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:

Single Family Homes

Feb 2009

Mar 2009

Apr 2009

New Listings

43

56

56

Total Listings

226

190

131

Pending Sales

25

36

41

Homes Sold

20

16

27

Expired Listings

39

24

22

Average Days on Market

66

92

99

Average Price/SqFt

$124

$127

$115

Average Sales Price

$166,723

$156,793

$176,649

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

49

51

21

Condominiums

Feb 2009

Mar 2009

Apr 2009

New Listings

13

18

26

Total Listings

90

71

49

Pending Sales

14

8

13

Condos Sold

8

9

6

Expired Listings

14

9

11

Average Days on Market

122

38

147

Average Price/SqFt

$110

$98

$104

Average Sales Price

$146,400

$83,522

$123,817

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

49

34

35

*** = 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).

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