West Hartford’s Median Home Price Increased Over Last Year

Extended content is available for this story. Click here to see the full, uncut video with West Hartford Realtor Michael Antisdale

Lately it seems like all real estate news is bad news. For West Hartford home owners, reports may not be as dismal as they appear.

According to a report by The Warren Group, West Hartford’s median home price beat the odds and increased over last year. The increase is only 2% or so, but compared to the towns near West Hartford any increase is welcome. While this news is exciting, real estate agents also say lower numbers of transactions remain a problem. Volume isn’t what is used to be.

Note: Avon’s median home price also increased. That town saw an increase of nearly 20%. To learn more about why this has happened, watch the full interview with Michael Antisdale here.

Links:
Warren Group Press Release on Sliding Connecticut Home Sales
Median Home Sales Increases/Decreases in the Area (PDF)
All Connecticut Towns Median Sales (PDF)

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  • http://PropertyPolitics.com Wayne D’Amico

    A story that focuses on the change in median home prices promulgates ignorance in the consumer public. Although the topic of your story is a typical one arising from the periodic reporting of the “median home sales” statistic, the most responsible story would educate the viewer on the definition and make-up of “median” home sales and bring attention to the fact that it is not an assessment of market value and a does not directly correlate to a relative change in value.

    Critical factors that go unquantified in this misleading statistic are volume of sales, and size and quality of each sale. The reality that there is a significant reduction in the number of homes sold year over year and the fact that people who sell in the most difficult economic times this generation has ever seen, requires a discussion on the impact of “duress” in the transactions. The definition of market value specifically assumes that the buyer and seller are mutually motivated, educated and NOT under duress. In times of such economic uncertainty, the motivation of the seller is more often subject to some uncontrollable factor to sell rather than to wait out the unfavorable economic climate. In the theory of appraisal and the estimating of market value, the appraiser and other market professionals are supposed to research, understand and verify these factors which are most often not typical to a general market. These atypical factors would then cause for adjustments when estimating value of a particular home. This failure on the part of the licensed professionals to understand and educate the public on these facts often cause for further deterioration in the pricing of product resulting in the fewer sales and artificially depressed sales prices. In all fairness the same principals apply in the unrealistic boom times. The unwillingness of the appraisers and brokers and bankers to acknowledge the synthetic inflation in values over the past 4 years had the opposite effect on value.

    These extremes over time are compensated for and result in a relatively stable and generally appreciating real estate market overall. More exposure and consideration of these factors would give the public a better understanding that value of the individual home is not directly associated to median home sales statistics without proper analysis and adjustment for a myriad of important and real value related factors.