Meriden CT Market Update for August 2012

Meriden CT Market Update for August 2012

Here’s the way the housing market is shaping up in Meriden as of August 31, 2012:

458 Brownstone Ridge, Meriden CTThere are currently 232 single family homes for sale in Meriden:

  • Low list price: $34,000
  • High list price: $575,900
  • Average list price: $186,395
  • Median list price: $179,450
  • Average Days on Market: 97
  • Homes sold on average for 95.7% of list price

There are 98 homes currently under contract, priced between $20,000 and $449,000. Based on the number of homes sold in August (44), it would take approximately 5 months to sell the current inventory.

1001 Old Colony Rd, MeridenCTAs for condominiums, there are currently 92 condos for sale:

  • Low list price: $33,900
  • High list price: $279,900
  • Average list price: $123,797
  • Median list price: $119,950
  • Average Days on Market: 154
  • Condos sold on average for 96.0% of list price

There are currently 20 condos under contract, priced between $40,000 and $275,000. Based on the number of condos sold in August (9), it would take approximately 10 months to sell the current inventory.

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

Meriden CT Sales August 2012

After a slight dip in sales in July, total Meriden property sales saw a 29% increase in August over July, and also posted a 43% increase over August of 2011 and a 83% gain over August of 2010. Meanwhile, inventory continues to show little growth, adding just one total unit in August, and it’s down 20% from August 2010 and 14% from last year.

The increase in sales moved Meriden even deeper into a balanced market, falling from almost 8 months of available inventory to just a tad over 6 months currently. Looking at all of the data and judging from our own activity this month, it looks like September will fall short of August’s sales numbers, which is usual for this time of year as cooler weather brings with it the holidays and fewer prospective buyers.

After a slight rise over the past few weeks, interest rates for conventional loans fell back a bit to around 3.375% for a 30 year note, while CHFA rates (for first time home buyers) have been stable at 2.875% over the same time frame. While these are still great rates, if they continue to rise it will surely cost homebuyers money in the long term. For example, the result of the last .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!

Meriden Properties For Sale

(zoom out to see more properties)

 

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