Meriden Market Update January 2009

The Meriden housing market didn’t show much of a change in January. Inventory remained at December levels while homes sold decreased slightly. However, pending sales doubled which should give a boost to February numbers. Absorption rates increased by 25%, and average days on market also showed a slight increase.

Condominium sales remain lethargic; only one condo sold in January (we were lucky enough to be the agents that sold it!), and inventory levels remained exactly the same. With so few condos selling, any meaningful analysis of their trend is probably problematic at best. Since we posted the Wallingford update yesterday, we’ve learned that the $15,000 tax credit for homebuyers has been axed and will be replaced by an $8,000 credit only for first time homebuyers, similar to the current $7,500 credit, but buyers will have only until August to use it. We’ll have more info on it as it becomes available.

Here’s the comparison of the last three months:

Single Family Homes

Nov 2008

Dec 2008

Jan 2009

New Listings

40

30

37

Total Listings

256

289

286

Pending Sales

11

13

27

Homes Sold

26

25

20

Expired Listings

39

51

26

Average Days on Market

88

107

119

Average Price/SqFt

$130

$122

$130

Average Sales Price

$184,455

$183,925

$197,672

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

43

50

62

Condominiums

Nov 2008

Dec 2008

Jan 2009

New Listings

14

11

15

Total Listings

89

102

102

Pending Sales

2

6

6

Condos Sold

7

0

1

Expired Listings

11

16

10

Average Days on Market

90

***

85

Average Price/SqFt

$120

$***

$142

Average Sales Price

$136,021

$***,***

$163,900

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

55

***

442

*** = 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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