Meriden CT Market Update for January 2012

by Harriman Real Estate on February 22, 2012

Meriden CT Market Update for January 2012

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

There are currently 228 single family homes for sale in Meriden:

  • 84 Walt Drive, Meriden CTLow list price: $46,350
  • High list price: $575,900
  • Average list price: $189,623
  • Median list price: $169,900
  • Average Days on Market: 104
  • Homes sold on average for 93.7% of list price

There are 66 homes currently under contract, priced between $15,000 and $329,000. Based on the number of homes sold in January (25), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 87 condos for sale:

  • 58 Leonard Street, Meriden CTLow list price: $43,000
  • High list price: $274,900
  • Average list price: $123,980
  • Median list price: $119,900
  • Average Days on Market: 80
  • Condos sold on average for 90.9% of list price

There are currently 17 condos under contract, priced between $30,000 and $266,900. Based on the number of condos sold in January (3), it would take approximately 29 months to sell the current inventory.

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

Meriden Sales January 2012

There was little change in the Meriden home inventory in January, as single family homes gained 2 units to 228 (compared to 238 in January of 2011), while condos fell 5 units to 87 available properties, just one off the 88 units available a year ago. The average sale price for both condos and single family homes fell to their lowest levels since last Fall, $177,639 for homes and $112,735 for condos. Interest rates for conventional loans remain below the 4% range and CHFA rates (for first time home buyers) are still at 3.250%.  Meriden single family home sales fell to 25 units from 31 in December, but was up 56% over January of 2011. Condo sales took a beating, however, falling to just 3 units sold from 8 the previous month but up from 4 in January of 2011. While there was minimal change in the inventory or in units sold,it was enough to push Meriden’s market into a normal buyer’s market, with about 10 months of home inventory. We had hoped for an increase in sales activity in January instead of a 30% drop from last month, but it is 25% better than last January so we’ll take that and be happy!  At this point, we’re not holding out for a good February since whatever closes this month will be what went under contract in December during the peak of the holiday season.

Meriden Properties For Sale

(zoom out to see more properties)

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