Meriden Market Update for March 2010
Here’s the way the housing market is shaping up in Meriden as of March 31, 2010:
There are currently 266 single family homes for sale in Meriden (up 4% from February):
- Low list price: $39,900
- High list price: $1,599,000 (yup, still on the market!)
- Average list price: $218,036
- Median list price: $204,900
- Average Days on Market: 84 (up 5% from February)
- Homes sold on average for 96.7% of list price (up 3% from February)
There are 98 homes currently under contract, priced between $17,500 and $390,000. Based on the number of homes sold in March (40), it would take approximately 7 months to sell the current inventory.
As for condominiums, there are currently 118 condos for sale (up slightly from February):
- Low list price: $31,900
- High list price: $399,900
- Average list price: $130,292
- Median list price: $129,950
- Average Days on Market: 75 (down 11% from February)
- Condos sold on average for 97.1% of list price (up about 2% from February)
There are currently 19 condos under contract, priced between $54,900 and $189,900. Based on the number of condos sold in March (18), 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:
In a complete turnaround from February, home sales rose in Meriden by 111% in March, surely indicative of home buyers trying to take advantage of the tax credit before it expires.
Condo sales also skyrocketed, up 125 percent for the month. Consequently, even though inventory of single family homes and condos both increased, the time it would take to sell that inventory was effectively cut in half, bringing both markets closer to normal than it has been for some time. As I write this, there are only 3 days left for the home buyer tax credit and it will be interesting to watch sales for the remainder of the month to see if there is any last minute rush.
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:
There were slight changes in average days of market for both homes and condos, but they went in opposite directions. ADOM for single family homes went up a little, but condo time on market came down. Neither number is anything to be excited about, but it remains to be seen if either trend will continue, or if they will both start decreasing further as the Spring market heats up. With the expiration of the tax credit only days away, speculation abounds as to whether the market will take off or if diminished demand for housing will be the order of the day. Interest rates, while inching upwards, are still at historic lows and there are still deals to be had.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.