Meriden Market Update April 2009

The Meriden housing market seems to be on the upswing. Pending sales were up slightly, but closed sales were up sharply over March. The inventory levels were also down quite a bit, driving the absorption rate to a very respectable 21 weeks worth of inventory, a level not seen in many months.

Condo sales were down a bit in April but have been increasing over the past few months and inventory levels are becoming much more manageable than in previous months. With interest rates still at historically low levels and the $8000 tax credit for first time home buyers in full swing, condos should continue to be a strong performer in the Spring market heading into Summer.

Here’s the comparison of the last three months:

*** = No stats due to no sales.

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).