Meriden CT Market Update for September 2012

Meriden CT Market Update for September 2012

84 Walt Dr, Meriden CTHere’s the way the housing market is shaping up in Meriden as of September 30, 2012:

There are currently 233 single family homes for sale in Meriden:

  • Low list price: $34,000
  • High list price: $575,900
  • Average list price: $191,124
  • Median list price: $185,000
  • Average Days on Market: 86
  • Homes sold on average for 95.2% of list price

There are 101 homes currently under contract, priced between $20,000 and $449,000. Based on the number of homes sold in September (36), it would take approximately 6 months to sell the current inventory.

Meriden, CT CondoAs for condominiums, there are currently 80 condos for sale:

  • Low list price: $29,900
  • High list price: $337,500
  • Average list price: $128,155
  • Median list price: $129,900
  • Average Days on Market: 120
  • Condos sold on average for 96.4% of list price

There are currently 32 condos under contract, priced between $28,000 and $275,000. Based on the number of condos sold in September (5), it would take approximately 16 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 September 2012

As expected, sales cooled off in Septembery; total Meriden property sales saw a 25% decrease from August, but were still 23% better than September of 2011 and a 21% better than September of 2010. Meanwhile, inventory continues to shrink, losing 11 total units in August, and it’s down 17% from September 2010 and 13% from September of last year.

Despite the decrease in sales, Meriden remained in a balanced market, rising from 6 months of available inventory to just a tad over 7.5 months currently. Looking at all of the data and judging from our own activity this month, it looks like October’s sales figures will also be down, but there’s still a week left for some pending sales to finalize. One good piece of news is that sales prices have risen to their highest levels in 3 months.

Interest rates for conventional loans fell back a bit to around 3.25% for a 30 year note, while CHFA rates (for first time home buyers) also fell, settling in once again 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:

Meriden Sales by Price Point September 2012

As you can see, the sweet spot for Meriden home sales is $200,000 and under, as 70% of available homes and 78% 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 September 2012, the average home sold in 91 days, with the slowest segment being between $120k and $140k at 259 days, or almost 9 months.

Meriden Properties For Sale

(zoom out to see more properties)

 

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  1. Pingback: Meriden CT Market Snapshot for November 2012

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