Meriden Market Update for May 2010
Here’s the way the housing market is shaping up in Meriden as of May 31, 2010:
There are currently 270 single family homes for sale in Meriden (up 5% from last month):
- Low list price: $39,900
- High list price: $1,599,000 (yup, still on the market!)
- Average list price: $219,169
- Median list price: $209,900
- Average Days on Market: 72 (up 13% from last month)
- Homes sold on average for 96.0% of list price (virtually unchanged from last month)
There are 80 homes currently under contract, priced between $29,900 and $349,900. Based on the number of homes sold in May (38), it would take approximately 7 months to sell the current inventory.
As for condominiums, there are currently 107 condos for sale (down 12% from last month):
- Low list price: $31,900
- High list price: $399,900
- Average list price: $137,670
- Median list price: $139,900
- Average Days on Market: 47 (down 78% from last month, which an aberration)
- Condos sold on average for 92.7% of list price (down 2% from last month)
There are currently 25 condos under contract, priced between $25,200 and $220,000. Based on the number of condos sold in May (11), it would take 10 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 edged up slightly, trying to maintain the levels of the past two months, while condo sales trended downward for the second consecutive month, nearing the levels of January and February. On the plus side, average list and selling prices of condos rose, as did the number under deposit. However, the May sold numbers aren’t in line with the state-wide statistics which show a 33.3% increase in condo sales in May, and a 39% increase in single family home sales. Interest rates remain low – in fact, at or near record lows – but it remains to be seen if recent changes in Fannie Mae mortgage requirements put a further damper on market performance.
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:
After April’s aberration, it was good to see days on market come back down to more acceptable levels, which were some of the best so far in 2010, especially for single family homes. Hopefully, these trends continue during the summer months.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.