Meriden Market Update for February 2010
Here’s the way the housing market is shaping up in Meriden as of February 28, 2010:
There are currently 256 single family homes for sale in Meriden (up 8% from January):
- Low list price: $17,500
- High list price: $1,599,000 (yes, million)
- Average list price: $221,480
- Median list price: $207,750
- Average Days on Market: 80 (up 167% from January…ouch)
- Homes sold on average for 94.2% of list price (down 3% from January)
There are 86 homes currently under contract, priced between $30,000 and $439,900. Based on the number of homes sold in February (19), it would take approximately 13 months to sell the current inventory.
As for condominiums, there are currently 114 condos for sale (up 10 from January):
- Low list price: $31,900
- High list price: $399,900
- Average list price: $130,081
- Median list price: $133,900
- Average Days on Market: 86 (up 41% from January)
- Condos sold on average for 95.6% of list price (up less than 1% from January)
There are currently 23 condos under contract, priced between $54,900 and $189,900. Based on the number of condos sold in February (8), it would take 14 months to sell the current inventory.
The following chart shows home and condo sales in Meriden for year-to-date 2010:
Home sales dropped in Meriden by 21% in February, mirroring many other local and national markets. The tax credit and low interest rates didn’t seem to motivate too many people to buy last month, but that may change in March, especially since the tax credit is about five weeks from expiring and there has been no indication that it will be extended.
Condo sales also dropped, by almost the same margin as single family homes, 20 percent. This, along with the 11% increase in inventory, means the time it would take to sell off all the available condos also increased, by 40%. Again, with so many homes to choose from, it seems like people are taking their time to find a good deal in Meriden. And there are plenty to be had.
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 two months of the year:
As you can see, both single family homes and condos took longer to sell in February than January, but unlike Wallingford, the biggest increase in selling time was in single family homes. It appears that, although people are getting back into the buying arena, there is still plenty of inventory and buyers are not rushing into anything. We’ll see if that holds true as the tax credit expiration date approaches.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.