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:

Single Family Homes

Oct 2008

Nov 2008

Dec 2008

New Listings

33

40

30

Total Listings

209

256

289

Pending Sales

4

11

13

Homes Sold

26

26

25

Expired Listings

26

39

51

Average Days on Market

54

88

107

Average Price/SqFt

$139

$130

$122

Average Sales Price

$195,717

$184,455

$183,925

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

35

43

50

Condominiums

Oct 2008

Nov 2008

Dec 2008

New Listings

11

14

11

Total Listings

72

89

102

Pending Sales

1

2

6

Condos Sold

8

7

0

Expired Listings

14

11

16

Average Days on Market

59

90

***

Average Price/SqFt

$122

$120

$***

Average Sales Price

$160,843

$136,021

$***,***

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

39

55

***

*** = 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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