Meriden CT Market Update for July 2012

Meriden CT Market Update for July 2012

84 Walt Dr, Meriden CTHere’s the way the housing market is shaping up in Meriden as of July 31, 2012:

There are currently 225 single family homes for sale in Meriden:

  • Low list price: $34,900
  • High list price: $575,900
  • Average list price: $1892,459
  • Median list price: $179,900
  • Average Days on Market: 68
  • Homes sold on average for 94.7% of list price

There are 106 homes currently under contract, priced between $20,000 and $449,000. Based on the number of homes sold in July (32), it would take approximately 7 months to sell the current inventory.

58 Leonard Street, Meriden CTAs for condominiums, there are currently 98 condos for sale:

  • Low list price: $34,000
  • High list price: $274,900
  • Average list price: $124,148
  • Median list price: $124,900
  • Average Days on Market: 93
  • Condos sold on average for 92.1% of list price

There are currently 21 condos under contract, priced between $60,000 and $220,000. Based on the number of condos sold in July (9), it would take approximately 11 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 for July 2012

After enjoying its best month in 2 years in June, total Meriden property sales fell by 33% in July but still managed to post an 11% increase over July of 2011 and a 37% gain over July of 2010. Meanwhile, inventory has maintained a downward trend for the past two years, down 13% from 2011 and 14% from 2010.

The drop in sales moved Meriden from a normal seller’s market to a balanced market, rising from just under 6 months of available inventory to almost 8 months currently. Looking at all of the data and judging from our own activity this month, it looks like August should closely mirror July’s numbers; however, we are entering the period of slowing sales that always comes around Labor Day, which means the market’s best days may be behind us.

As feared, interest rates for conventional loans began to creep upwards; after spending several weeks at 3.25%, 30 year conventional rates have inched up to 3.5% and higher in some areas, while CHFA rates (for first time home buyers) also rose slightly, reaching 2.875% in the latest rate announcement we’ve seen. While these are still great rates, the sustained gains in both rates could signal more rate hikes in the short term and cost you money in the long term. For example, the result of the recent .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.

Meriden Properties For Sale

(zoom out to see more properties)

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