Meriden Market Update for June 2010
Here’s the way the housing market is shaping up in Meriden as of June 30, 2010:
There are currently 269 single family homes for sale in Meriden (virtually unchanged from last month):
- Low list price: $39,900
- High list price: $699,000
- Average list price: $208,618
- Median list price: $199,900
- Average Days on Market: 45 (down 37% from last month)
- Homes sold on average for 96.4% of list price (up slightly from last month)
There are 74 homes currently under contract, priced between $48,600 and $349,900. Based on the number of homes sold in June (50), it would take approximately 5 months to sell the current inventory.
As for condominiums, there are currently 106 condos for sale (down slightly from last month):
- Low list price: $31,900
- High list price: $399,900
- Average list price: $140,066
- Median list price: $146,950
- Average Days on Market: 78 (up 66% from last month)
- Condos sold on average for 94.0% of list price (up 1.4% from last month)
There are currently 16 condos under contract, priced between $39,000 and $220,000. Based on the number of condos sold in June (16), it would take 7 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 hit their highest levels of 2010 with 50 units sold, while condo sales rebounded from 2 consecutive months of declines. Average selling prices of condos rose, but it fell for single family homes. Mortgage rates have hit their lowest levels in about 40 years, so it will be interesting to see if that helps keep sales at current levels in the coming months. Inventory levels are relatively stable, but still seem to be on a upward trend for the year. More homes for buyers to choose from leads to more deliberate decision making, and slower sales growth.
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:
Last month’s ADOM, which was the lowest of the year for single family homes, didn’t last long as it shot up 66% to 78 days. Condos, however, went in the opposite direction, down 37% to the year’s lowest level since January. Both categories seem to be on an alternate month, see-saw trend. If it holds, next month should see homes ADOM come down and condos ADOM go up. Hopefully, we’ll see the trend end and both will start trending down, but that may be too much to ask for with foreclosures and short sales increasing.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.