|Meriden CT Market Snapshot for February 2013|
|Here’s how thee Meriden CT housing market looks as of February 28, 2013:
There are currently 167 single family homes for sale in Meriden:
Low list price: $32,000
High list price: $575,900
Average list price: $198,385
Median list price: $185,000
Average Days on Market: 84
Homes sold on average for 92.6% of list price
There are 89 homes currently under contract, priced between $8,000 and $449,000. Based on the number of homes sold in February (19), it would take approximately 9 months to sell the current inventory.
As for condominiums, there are currently 67 condos for sale:
Low list price: $29,900
High list price: $319,888
Average list price: $132,246
Median list price: $130,000
Average Days on Market: 275
Condos sold on average for 64.9% of list price
There are currently 16 condos under contract, priced between $30,000 and $280,000. Based on the number of condos sold in February(4), it would take 17 months to sell the current inventory.
February home sales took a hit in Meriden: single family sales were down by 35%, and condo sales fell 44% to only 4 units sold. The drop in home sales gave Meriden its worst February in the past 3 years, as this months numbers were 8% below February of 2011, and 21% worse than February of 2010. Meanwhile, inventory was mixed as single family homes lost 11 units while condos gained only 7, a net loss of 4 units total. Sales prices were also mixed, as single family homes rose by about 3%, but condos were off by 33%, mainly due to the majority of sales for the month being short sales and foreclosures which closed as a group 65% below list price.
The decrease in inventory and the lower sales numbers means Meriden slipped back even further into a normal buyers market with exactly 10 months of inventory. Even so, we still feel the best is yet to come for the Meriden real estate market as February is historically one of the slower sales months, and we look for the market to pick back up in March.
Interest rates for conventional loans remained at 3.50% for a 30 year note, and …
|Below are highlight properties for Meriden CT Market Snapshot for February 2013. See more at the full report:|
|See the Full Meriden CT Market Snapshot for February 2013|
|Information valid as of March 5, 2013. Please contact us for the most current information and status of these properties.|