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:

*** = 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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Tagged as: Business, Condominium, House, market update, Meriden, real estate, Real estate economics, sales, Single-family detached home