Meriden Market Update March 2009

The Meriden housing market continues on a mediocre pace. Single family home sales were down 25% from February, but pending sales were up. Total listings were down, while average days on market increased as older inventory was sold, but average selling price decreased slightly.

Condo sales, on the other hand, have been increasing over the past 3 months and inventory levels are becoming much more manageable than in previous months. With interest rates 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.

(Due to a technical error in information gathering, this report has been corrected to reflect accurate numbers for the last three months.)

Here’s the comparison of the last three months:

Single Family Homes

Jan 2009

Feb 2009

Mar 2009

New Listings

37

43

56

Total Listings

286

226

190

Pending Sales

27

25

36

Homes Sold

22

20

16

Expired Listings

26

39

24

Average Days on Market

115

66

92

Average Price/SqFt

$123

$124

$127

Average Sales Price

$197,257

$166,723

$156,793

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

56

49

51

Condominiums

Jan 2009

Feb 2009

Mar 2009

New Listings

15

13

18

Total Listings

102

90

71

Pending Sales

6

14

8

Condos Sold

3

8

9

Expired Listings

10

14

9

Average Days on Market

240

122

38

Average Price/SqFt

$137

$110

$98

Average Sales Price

$190,646

$146,400

$83,522

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

147

49

34

*** = 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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