Meriden Market Update August 2010

Meriden Market Update for August 2010

Here’s the way the housing market is shaping up in Meriden as of August 31, 2010:

There are currently 254 single family homes for sale in Meriden (down slightly from last month):

  • Low list price: $29,900
  • High list price: $699,000
  • Average list price: $204,909
  • Median list price: $189,900
  • Average Days on Market: 98 (up 40% from last month)
  • Homes sold on average for 95.4% of list price (down slightly from last month)

There are 79 homes currently under contract, priced between $74,900 and $389,900. Based on the number of homes sold in August (24), it would take approximately 11 months to sell the current inventory.

As for condominiums, there are currently 103 condos for sale (down slightly from last month):

  • Low list price: $34,900
  • High list price: $399,900
  • Average list price: $139,223
  • Median list price: $144,900
  • Average Days on Market: 155 (up 573% from last month)
  • Condos sold on average for 88.5% of list price (down 9% from last month)

There are currently 23 condos under contract, priced between $39,000 and $226,000. Based on the number of condos sold in August (4), it would take 26 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:


meridensalesaugust2010

Meriden single family home and condo sales were fairly stable in August, with condos unchanged and single family homes down only 2. Interest rates and home prices are still at their lowest levels in years, and should remain there for some time to come, although home prices are showing some signs of rising, but it’s barely noticeable. Unemployment is still keeping many would-be buyers on the sidelines; in addition, buyers who are attracted to short sales are being strung along in the process, sometimes for months, before the sale is approved. Plus, many short sales are being declined or the buyers are backing out of deals that have become less attractive due to cumbersome requirements from the banks. Hopefully some newly proposed legislation requiring banks to respond to short sale offers within 45 days will be passed and result in more deals being completed.

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 year to date:

meridenadomaugust2010

ADOM for condos skyrocketed for August, due mainly to some condos that sold that had been on the market for longer than usual and ended up selling at below-normal prices. Single family homes were also selling slower, but the rise was not as dramatic as for condos. In August of 2009, ADOM for single family homes was 96 days and for condos it was 147 days, so things have not changed much, but sales for that month was 44 homes and 12 condos, so the numbers for last month are rather disappointing. We’ll look to September for some improvement before we head into what is usually a slow sales period.

For more information on the Meriden housing market, please call us at (203) 672-4499 today!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.


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