Meriden Market Update June 2009

The Meriden housing market stabilized somewhat in June. Pending sales were down, but closed sales were up for the third consecutive month. The inventory levels and days on market were up slightly, but overall the absorption rate remained at 7 weeks worth of inventory.

Condo sales rose in June for the third straight month, and inventory levels fell to their lowest levels of the year at just 7 weeks worth. These condos also sold an average of 32% faster than last month as well. The $8000 tax credit may have something to do with this as more people move to take advantage of the tax credit. There is still room for improvement, however, as there are only 122 days left until the credit expires, unless some headway is made on the $15,000 tax credit bill that is still languishing in Congress. Since most closings take place about 4-6 weeks after a contract is signed, a prospective home buyer still looking to benefit from the tax credit should be under contract no later than October 15 in order to ensure closing before the November 30 end date. Also, in the case of buying a short sale or foreclosure property, time becomes even more  critical as these transactions can take considerable longer than 4-6 weeks to close.

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).

Tagged as: market update, Meriden, real estate