A new report from Zillow shows that nearly two-thirds of Hartford homes sold in one week or less last month, with three-quarters going pending within two weeks.
The online listings platform tallied up the time all single-family homes and condominiums in the area spent on the market in April and found 62 percent sell in seven days or fewer. That number increased slightly once the company’s researchers broke the market into thirds based on price, with 63 percent of homes in the bottom third of the market selling in less than a week, 66 percent of homes in the middle third doing so and 65 percent of homes in the top third doing so.
Another 14 percent of the entire housing market’s inventory sold in one to two weeks, Zillow found, with 8 percent selling in two to four weeks, 5 percent selling in four to eight weeks, 8 percent selling in eight to 26 weeks and a final 2 percent taking more time than that to sell.
These figures put the Hartford area ahead of the national average, Zillow found. Nationwide, 47 percent of U.S. single-family homes and condominiums were on the market for less than a week before going pending and three-quarters were on the market for less than a month.
According to the Greater Hartford Association of Realtors, single-family homes spent an average of 43 days on the market year-to-date through the end of April.
The pressure on buyers this kind of market creates is intense, as Redfin CEO Glenn Kelman illustrated in a Twitter threat Tuesday, ticking off 15 different data points and anecdotes describing the situation, including the story of one homebuyer working with a Redfin agent who included a pledge to name her first-born child after the seller in her written offer. That woman’s offer, Kelman said, lost out.
Among the more technical data points he listed: Inventory has increased in New York City by 28 percent and in San Francisco by 77 percent but both markets are still seeing prices rise.
Greater Hartford saw inventory increase in April on a month-over-month basis, but seemingly not enough to dampen the demand for new homes.