Meriden CT Market Update for June 2012

Meriden CT Market Update for June 2012

458 Brownstone RidgeHere’s the way the housing market is shaping up in Meriden as of June 30, 2012:

There are currently 222 single family homes for sale in Meriden:

  • Low list price: $34,900
  • High list price: $575,900
  • Average list price: $192,128
  • Median list price: $184,900
  • Average Days on Market: 101
  • Homes sold on average for 93.3% of list price

There are 113 homes currently under contract, priced between $20,000 and $310,000. Based on the number of homes sold in June (48), it would take approximately 5 months to sell the current inventory.

1001 Old Colony RdAs for condominiums, there are currently 110 condos for sale:

  • Low list price: $37,000
  • High list price: $274,900
  • Average list price: $127,673
  • Median list price: $129,950
  • Average Days on Market: 66
  • Condos sold on average for 99.1% of list price

There are currently 19 condos under contract, priced between $35,000 and $179,900. Based on the number of condos sold in June (8), it would take approximately 14 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 June 2012

Meriden single family home sales enjoyed its best month in 2 years in June, doubling sales from the previous month and posting a 60% increase over June of 2011, but about 8% below June of 2010 when 52 homes sold. Condo sales also saw a jump in sales, besting May by 60% and June 2011 by 33%, but falling short of June 2010 by 53%. Average sale prices for both single family homes and condos showed significant improvement, while inventory remained almost unchanged.

Interest rates for conventional loans fell to an amazing 3.25%, while CHFA rates (for first time home buyers) also dropped significantly, settling in at 2.75%, the lowest rate we’ve ever seen for this rate.  If there ever was a good time for new home buyers to find their dream home, it’s now!

The spike in sales moved Meriden from a normal buyer’s market to a normal seller’s market, dropping from 11.5 months of  available home inventory to just under 6 months currently. Looking at all of the data and judging from our own activity this month, it looks like July should also beat 2011 results but may fall short of equaling June’s impressive numbers.

Meriden Properties For Sale

(zoom out to see more properties)

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