Meriden CT Market Snapshot for November 2012

by Harriman Real Estate on December 27, 2012

Here’s the way the housing market is shaping up in Meriden as of November 30, 2012:

There are currently 194 single family homes for sale in Meriden:

Low list price: $8,000
High list price: $575,900
Average list price: $185,317
Median list price: $169,900
Average Days on Market: 59
Homes sold on average for 94.3% of list price

There are 90 homes currently under contract, priced between $20,000 and $449,000. Based on the number of homes sold in November (32), it would take approximately 6 months to sell the current inventory.

As for condominiums, there are currently 60 condos for sale:

Low list price: $29,900
High list price: $279,900
Average list price: $114,838
Median list price: $119,950
Average Days on Market: 113
Condos sold on average for 92.7% of list price

There are currently 17 condos under contract, priced between $30,000 and $275,000. Based on the number of condos sold in November (12), it would take approximately 5 months to sell the current inventory.

Here is a chart comparing annual home and condo sales in Meriden for the year-to-date:

November home sales more than held their own in Meriden, remaining essentially unchanged from October. Single family sales were down by only a single unit, but condo sales again reached their highest level of the year so far at 12 units sold. November’s numbers were 29% better than November of 2011, but 16% below November of 2010. Meanwhile, inventory continued to shrink for the sixth consecutive month, losing 56 total units in November as many sellers removed their homes from the market for the winter. Sale prices were off slightly from November, however.

The stable sales numbers, coupled with the significant loss of inventory, meant Meriden transitioned from a balanced market to a normal seller’s market with just 5.5 months of inventory. Looking at all of the data and judging from our own activity this month, it looks like December’s sales figures will be a little lower than November, as we project approximately 30 total sales for the month.

Interest rates for conventional loans remained at 3.25% for a 30 year note, while CHFA rates (for first time home buyers) were also unchanged at 2.75 percent. While these are great rates, they’re almost certain to rise at some point, and when they do it will surely cost home buyers money in the long term. For example, the result of a modest .25% increase in the rate on a $200,000 mortgage would mean a buyer pays almost $30 more a month, or almost $11,000 over the life of the loan. Doesn’t sound like much, but that $11,000 could be put to good use elsewhere!

If you’re wondering how fast houses at certain price points are selling, take a look at this next chart:

As you can see, the sweet spot for Meriden home sales is still $200,000 and under, as 75% of available homes and 84% of all sales fall in this price band. Many of these are condos and investment properties, while those above $200,000 are single family homes which are in far less demand. In November 2012, the average home sold in 73 days, with 32% selling in 30 days or less.

Meriden Properties For Sale

(zoom out to see more properties)