capital region.
“We’ve got a lot of demand out there and supply is lower than we’ve ever seen. Add that to some historically low interest rates, and people are out there in full force,” said Keri Watkins, William Raveis Real Estate, Realtor.
The Hartford Metro Region falls in the top three for sales, falling just behind wildly popular San Francisco. Sales are up more than 33 percent there over last year. That’s according to a new report by international real estate company Re/Max.
Keri Watkins has been a realtor for 17 years. Her office is based in Glastonbury where she’s used to seeing several hundred houses on the market this time of year.
“There’s 65 right now so people are really coming in and having to be very strong with their offers. Good deposits, good terms, and they have to be comfortable being in a multiple offer situation,” said Watkins.
Re/Max surveyed 53 metro areas, finding sales across the nation are up more than 20 percent.
West Hartford is an extremely popular market. Chances are you’ll be competing with other offers for the same home.
“I’m in a multiple offer situation in West Hartford right now. My client is one of 30 offers on a house. We’ll wait and find out on Monday if he gets that one or not. It’s very competitive and very challenging for many people,” said Watkins.
For sale signs are everywhere, but homes aren’t staying on the market long. They’re selling a week faster than they were last year, according to Re/Max
Amid the pandemic, buyers want more square footage.
“They want home schooling opportunities. They want multiple home offices. They want a place that they know that they can trust and feel comfortable at,” said Watkins.
Watkins says some of her clients have been wanting more space for a while. The pandemic pushed them into the market. She doesn’t expect it to slow down anytime soon.
“Spring was summer this year so I’m expecting us to continue in full force,” said Watkins.