Meriden Market Update for May 2010

Here’s the way the housing market is shaping up in Meriden as of May 31, 2010:

There are currently 270 single family homes for sale in Meriden (up 5% from last month):

• Low list price: $39,900
• High list price: $1,599,000 (yup, still on the market!)
• Average list price: $219,169
• Median list price: $209,900
• Average Days on Market: 72 (up 13% from last month)
• Homes sold on average for 96.0% of list price (virtually unchanged from last month)

There are 80 homes currently under contract, priced between $29,900 and $349,900. Based on the number of homes sold in May (38), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 107 condos for sale (down 12% from last month):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $137,670
• Median list price: $139,900
• Average Days on Market: 47 (down 78% from last month, which an aberration)
• Condos sold on average for 92.7% of list price (down 2% from last month)

There are currently 25 condos under contract, priced between $25,200 and $220,000. Based on the number of condos sold in May (11), it would take 10 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

Meriden single family home sales edged up slightly, trying to maintain the levels of the past two months, while condo sales trended downward for the second consecutive month, nearing the levels of January and February. On the plus side, average list and selling prices of condos rose, as did the number under deposit. However, the May sold numbers aren’t in line with the state-wide statistics which show a 33.3% increase in condo sales in May, and a 39% increase in single family home sales. Interest rates remain low – in fact, at or near record lows – but it remains to be seen if recent changes in Fannie Mae mortgage requirements put a further damper on market performance.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the year to date:

After April’s aberration, it was good to see days on market come back down to more acceptable levels, which were some of the best so far in 2010, especially for single family homes. Hopefully, these trends continue during the summer months.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update May 2010

Meriden Market Update for April 2010

Here’s the way the housing market is shaping up in Meriden as of April 30, 2010:

There are currently 257 single family homes for sale in Meriden (down 3.3% from March):

• Low list price: $39,900
• High list price: $1,599,000 (yup, still on the market!)
• Average list price: $218,240
• Median list price: $204,900
• Average Days on Market: 64 (down 23% from March)
• Homes sold on average for 96.5% of list price (virtually unchanged from March)

There are 97 homes currently under contract, priced between $49,500 and $390,000. Based on the number of homes sold in April (35), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 121 condos for sale (up slightly from March):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $133,730
• Median list price: $135,000
• Average Days on Market: 214 (up 185% from March)
• Condos sold on average for 94.6% of list price (up 2.6% from March)

There are currently 22 condos under contract, priced between $25,200 and $220,000. Based on the number of condos sold in April (13), it would take 9 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

Both single family homes and condo sales were down in April, by 13% and 27% respectively, but both totals were still far above February, and it looks like the tax credit still had some influence on buyer’s decisions in Meriden. It does look, however, as though sales for both categories might be on a downward trend going in the summer months, even though sale prices have been inching upwards in Meriden all year.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first four months of the year:

You can see on the chart above that single family homes were selling a lot faster in April, which is a good sign, but the aberration is condo sales. The 185% increase was influenced heavily by a couple of bank-owned sales that had been on the market for 8-9 months, but the big culprit was one that has been for sale for over 4 years! The bad news is, even taking that one out of the mix, ADOM would have still risen by 56% to 117 days.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update April 2010

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For for information or to schedule an appointment, please call Pat at (203) 672-4499 today!

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New Listing: 120 Carey Ave., Meriden CT $209,900

Meriden Market Update for March 2010

Here’s the way the housing market is shaping up in Meriden as of March 31, 2010:

There are currently 266 single family homes for sale in Meriden (up 4% from February):

• Low list price: $39,900
• High list price: $1,599,000 (yup, still on the market!)
• Average list price: $218,036
• Median list price: $204,900
• Average Days on Market: 84 (up 5% from February)
• Homes sold on average for 96.7% of list price (up 3% from February)

There are 98 homes currently under contract, priced between $17,500 and $390,000. Based on the number of homes sold in March (40), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 118 condos for sale (up slightly from February):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $130,292
• Median list price: $129,950
• Average Days on Market: 75 (down 11% from February)
• Condos sold on average for 97.1% of list price (up about 2% from February)

There are currently 19 condos under contract, priced between $54,900 and $189,900. Based on the number of condos sold in March (18), it would take 7 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

In a complete turnaround from February, home sales rose in Meriden by 111% in March, surely indicative of home buyers trying to take advantage of the tax credit before it expires.

Condo sales also skyrocketed, up 125 percent for the month. Consequently, even though inventory of single family homes and condos both increased, the time it would take to sell that inventory was effectively cut in half, bringing both markets closer to normal than it has been for some time. As I write this, there are only 3 days left for the home buyer tax credit and it will be interesting to watch sales for the remainder of the month to see if there is any last minute rush.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first two months of the year:

There were slight changes in average days of market for both homes and condos, but they went in opposite directions. ADOM for single family homes went up a little, but condo time on market came down. Neither number is anything to be excited about, but it remains to be seen if either trend will continue, or if they will both start decreasing further as the Spring market heats up. With the expiration of the tax credit only days away, speculation abounds as to whether the market will take off or if diminished demand for housing will be the order of the day. Interest rates, while inching upwards, are still at historic lows and there are still deals to be had.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update March 2010

Meriden Market Update for February 2010

Here’s the way the housing market is shaping up in Meriden as of February 28, 2010:

There are currently 256 single family homes for sale in Meriden (up 8% from January):

• Low list price: $17,500
• High list price: $1,599,000 (yes, million)
• Average list price: $221,480
• Median list price: $207,750
• Average Days on Market: 80 (up 167% from January…ouch)
• Homes sold on average for 94.2% of list price (down 3% from January)

There are 86 homes currently under contract, priced between $30,000 and $439,900. Based on the number of homes sold in February (19), it would take approximately 13 months to sell the current inventory.

As for condominiums, there are currently 114 condos for sale (up 10 from January):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $130,081
• Median list price: $133,900
• Average Days on Market: 86 (up 41% from January)
• Condos sold on average for 95.6% of list price (up less than 1% from January)

There are currently 23 condos under contract, priced between $54,900 and $189,900. Based on the number of condos sold in February (8), it would take 14 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

Home sales dropped in Meriden by 21% in February, mirroring many other local and national markets. The tax credit and low interest rates didn’t seem to motivate too many people to buy last month, but that may change in March, especially since the tax credit is about five weeks from expiring and there has been no indication that it will be extended.

Condo sales also dropped, by almost the same margin as single family homes, 20 percent. This, along with the 11% increase in inventory, means the time it would take to sell off all the available condos also increased, by 40%. Again, with so many homes to choose from, it seems like people are taking their time to find a good deal in Meriden. And there are plenty to be had.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first two months of the year:

As you can see, both single family homes and condos took longer to sell in February than January, but unlike Wallingford, the biggest increase in selling time was in single family homes. It appears that, although people are getting back into the buying arena, there is still plenty of inventory and buyers are not rushing into anything. We’ll see if that holds true as the tax credit expiration date approaches.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Meriden Market Update February 2010

Meriden Market Update for January 2010

Here’s the way the housing market is shaping up in Meriden as of January 31, 2010:

There are currently 237 single family homes for sale in Meriden:

• Low list price: $17,500
• High list price: $749,000
• Average list price: $217,000
• Median list price: $209,000
• Average Days on Market: 30
• Homes sold on average for 96.7% of list price

There are 77 homes currently under contract, priced between $47,000 and $399,000. Based on the number of homes sold in January (24), it would take approximately 10 months to sell the current inventory.

As for condominiums, there are currently 104 condos for sale:

• Low list price: $39,000
• High list price: $399,900
• Average list price: $134,537
• Median list price: $137,450
• Average Days on Market: 61
• Condos sold on average for 96.2% of list price

There are currently 29 condos under contract, priced between $54,900 and $210,000. Based on the number of condos sold in January (10), it would take approximately 10 months to sell the current inventory.

Here is a chart comparing annual home and condo sales in Meriden for the past 5 years to year-to-date 2010:

The number of homes sold has been trending downward since 2005, but saw a 20% increase last year. Early projections put annual home sales for 2010 at 420, but several factors, including the Tax Credit and low interest rates, should work to push sales to higher levels in the coming Spring and Summer markets.

Condos, on the other hand, have been trending downwards every year, with 2009 sales being only 41% of 2005 sales. With 10 sales in January, it looks like sales with be flat this year, but it’s far too early to tell.

The following chart compares average days on market, or how many days it took to sell a home or condo during the month of January over the past 5 years, and compared to year-to-date January:

Over the past five years, both houses and condos have taken increasingly longer to sell, reaching a 5-year high last year of 110 days and 83 days, respectively. Those times are down sharply in January, but it remains to be seen if they can be sustained or improved upon throughout the rest of the year.

Similar to the Wallingford market, it appears sales are going up and selling time is getting shorter, which bodes well for the market up until April 30th, when the home buyer tax credit expires, and hopefully beyond.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update January 2010

The Meriden housing market rose sharply in October, with single family home sales rising 42% and condo sales actually doubling from 9 to 18 units sold. Median sales price and average sales price for single family homes both fell slightly, but average days on market rose by more than 50%. The inventory levels are down by about 24% from last October.

The condo market was very similar in every respect, with even larger decreases in median and average sales prices, and a larger increase in days on market. It appears that investors are beginning to take advantage of the low interest rates and still falling sales prices. As we expected, the Home Buyer Tax Credit was passed this month and was extended to include move-up buyers as well as first timers. This bodes well for home sales through the normally quiet 4th quarter up until the credit expires at the end of April 2010. We expect to see sales continue to rise through the end of the year, especially if prices continue to fall and interest rates remain in the mid to high 4 percent range. Any improvement in unemployment rates, now at about 10.2% in Connecticut, would be an added bonus.

Here’s the comparison of the last three months:

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update October 2009

The Meriden housing market continued on a slight downward trend for September. New listings, pending sales and sold homes were again down slightly, but average days on market managed a significant drop. The condo market also saw some lower stats for the month but, just as in the single family market, average days on market was down considerably.

Some of the slowdown in the market was probably due to the approaching expiration for qualifying for the $8000 tax credit. There has been increasing talk recently about the possibility of the tax credit being extended and expanded to include move-up buyers, and this seems to have put many buyers in “wait-and-see” mode until a decision is made on the status of the tax credit. At this writing, it looks as though the credit will, indeed, be extended and expanded, but what the new criteria will be and when it will be signed into law still remains to be seen. If it is made law, we expect to see another uptick in market performance as the people on the fence get back into the house-hunting game. Also, current homeowners who have thought about selling and buying something else may also throw their hat into the ring, as they’ll now have more incentive to make a move. The normally quiet 4th quarter of the year may turn out to be quite interesting.

Here’s the comparison of the last three months:

*** = No stats due to no sales.

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update September 2009

The Meriden housing market flattened out a little in August, after a couple of months of nice gains. New listings, pending sales and sold homes were all down slightly, and average days on market rose sharply due to some older inventory closing. The lower price points are more and more seeing multiple offers, and cash buyers and investors are starting to scoop up the bargains.

The condo market mirrored the performance of single family homes, with new listings, pending sales and sold condos all lower for the month. Also, just as with single family homes, the average days on market rose quite a bit, skewed by sales of older inventory. Absorption rate for both houses and condos rose evr so slightly, but not enough to cause alarm.

The $8000 tax credit seems to have generated a good number of sales, but that looks to end soon as the credit is set to expire on November 30th, with no extension in sight. The drop dead date for getting a home under contract is rapidly approaching, and it is the feeling of some experts that mortgage lenders will be swamped with last minute business as the deadline gets closer. This could result in some buyers being shut out of getting their tax credit as their closing dates are pushed past the November 30th deadline.

Here’s the comparison of the last three months:

*** = No stats due to no sales.

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update August 2009

The Meriden housing market seemed to have come to life in July. Pending sales and closed sales were both up significantly, probably as a result of more first time home buyers taking action to receive the $8000 tax credit, which expires in about 90 days. Inventory levels and days on market were both down, and the absorption rate fell to its lowest level in many months, ending at 5 weeks worth of inventory. We’re also starting to see some multiple offer situations, a good sign that the housing market is at least trying to bounce back.

Condo sales rose more than 50% in July, again a probable result of the first time home buyer tax credit. Inventory levels fell again, ending at just 6 weeks worth of condos for sale. As with single family homes, the amount of time it’s taking for condos to sell dropped by about 33%, averaging about 67 days to sell, compared to almost 100 last month. based on these statistics, it appears as though we’re smack in the middle of a seller’s market; however, I think it will take several more months of sustaining these kinds of numbers before that can be said with any certainty. The outlook is very encouraging, though.

Here’s the comparison of the last three months:

*** = No stats due to no sales.

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update July 2009