Meriden Market Update for February 2011

Here’s the way the housing market is shaping up in Meriden as of February 28, 2011:

There are currently 226 single family homes for sale in Meriden:

• Low list price: $45,000
• High list price: $499,900
• Average list price: $190,314
• Median list price: $175,300
• Average Days on Market: 113
• Homes sold on average for 93.5% of list price

There are 64 homes currently under contract, priced between $29,900 and $349,900. Based on the number of homes sold in February (22), it would take approximately 10 months to sell the current inventory.

As for condominiums, there are currently 95 condos for sale:

• Low list price: $37,000
• High list price: $399,900
• Average list price: $135,670
• Median list price: $139,900
• Average Days on Market: 69
• Condos sold on average for 91.8% of list price

There are currently 17 condos under contract, priced between $34,000 and $220,000. Based on the number of condos sold in February (5), it would take approximately 19 months to sell the current inventory.

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

Sales of both single family homes and condos rose in February, by 38% and 20% respectively. Single family home sales are also up by 16% over February of 2010, but condo sales are down by 38% for the same period. we anticipate that March’s numbers will be substantially higher, given the increase in buyer activity, the arrival of the Spring market and the improvement in the economy. The number of available homes on the market is also decreasing, down 12% and 17% for house and condos respectively from February of last year. Lastly, average list and sale prices are also down from last February’s figures, indicating that prices still may not have hit bottom.

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:

Average days on market rose by almost exactly the same percentage for both categories this month. Home prices continue to fall, interest rates fluctuate but are still at very low levels, inventory levels are declining and buyer activity is increasing as the Spring market gets into full swing. We still feel that home sales will see a significant bump over the next several months as the local housing market slides into recovery mode.

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

Related articles

• Meriden Market Update for January 2011 (wallingfordwired.com)
• Meriden Market Update for December 2010 (wallingfordwired.com)

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

Meriden Market Update For February 2011

Meriden Market Update for August 2010

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

There are currently 254 single family homes for sale in Meriden (down slightly from last month):

• Low list price: $29,900
• High list price: $699,000
• Average list price: $204,909
• Median list price: $189,900
• Average Days on Market: 98 (up 40% from last month)
• Homes sold on average for 95.4% of list price (down slightly from last month)

There are 79 homes currently under contract, priced between $74,900 and $389,900. Based on the number of homes sold in August (24), it would take approximately 11 months to sell the current inventory.

As for condominiums, there are currently 103 condos for sale (down slightly from last month):

• Low list price: $34,900
• High list price: $399,900
• Average list price: $139,223
• Median list price: $144,900
• Average Days on Market: 155 (up 573% from last month)
• Condos sold on average for 88.5% of list price (down 9% from last month)

There are currently 23 condos under contract, priced between $39,000 and $226,000. Based on the number of condos sold in August (4), it would take 26 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 and condo sales were fairly stable in August, with condos unchanged and single family homes down only 2. Interest rates and home prices are still at their lowest levels in years, and should remain there for some time to come, although home prices are showing some signs of rising, but it’s barely noticeable. Unemployment is still keeping many would-be buyers on the sidelines; in addition, buyers who are attracted to short sales are being strung along in the process, sometimes for months, before the sale is approved. Plus, many short sales are being declined or the buyers are backing out of deals that have become less attractive due to cumbersome requirements from the banks. Hopefully some newly proposed legislation requiring banks to respond to short sale offers within 45 days will be passed and result in more deals being completed.

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:

ADOM for condos skyrocketed for August, due mainly to some condos that sold that had been on the market for longer than usual and ended up selling at below-normal prices. Single family homes were also selling slower, but the rise was not as dramatic as for condos. In August of 2009, ADOM for single family homes was 96 days and for condos it was 147 days, so things have not changed much, but sales for that month was 44 homes and 12 condos, so the numbers for last month are rather disappointing. We’ll look to September for some improvement before we head into what is usually a slow sales period.

For more information on the Meriden housing market, please call us at (203) 672-4499 today!

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 August 2010

Wallingford Market Update for August 2010

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

There are currently 205 single family homes for sale in Wallingford (up slightly from last month):

• Low list price: $40,000
• High list price: $895,000
• Average list price: $319,665
• Median list price: $289,000
• Average Days on Market: 83 (down 25% from last month)
• Homes sold on average for 98.1% of list price (up 2% from last month)

There are 49 homes currently under contract, priced between $61,900 and $999,900. Based on the number of homes sold in August (29), it would take approximately 7 months to sell the current inventory, down 42% from July.

As for condominiums, there are currently 103 condos for sale (down slightly from last month):

• Low list price: $55,000
• High list price: $574,900
• Average list price: $222,289
• Median list price: $209,900
• Average Days on Market: 61 (up slightly from last month)
• Condos sold on average for 94.4% of list price (down slightly from last month)

There is currently 1 condo under contract, priced at $169,000, unchanged from July. Based on the number of condos sold in July (13), it would take 8 months to sell the current inventory, a decrease of 70% from July.

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

Sales of both single family homes and condos rose dramatically in August, by 81% and 225% respectively. Interest rates remain at low levels; in fact, CHFA rates for first time home buyers are at their lowest levels ever at 3.875%, and there are 3 great programs for policemen, teachers and soldiers that have even lower rates. Home and condo prices are still low, but some say interest rates may be on their way up, so it will be interesting to see if September sales figures are similar.

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:

Average days on market for single family homes dropped considerably in August, and condo ADOM was relatively unchanged. So far for the year, both categories are averaging ADOM in the mid-70 day range.

For more market info or to inquire about our services, please call us at (203) 672-4499!

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

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• Wallingford Market Update July 2010 (wallingfordwired.com)
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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update August 2010

Meriden Market Update for June 2010

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

There are currently 269 single family homes for sale in Meriden (virtually unchanged from last month):

• Low list price: $39,900
• High list price: $699,000
• Average list price: $208,618
• Median list price: $199,900
• Average Days on Market: 45 (down 37% from last month)
• Homes sold on average for 96.4% of list price (up slightly from last month)

There are 74 homes currently under contract, priced between $48,600 and $349,900. Based on the number of homes sold in June (50), it would take approximately 5 months to sell the current inventory.

As for condominiums, there are currently 106 condos for sale (down slightly from last month):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $140,066
• Median list price: $146,950
• Average Days on Market: 78 (up 66% from last month)
• Condos sold on average for 94.0% of list price (up 1.4% from last month)

There are currently 16 condos under contract, priced between $39,000 and $220,000. Based on the number of condos sold in June (16), 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:

Meriden single family home sales hit their highest levels of 2010 with 50 units sold, while condo sales  rebounded from 2 consecutive months of declines. Average selling prices of condos rose, but it fell for single family homes. Mortgage rates have hit their lowest levels in about 40 years, so it will be interesting to see if that helps keep sales at current levels in the coming months. Inventory levels are relatively stable, but still seem to be on a upward trend for the year. More homes for buyers to choose from leads to more deliberate decision making, and slower sales growth.

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:

Last month’s ADOM, which was the lowest of the year for single family homes, didn’t last long as it shot up 66% to 78 days. Condos, however, went in the opposite direction, down 37% to the year’s lowest level since January.  Both categories seem to be on an alternate month, see-saw trend. If it holds, next month should see homes ADOM come down and condos ADOM go up. Hopefully, we’ll see the trend end and both will start trending down, but that may be too much to ask for with foreclosures and short sales increasing.

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 June 2010

The Meriden housing market seems to stuck in a funk over the past 3 months. For single family homes, total inventory has gone down by 21% while sales have remained relatively flat. We’re hearing that much of the inventory that has come off the market are either overpriced or need work to make them appealing to would-be buyers. It also appears that the homes that are selling are selling for less but also somewhat quicker than last month. At current inventory levels, it would take almost a year to sell all the available houses. As with the Wallingford market, we think the approaching Spring market will help business substantially.

Condo sales again are mired at zero. Only one condo has sold in Meriden in the past 90 days, which is mystifying. The Meriden condo market has always been robust due to good prices and lower tax rates since the last assessment, but now it seems to be almost impossible to sell one. That’s a bad sign, since there are about 200 homes in Meriden right now (according to RealtyTrac.com) that are in either pre-foreclosure or already bank-owned. Of course, they’re not all condos, but a nice house available at condo prices is pretty stiff competition. Again, with the passage of the $8000 tax credit and loan rates still in the low 5′s, we’re confident that Meriden will be back to it’s old self fairly soon.

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 February 2009

The Meriden housing market didn’t show much of a change in January. Inventory remained at December levels while homes sold decreased slightly. However, pending sales doubled which should give a boost to February numbers. Absorption rates increased by 25%, and average days on market also showed a slight increase.

Condominium sales remain lethargic; only one condo sold in January (we were lucky enough to be the agents that sold it!), and inventory levels remained exactly the same. With so few condos selling, any meaningful analysis of their trend is probably problematic at best. Since we posted the Wallingford update yesterday, we’ve learned that the $15,000 tax credit for homebuyers has been axed and will be replaced by an $8,000 credit only for first time homebuyers, similar to the current $7,500 credit, but buyers will have only until August to use it. We’ll have more info on it as it becomes available.

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 January 2009