Meriden Market Update August 2009

The Meriden housing market flattened out a little in August, after a couple of months of nice gains. New listings, pending sales and sold homes were all down slightly, and average days on market rose sharply due to some older inventory closing. The lower price points are more and more seeing multiple offers, and cash buyers and investors are starting to scoop up the bargains.

The condo market mirrored the performance of single family homes, with new listings, pending sales and sold condos all lower for the month. Also, just as with single family homes, the average days on market rose quite a bit, skewed by sales of older inventory. Absorption rate for both houses and condos rose evr so slightly, but not enough to cause alarm.

The $8000 tax credit seems to have generated a good number of sales, but that looks to end soon as the credit is set to expire on November 30th, with no extension in sight. The drop dead date for getting a home under contract is rapidly approaching, and it is the feeling of some experts that mortgage lenders will be swamped with last minute business as the deadline gets closer. This could result in some buyers being shut out of getting their tax credit as their closing dates are pushed past the November 30th deadline.

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).

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