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:

*** = 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).

Welcome back!

Tagged as: 06450, 06451, Business, Condominium, Construction and Maintenance, Days on market, Meriden Connecticut, Residential Housing, Single-family detached home