Meriden Market Update for April 2010
Here’s the way the housing market is shaping up in Meriden as of April 30, 2010:
There are currently 257 single family homes for sale in Meriden (down 3.3% from March):
- Low list price: $39,900
- High list price: $1,599,000 (yup, still on the market!)
- Average list price: $218,240
- Median list price: $204,900
- Average Days on Market: 64 (down 23% from March)
- Homes sold on average for 96.5% of list price (virtually unchanged from March)
There are 97 homes currently under contract, priced between $49,500 and $390,000. Based on the number of homes sold in April (35), it would take approximately 7 months to sell the current inventory.
As for condominiums, there are currently 121 condos for sale (up slightly from March):
- Low list price: $31,900
- High list price: $399,900
- Average list price: $133,730
- Median list price: $135,000
- Average Days on Market: 214 (up 185% from March)
- Condos sold on average for 94.6% of list price (up 2.6% from March)
There are currently 22 condos under contract, priced between $25,200 and $220,000. Based on the number of condos sold in April (13), it would take 9 months to sell the current inventory.
The following chart shows home and condo sales in Meriden for year-to-date 2010:
Both single family homes and condo sales were down in April, by 13% and 27% respectively, but both totals were still far above February, and it looks like the tax credit still had some influence on buyer’s decisions in Meriden. It does look, however, as though sales for both categories might be on a downward trend going in the summer months, even though sale prices have been inching upwards in Meriden all year.
The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first four months of the year:
You can see on the chart above that single family homes were selling a lot faster in April, which is a good sign, but the aberration is condo sales. The 185% increase was influenced heavily by a couple of bank-owned sales that had been on the market for 8-9 months, but the big culprit was one that has been for sale for over 4 years! The bad news is, even taking that one out of the mix, ADOM would have still risen by 56% to 117 days.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.