Meriden Market Update Oct. – Dec. 2008

Due to popular request, we are starting to post the status of the Meriden housing market going forward, beginning with the last quarter of 2008.

The Meriden housing market, much like its Wallingford neighbor, has been on a downward slide for several months. While sales of single family homes have been consistent over the last 3 months, inventory has been rising steadily while average sales price has been trending downward. In addition, the sales that are taking place are taking longer to happen, with the number of days the homes are on the market almost doubling from October to December.

Condominium sales are even more lethargic, with single digit sales being the norm over the last quarter, culminating in December when not a single condo sale closed during that month. Inventory of available condos is also on the rise, rising 42% in the 4th quarter, and as with single family homes, the average sales price of condos is also falling off slightly while days on market is significantly higher. Now that interest rates are hitting historic lows, more and more buyers are emerging to try to take advantage of them before they start to climb again. If you’ve been thinking about buying a new home or moving to a newer one, this may be a good time to think about getting pre-qualified and starting your home search.

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, Business and Economy, Condominium, homes for sale, market update, Meriden, Meriden Connecticut, real estate, Single-family detached home, Wallingford