Hartford, CT Market TrendsBETA

For multifamily properties in the metro area, the average asking price was $46,404 per unit for the month. This represents a decrease of 17.3% year-over-year as well as a decrease of 4% compared to the end of the fourth quarter of 2011. Asking prices for multifamily properties hit a new three-year low this month. Prior to this, the record three-year low was last month at $46,654.

The average asking price for office properties in the metro area was $92.65 per square foot for the month. This shows a drop of 11.2% year-over-year, and a decline of 7.5% from the end of the fourth quarter of 2011. Asking prices for office properties reached a three-year high in December 2007 at $118.71 per square foot. The current median asking price is 1.9% lower. The lowest asking price in the past three years was $92.07 set in February 2006.

Asking prices for industrial properties have risen 7.3% versus the end of last quarter to $44.13 per square foot. Asking prices rose 6.9% over the past year. Asking prices for industrial properties reached a three-year high in December 2007 at $55.99 per square foot. The current median asking price is 6% lower. The lowest asking price in the past three years was $40.99 set in October 2011.

Asking prices for retail properties have gone up from the end of last quarter, rising 0.3% to $108.81 per square foot. For the year, asking prices are up 4.6%. In February 2007, the asking prices for retail properties were at their highest in the past three years at $137.49 per square foot. In comparison, the median asking price is now 6.6% lower. On the other hand, the lowest asking price in the past three years was seen in May 2011 at $103.97.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around August and the lows come around February. Over the past year sale prices have fallen 14.8% to $55,195 per unit. The median sale price per unit for multifamily properties in the metro area has fallen 6.8% in the past three months. Earlier this year, the median sale price rose 3.9% during the six-month period ending in January. The metro median sale price dropped to its three-year low this month. The previous low of $56,996 was in August 2011.

Sale prices per square foot for retail properties are $70.87, representing a 5.7% decrease from the end of the prior quarter. Similarly, over the previous year, sale prices have dropped by 18.7%. The median sale price of retail properties in the metro area has been on a downward slope for the sixth month in a row. Back when the streak began in October 2011, the median sale price was $79.45. The metro median sale price for this month represents a three-year low. The previous low was $71.88, set last month.

There has been a two month drop in the number of multifamily properties available in the metro area, a 2.6% fall, but this was not enough to offset the 26.9% upward trend seen in the past year.

For the past two months, the number of of office properties for sale has been on the rise month-over-month, increasing 0.9% over that period, but it was not enough to offset the 3.7% decline seen in the past year.

This is the second month of an increase in industrial properties for sale in the metro area, representing a 3.9% increase. This was insufficient to offset the 13.6% decrease of the past year.

For eight consecutive months, the number of retail properties available has seen a month-over-month decline, 15.7% overall. This month, the number of retail properties available in the Hartford Metro Area fell, hitting its lowest point in three years. Previously, retail properties available was at its lowest last month. In the past year, the Hartford Metro Area has seen a 15.4% decline in the number of available retail properties.

Hartford Metro Area ranks third out of the top 48 metros in terms of interest growth for multifamily properties listed on LoopNet over the past year. Demand has increased 49.8% during that time. Demand on LoopNet for multifamily properties spiked in the Hartford Metro Area market, rising 29.1% since December 2011, 11.6 percentage points more than the 17.5% increase in the national average.

Demand on LoopNet for office properties spiked in the Hartford Metro Area market, rising 25.1% since December 2011, 3.3 percentage points more than the 21.8% increase in the national average. Demand for office properties also increased by 20.4% over the past year. The yearly change ranks the Hartford Metro Area thirtieth out of the top 48 metros.

Hartford Metro Area ranks second out of the top 48 metros in terms of interest growth for industrial properties listed on LoopNet over the past year. Demand has increased 58% during that time. Demand on LoopNet for industrial properties spiked in the Hartford Metro Area market, rising 40.4% since December 2011, 18 percentage points more than the 22.4% increase in the national average.

Demand on LoopNet for retail properties spiked in the Hartford Metro Area market, rising 18.2% since December 2011, 1.4 percentage points less than the 19.6% increase in the national average. Demand for retail properties also increased by 27.7% over the past year. The yearly change ranks the Hartford Metro Area seventeenth out of the top 48 metros.

The square footage available for sale for office properties have been on the rise month-over-month for three consecutive months. Square footage for office properties has risen 4.5% versus the end of last quarter. For the year, square footage is up 8.1%. The square footage available in the metro area reached a new three-year high in the month of March. Previously, it was at its highest point last month. The square footage available for sale for office properties in the metro area has risen 8.1% over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards.

This is the sixth consecutive month that square footage available for sale has declined month-over-month for industrial properties. The square footage available for sale for industrial properties in the metro area decreased 9.8% year-over-year and 4.3% compared to the end of the fourth quarter of 2011. The current square footage available for sale reflects a 9.8% fall in the metro area over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

For the past two months, available square footage for sale has declined month-over-month for retail properties. The square footage available for sale for retail properties in the metro area decreased 7.6% year-over-year and 3.7% compared to the end of the fourth quarter of 2011. The square footage available for sale marks a 7.6% decline over the past year. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

This is the second month of a 3.9% decline in a available number of units for multifamily properties. This, however, did not offset the 77% increase of the past year. Number of units for multifamily properties has risen 2.6% versus the end of last quarter. For the year, number of units is up 77%. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

The time on market for multifamily properties in the Hartford Metro Area is down 12.3% from last year, to 167 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 12.5%, to 162. Compared with the highest time on market set in September 2009, these properties are now turning over 23.8% faster.

The time on market for office properties in the Hartford Metro Area is down 18.3% from last year, to 262 days. During the same period, days on market in Connecticut have dropped 3.3%. From its lowest point in September 2009, the number of days on market have increased 51.3%. The time that office properties stay on the market in the metro area has been increasing every month for the past four months.

The year-over-year increase in the time that industrial properties stay on the market is smaller at the metro level than at the state level. Industrial properties now last 472 days on the market, up 28.9% from the same month last year. From the lowest point, which was set in June 2009, time on market has risen 158.9%.

The time on market for retail properties in the Hartford Metro Area is 259 days, down by 10.2% from last year. Over the same period, days on market in Connecticut overall have fallen by 6.7%. Compared with October 2009, when time on market was its shortest, it has now gotten 50.9% longer.

Lease rates for office properties have fallen 0.4% to $17.54 per square foot over the past quarter. However, over the past year asking lease rate have risen 0.3%. Asking rates for office properties hit a three-year peak in October 2007 at $17.97 per square foot. In comparison, the median asking price is now 2% lower. On the other hand, the lowest asking lease rate in the past three years was seen in September 2006 at $16.86.

Asking rates for industrial properties have risen 0.6% versus last quarter to $5.42 per square foot. For the year, lease rates have still declined 0.6%. Asking rates for industrial properties reached a three-year high in April 2007 at $5.90 per square foot. In comparison, the median asking price is now 0.5% lower. The lowest asking lease rate in the past three years was $5.38 set in October 2011.

Lease rates for retail properties rose to $14.01 per square foot, a 0.1% increase compared with the end of the last quarter. Asking rates have risen 0.2% on the year. In December 2008, the asking lease rates for retail properties were at their highest in the past three years at $14.81 per square foot. The current median asking lease rate is 4.3% lower. The lowest asking lease rate over the past three years was $13.07 in March 2006.

Available office for lease have been on the rise for the past three months month-over-month, a 0.8% increase overall. This, however, has yet to offset the 7.6% drop seen in the past year.

This is the second month of an increase in industrial properties for lease in the metro area, representing a 1.3% increase. This was insufficient to offset the 13.6% decrease of the past year.

The number of retail properties for lease in the metro area has been rising three months in a row month-over-month, moving up 2.1% in that time. However, this has yet to offset the drop of 5.3% over the past year.

Demand on LoopNet for office properties spiked in the Hartford Metro Area market, rising 30.2% since December 2011, 1.4 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 32% over the past year. The yearly change ranks the Hartford Metro Area twenty-second out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Hartford Metro Area market, rising 36.2% since December 2011, 10.4 percentage points more than the 25.8% increase in the national average. Demand for industrial properties also increased by 35.3% over the past year. The yearly change ranks the Hartford Metro Area fourteenth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Hartford Metro Area market, rising 42.2% since December 2011, 16.9 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 25.6% over the past year. The yearly change ranks the Hartford Metro Area twenty-first out of the top 48 metros.

The square footage available in the metro area is in a seven month downward trend month-over-month for office properties. The square footage available for office properties in the metro area decreased 11.8% year-over-year and 7% compared to the end of the fourth quarter of 2011. Office properties in the metro area have seen a 11.8% drop in square footage over the past year.

The square footage available in the metro area has been on the rise over the past three months for industrial properties. Square footage for industrial properties has risen 2.2% versus the end of last quarter. For the year, square footage is up 0.3%. Industrial properties experienced a new three-year high in available square footage this month. It was at its previous high point in March 2011. The square footage available for industrial properties in the metro area has risen 0.3% over the past year.

Over the past four months, retail properties have seen a steady increase in available square footage in the metro area. Square footage for retail properties has risen 2.6% versus the end of last quarter. For the year, square footage is up 8.2%. March saw a new three-year high in square footage available in the metro area. It was at its previous high point last month. Retail properties in the metro area have seen a 8.2% rise in the average available square footage over the past year.

Office properties in the Hartford Metro Area are turning over faster than the same time last year, as the days on market slid 16.1% to 281 days. In Connecticut overall, the time on market fell even more as a percentage, by 21.8%, to 255. From its lowest point in June 2009, the number of days on market have increased 34.7%.

The time on market for industrial properties in the Hartford Metro Area has fallen 18.4% from last year, to 214 days. Overall in Connecticut the time on market has dropped even further as a percentage, by 31.5%, to 266 during the same time period. From May 2011, when the time on market was at its longest, it has come down 37.2%. The time on the market of industrial properties has been on the rise over the past five months, increasing 15.2%.

Compared with a year earlier, retail properties in the Hartford Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. Retail properties now last 301 days on the market, up 36.2% from last year. At the same time, days on market for the state level have risen 17.2% to 298 days. Compared with April 2009, when the time on market was at its lowest, these properties are now on the market 68.9% longer.