Meriden Market Update for October 2010
Here’s the way the housing market is shaping up in Meriden as of October 31, 2010:
There are currently 238 single family homes for sale in Meriden (down 8% from last month):
- Low list price: $35,000
- High list price: $699,000
- Average list price: $198,976
- Median list price: $184,900
- Average Days on Market: 75 (down slightly from last month)
- Homes sold on average for 90.9% of list price (down 5% from last month)
There are 52 homes currently under contract, priced between $24,900 and $399,000. Based on the number of homes sold in October (20), it would take approximately 12 months to sell the current inventory.
As for condominiums, there are currently 86 condos for sale (down slightly from last month):
- Low list price: $42,000
- High list price: $399,900
- Average list price: $140,277
- Median list price: $139,450
- Average Days on Market: 75 (down 42% from last month)
- Condos sold on average for 95.3% of list price (up 7% from last month)
There are currently 22 condos under contract, priced between $31,800 and $220,000. Based on the number of condos sold in October (3), it would take 29 months to sell the current inventory.
The following chart shows home and condo sales in Meriden for year-to-date 2010:
Meriden single family home sales continued a 4 month decline, down 60% from their high in June. Condos also declined, down to 3 sales for the month, their lowest level of the year after a brief spike last month. Interest rates continue to be attractive, although they are inching upwards, but the next two months are notoriously slow sales months so there may not be any noticeable improvement with these figures until after the New Year. Increased inventory levels (up 21% from this time a year ago for SFH and 26% for condos) also make for less than favorable market conditions going into the holiday season.
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:
ADOM for condos came back to Earth in October, settling at 75 days which was exactly the same for single family homes. This was also better than the October 2009 figure of 143 and 84 days respectively. One other interesting number to report is that the average selling price for condos reached its highest point of the year at just under $134,000, while single family homes sold on average at their lowest figure of the year, at about $181,000.
For more information on the Meriden housing market, please call Harriman Real Estate at (203) 672-4499 today!
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.