Meriden Market Update for July 2010
Here’s the way the housing market is shaping up in Meriden as of July 31, 2010:
There are currently 264 single family homes for sale in Meriden (down slightly from last month):
- Low list price: $34,900
- High list price: $699,000
- Average list price: $203,921
- Median list price: $192,400
- Average Days on Market: 70 (up 56% from last month)
- Homes sold on average for 96.4% of list price (unchanged from last month)
There are 74 homes currently under contract, priced between $39,900 and $389,900. Based on the number of homes sold in July (26), it would take approximately 10 months to sell the current inventory.
As for condominiums, there are currently 116 condos for sale (up slightly from last month):
- Low list price: $31,900
- High list price: $399,900
- Average list price: $137,435
- Median list price: $145,000
- Average Days on Market: 23 (down 71% from last month)
- Condos sold on average for 96.1% of list price (up 2.2% from last month)
There are currently 21 condos under contract, priced between $39,000 and $269,000. Based on the number of condos sold in July (4), 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 and condo sales were almost mirror images of Wallingford, with single family homes falling about 50% and condos falling 75%. Mortgage rates continue to stay at their lowest levels in about 40 years, and inventory levels continue to fluctuate, giving buyers excellent opportunities to buy; however, even though buyer activity is strong, making the decision to buy seems to be harder than ever for most consumers. Current economic woes and unemployment threaten to keep the housing market in turmoil, but it’s anyone’s guess how long it will last. Interest rates could begin rising at any time, leaving prospective buyers scurrying to secure a suitable home before rates become unattractive. Some experts say this could happen soon, but we believe rates will stay low for a while still. As usual, only time will tell.
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:
As predicted, ADOM continued its see-saw trend of recent months, with homes going up and condos coming down. With the recent big declines in sales both locally and across the US, it looks like ADOM may continue to be erratic at best. There is talk of the government reinstating the home owner tax credit to reinvigorate the market, but it’s only a rumor, and even if it does happen there’s no guarantee that it will have the desired effect, other than to further increase the national debt. That being said, our sales numbers for August are looking very good, so hopefully this wil be the case across the board.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.