Typically Upper Valley housing statistics in the MLS are difficult to analyze given the lower number of homes sold for this period. However, Lebanon, Hanover, Norwich and Hartford Real Estate markets are already showing record activity.
Low inventory and high demand continues to drive up pricing in the Lebanon Real Estate market. The sale of 9 Morgan Drive condos has disproportionately driven the median sale price up. Under Contract – there are currently 34 homes under contract with a median list price of $267,000 so it will be interesting to see how the numbers sugar out in quarter two.
- Homes listed are down 28% compared to 2017 (61 vs 85)
- Homes sold are up 19% over 2017 (37 vs 31)
- Median Sale w/Morgan Drive is up 16% – w/o up 5%
Sample sizing for the Hanover Real Estate market is relatively small for quarter 1 though median housing pricing continues to rise. Under contract – there are currently 34 homes under contract with a median sale price of $624K which is subject to change slightly when sold numbers are out though consistent with median price below. Hanover continues to lack good inventory in the $300 – 600K range.
- Homes listed remain the same 55/55
- Homes sold are down 25% but the comparison is 12 in 2017 vs 9 in 2018
- Median Sale price is up by 17% ($520K in 2017 vs $625K in 2018)
The Harford Real Estate market is strong for the quarter 1 based on strong sales of 2nd homes in Quechee. Of the 32 homes sold in 1st quarter 21 where QLLA and 11 in the greater Hartford area. Low inventory in the greater Hartford area is trending pricing higher as in other areas of the upper valley.
- Homes listed were down slightly (82 in 2017 vs 78 in 2018)
- Homes sold are down slightly (35 in 2017 vs 32 in 2018) – non QLLA (21 in 2017 vs 11 in 2018)
- Median homes sold w/o QLLA is up over 16% – ($155K in 2017 vs $186K in 2018)
Sample sizing is just too small for good comparisons of the Norwich Real Estate Market. Stats show very low days on market and only 4 closed homes through 1st quarter. Currently there are 14 homes with median list price of $644K under contract so stay tuned for 2nd quarter.