Meriden Market Update for April 2011
Here’s the way the housing market is shaping up in Meriden as of April 30, 2011:
There are currently 234 single family homes for sale in Meriden:
- Low list price: $44,900
- High list price: $595,000
- Average list price: $203,324
- Median list price: $189,900
- Average Days on Market: 112
- Homes sold on average for 89.7% of list price
There are 91 homes currently under contract, priced between $40,500 and $360,000. Based on the number of homes sold in April (27), it would take approximately 9 months to sell the current inventory.
As for condominiums, there are currently 87 condos for sale:
- Low list price: $37,000
- High list price: $399,900
- Average list price: $137,874
- Median list price: $144,000
- Average Days on Market: 70
- Condos sold on average for 95.3% of list price
There are currently 26 condos under contract, priced between $49,900 and $220,000. Based on the number of condos sold in April (4), it would take approximately 22 months to sell the current inventory.
Here is a chart comparing annual home and condo sales in Meriden for the year-to-date:
Meriden home sales were again mixed in April, but the direction they took was the reverse of the previous month: single family homes increased by almost a third while condo sales declined by 50%. Inventory levels, however, continued their downward trend for condos, but again rose for single family homes. Overall, it appears that the market is continuing to improve, even given the decline in condo sales, which only make up less than 13% of all sales. There have been no major changes to interest rates, but two pieces of legislation currently under consideration could pose problems. One would seek to increase the required down payment needed to buy a home to 20%, while the other would increase the real estate conveyance tax for home buyers to 1% of the purchase price for homes over $150,000. If one or both of these bills pass, the real estate market could see a negative reaction it can ill-afford. We are urging our representatives to vote against these measures.
The following chart compares average days on market, or how many days it took to sell a home or condo during the month of March and year-to-date:
Average days on market rose again in April for all properties, as some properties that had been on the market for a while finally closed. This might become a too familiar trend as inventories increase. Also, as banks release their shadow inventory into the market, DOM will most likely remain at elevated levels.
Meriden Properties For Sale
(zoom out to see more properties)
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.