NEW BRITAIN - The city‚Äôs housing market has improved since its 2011-12 slump, according to real estate agents and recent revaluations.
As of the end of September, 397 residential properties have been sold in New Britain this year, according to a database from Vision Government Solutions, consultants who helped in the revaluations.
The average price of residential properties sold is about $128,900. The largest and most expensive was a nearly 5-acre property at 440 Shuttle Meadow Ave., for $515,000. The house at 889 W. Main St. was the least expensive sold, at $18,000, and 40 Camp St., which sold for $42,900, was the smallest, at less than a tenth-acre.
Kamil Andrukiewicz, an area real estate agent, said he‚Äôs sold almost 30 houses in New Britain this year.
‚ÄúThe market has definitely improved from where it was seven years ago,‚ÄĚ Andrukiewicz told The Herald, referring to the housing market crash.
While the recession officially ended in 2009, the effects of the housing market‚Äôs collapse was felt for years. By the end of September 2011, just 240 New Britain residential properties had been sold. By that same time in 2012, 250 had been sold.
Since those lows, residential housing sales have steadily increased. It was reported that 335 residential properties had been sold by the end of September 2015, and 377 had been sold at the same time last year.
Sal Calatiore, broker and owner of SalCal Real Estate Connections, agreed that the city‚Äôs housing market has improved of late.
‚ÄúThe New Britain market is moving. Property values are going up,‚ÄĚ said Calatiore, who has offices in New Britain, Berlin and Plainville.
Andrukiewicz also said home prices have been rising, and added that the average length of time a house spends on the market is 30 to 45 days. Houses in the city are moving fast and there have even been some bidding wars, the real estate agent said.
‚ÄúIt hasn‚Äôt been like that in a long time,‚ÄĚ Andrukiewicz told The Herald.
Calitiore said that some houses have sold in less than a month.
‚ÄúThey‚Äôre going pretty quickly,‚ÄĚ Calitiore said, adding that some have sold above asking price. ‚ÄúThings are selling in New Britain and people are buying in New Britain.‚ÄĚ
Skyler Frazer can be reached at 860-801-5087 or by email at email@example.com. Follow Skyler Frazer on Twitter @SFrazerNBH.