North Haven CT Market Update for March 2012

Here’s the way the housing market is shaping up in North Haven as of March 31, 2012:

There are currently 114 single family homes for sale in North Haven:

• Low list price: $125,000
• High list price: $1,499,000
• Average list price: $369,177
• Median list price: $294,450
• Average Days on Market: 135
• Homes sold on average for 95.4% of list price

There are 43 homes currently under contract, priced between $112,000 and $795,000. Based on the number of homes sold in March (8), it would take approximately 14 months to sell the current inventory.

As for condominiums, there are currently 11 condos for sale:

• Low list price: $64,900
• High list price: $259,000
• Average list price: $159,336
• Median list price: $189,000
• Average Days on Market: 0
• Condos sold on average for 0% of list price (no sales)

There are currently 3 condos under contract, priced between $169,900 and $279,900. Based on the number of condos sold in March (0), it would take forever to sell the current inventory.

Here is a chart showing annual home and condo sales in North Haven so far in 2012: 

North Haven saw a little jump in its inventory levels in March, gaining 10 single family homes and 4 condos. Unfortunately, sales were down for the month, with 8 houses and no condos sold for the month. The total sales of 8 units was an exact match to March of 2011 and a 50% drop from March 2010 when 16 units sold. A couple of bright spots for the North Haven market are that the number of properties under contract increased by 59%, raising hopes for a rise in sales in April, and the average sales price for single family homes jumped by $12,000 for the month. Conventional mortgage rates have fallen back below 4% (at roughly 3.875%), and CHFA rates for first time home buyers have now reached a new low at an even 3 percent. These rates cannot remain at such low levels forever, but as long as they do and with home prices still languishing, buying a home is still an attractive proposition.

~North Haven Properties For Sale~

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Related articles

• North Haven CT Market Update for February 2012 (wallingfordwired.com)

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

North Haven CT Market Update for March 2012

Wallingford CT Market Update for March 2012

Here’s the way the housing market is shaping up in Wallingford as of March 31, 2012:

There are currently 200 single family homes for sale in Wallingford:

• Low list price: $49,900
• High list price: $1,500,000
• Average list price: $334,766
• Median list price: $294,700
• Average Days on Market: 132
• Homes sold on average for 93.0% of list price

There are 78 homes currently under contract, priced between $40,000 and $549,900. Based on the number of homes sold in March (14), it would take approximately 14 months to sell the current inventory.

As for condominiums, there are currently 73 condos for sale:

• Low list price: $64,900
• High list price: $559,900
• Average list price: $211,234
• Median list price: $189,900
• Average Days on Market: 51
• Condos sold on average for 94.3% of list price

There are currently 30 condos under contract, priced between $46,900 and $469,000. Based on the number of condos sold in March (5), it would take 15 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford so far in 2012: 

Like Meriden, Wallingford home and condo inventories showed slight gains in inventory levels in March, but sales didn’t show as much improvement as our neighbor to the North: single family home sales were up by only 16%, while condo sales rose by 150%, but that just meant a rise to 5 units sold from 2 the month before. The 14 total sales for the month was down by 47% from March 2011, and down a whopping 70% from 2010 when 46 total units sold. In a time when many people are forecasting a real estate recovery for the area, this isn’t exactly confidence-inspiring news, especially when Meriden is seeing far better results. The average selling price for condos was back to previous levels at just under $200K, while the average sale price for single family homes was up slightly to just over $311,000. After a short jump over the 4% mark, conventional mortgage rates fell below 4% again, while CHFA rates for first time home buyers also fell back to their previous low of 3.125 percent. While the improvement is there, Wallingford remained in an extreme buyer’s market heading into April, but consumer activity in April shows signs of life coming to the local market.

~Wallingford Properties For Sale~

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Related articles

• Wallingford CT Market Update for February 2012 (wallingfordwired.com)
• Wallingford CT Market Update for January 2012 (wallingfordwired.com)

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

Wallingford CT Market Update for March 2012

North Haven CT Market Update for February 2012

Here’s the way the housing market is shaping up in North Haven as of February 29, 2012:

There are currently 104 single family homes for sale in North Haven:

• Low list price: $142,500
• High list price: $1,499,000
• Average list price: $363,754
• Median list price: $291,411
• Average Days on Market: 95
• Homes sold on average for 93.5% of list price

There are 27 homes currently under contract, priced between $165,000 and $675,000. Based on the number of homes sold in February (10), it would take approximately 10 months to sell the current inventory.

As for condominiums, there are currently 7 condos for sale:

• Low list price: $67,900
• High list price: $279,900
• Average list price: $162,871
• Median list price: $193,500
• Average Days on Market: 14
• Condos sold on average for 97.1% of list price

There are currently 2 condos under contract, priced between $169,900 and $175,000. Based on the number of condos sold in February (1), it would take 7 months to sell the current inventory.

Here is a chart showing annual home and condo sales in North Haven so far in 2012: 

This month marks our first look at the North Haven real estate market, and going forward we’ll include it every month alongside our Wallingford and Meriden reports.

Like its neighbors to the north on Route 5, North Haven saw little movement in its inventory levels for February, gaining one unit each in single family homes and condos. Sales were exactly the same as January, with 10 houses and 1 condo sold in each month. The total sales of 11 units was a 10% improvement over February of 2011 when 10 units sold. March 2011 was even worse as only 8 units sold, which doesn’t bode well for March 2012 numbers, especially if you look at the numbers for Wallingford and Meriden to begin the year. The sales in these communities almost always outpace those in North Haven, and they were both down considerably in February. With the market relatively stable here, it’s a safe bet that the results for March won’t be enough to nudge the market out of the normal buyer’s market it’s been in for the past two months. Conventional mortgage rates are now back above 4% and rising, but CHFA rates for first time home buyers remained at 3.25 percent. It should only be a matter of time before those rates also begin to rise, making buying a home less attractive than it already is.

~North Haven Properties For Sale~

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Related articles

• Wallingford CT Market Update for February 2012 (wallingfordwired.com)
• Meriden CT Market Update for February 2012 (wallingfordwired.com)

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

North Haven CT Market Update for February 2012

Wallingford CT Market Update for February 2012

Here’s the way the housing market is shaping up in Wallingford as of Febuary 29, 2012:

There are currently 187 single family homes for sale in Wallingford:

• Low list price: $32,900
• High list price: $850,000
• Average list price: $317,572
• Median list price: $287,500
• Average Days on Market: 85
• Homes sold on average for 97.0% of list price

There are 56 homes currently under contract, priced between $85,000 and $533,000. Based on the number of homes sold in February (12), it would take approximately 16 months to sell the current inventory.

As for condominiums, there are currently 72 condos for sale:

• Low list price: $46,900
• High list price: $559,900
• Average list price: $206,814
• Median list price: $177,450
• Average Days on Market: 69
• Condos sold on average for 84.4% of list price

There are currently 18 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in February (2), it would take 36 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford so far in 2012: 

Wallingford home and condo inventories showed little movement in February, but sales in both categories took a nosedive: single family home sales were down 40% and condo sales fell by 67% to just 2 units sold. The average selling price for condos also fell significantly, to $174,448 because the 2 units that sold only brought 84.7% of list price. The average sale price for single family homes was the one bright spot, rising about 5% for the month to almost $308,000. As bad as total sales were in February of 2011 they were worse this February, down by 43% from last year, and March’s numbers will only be marginally better. Conventional mortgage rates were still below 4% and CHFA rates for first time home buyers remained at 3.25 percent, but they were not enough to entice buyers to come off the fence. It should be no surprise that, with such depressing numbers, the Wallingford market was in an extreme buyer’s market heading into March.

~Wallingford Properties For Sale~

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Related articles

• Wallingford CT Market Update for January 2012 (wallingfordwired.com)
• Wallingford CT Market Update for December 2011 (wallingfordwired.com)
• Wallingford CT Market Update for November 2011 (wallingfordwired.com)

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

Wallingford CT Market Update for February 2012

Meriden CT Market Update for February 2012

Here’s the way the housing market is shaping up in Meriden as of February 29, 2012:

There are currently 211 single family homes for sale in Meriden:

• Low list price: $46,350
• High list price: $575,900
• Average list price: $195,035
• Median list price: $179,900
• Average Days on Market: 77
• Homes sold on average for 91.8% of list price

There are 93 homes currently under contract, priced between $15,000 and $314,900. Based on the number of homes sold in February (20), it would take approximately 11 months to sell the current inventory.

As for condominiums, there are currently 86 condos for sale:

• Low list price: $43,000
• High list price: $274,900
• Average list price: $126,622
• Median list price: $129,900
• Average Days on Market: 42
• Condos sold on average for 96.5% of list price

There are currently 16 condos under contract, priced between $45,900 and $269,900. Based on the number of condos sold in February (4), it would take approximately 22 months to sell the current inventory.

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

While the number of condos for sale in Meriden stayed relatively unchanged in February, the inventory of single family homes dropped almost 8%, from 228 to 211. The average sale price for both condos and single family homes was up from the prior month; single families rose slightly to $179,062 while condos climbed sharply to $122,127. Interest rates for conventional loans remain below jumped above the 4% range for the first time since last October, and CHFA rates (for first time home buyers) remained at 3.250 percent.  Meriden single family home sales fell to 20 units from 25 in January, and this was down 13% from February of 2011 as well. Condo sales were up, however, rising to 4 units sold from 3 the previous month but down from 5 in February of 2011. Meriden remained in a normal buyer’s market, with just under 12 months of home inventory. Total sales in Meriden were down 14% for the month, confirming last month’s prediction of less than stellar sales numbers; however, sales activity in March has been a little more lively than the first two months of the year and we’re confident that the month will end on a high note. The unusually warm weather has brought out potential buyers in large numbers, and we feel this is a sign of good things to come in the coming months.

Meriden Properties For Sale

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Related articles

• Meriden CT Market Update for January 2012 (wallingfordwired.com)
• Meriden Market Update for December 2011 (wallingfordwired.com)
• Meriden Market Update for November 2011 (wallingfordwired.com)

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

Meriden CT Market Update for February 2012

Wallingford CT Market Update for January 2012

Here’s the way the housing market is shaping up in Wallingford as of January 31, 2012:

There are currently 188 single family homes for sale in Wallingford:

• Low list price: $25,900
• High list price: $850,000
• Average list price: $313,363
• Median list price: $279,945
• Average Days on Market: 112
• Homes sold on average for 94.6% of list price

There are 49 homes currently under contract, priced between $85,000 and $495,000. Based on the number of homes sold in January (20), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 74 condos for sale:

• Low list price: $46,900
• High list price: $559,900
• Average list price: $213,125
• Median list price: $189,900
• Average Days on Market: 118
• Condos sold on average for 95.7% of list price

There are currently 11 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in January (6), it would take 12 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford so far in 2011: 

Wallingford home and condo inventories were fairly stable in the first month of 2011, as single family homes gained two units to 188 units (compared to 144 in January ’11) and condos doing a little better, adding 7 units to end at 74 units for the month. The average selling price actually improved over December though, as condos gained 3% to $203,897, while single family homes rose 7% to $296,410. Total sales decreased by 26% from December, but was up by a hefty 44% over January 2011. This decrease in sales and inventory resulted in the Wallingford housing market losing its balanced market status, and is now in a normal buyer’s market. Conventional mortgage rates were still below 4% and CHFA rates for first time home buyers continued its impressive run at 3.25 percent. We predicted last month that the market would fall back to between 25-30 sales for the month, and we were right on at 26 sales. However, just as in Meriden, we believe the holiday doldrums will have a harsh effect on February sales and sales will struggle to get to the 25-30 range. We do hope we’re proven wrong!

~Wallingford Properties For Sale~

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Related articles

• Wallingford CT Market Update for December 2011 (wallingfordwired.com)
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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford CT Market Update for January 2012

Meriden CT Market Update for January 2012

Here’s the way the housing market is shaping up in Meriden as of January 31, 2012:

There are currently 228 single family homes for sale in Meriden:

• Low list price: $46,350
• High list price: $575,900
• Average list price: $189,623
• Median list price: $169,900
• Average Days on Market: 104
• Homes sold on average for 93.7% of list price

There are 66 homes currently under contract, priced between $15,000 and $329,000. Based on the number of homes sold in January (25), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 87 condos for sale:

• Low list price: $43,000
• High list price: $274,900
• Average list price: $123,980
• Median list price: $119,900
• Average Days on Market: 80
• Condos sold on average for 90.9% of list price

There are currently 17 condos under contract, priced between $30,000 and $266,900. Based on the number of condos sold in January (3), it would take approximately 29 months to sell the current inventory.

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

There was little change in the Meriden home inventory in January, as single family homes gained 2 units to 228 (compared to 238 in January of 2011), while condos fell 5 units to 87 available properties, just one off the 88 units available a year ago. The average sale price for both condos and single family homes fell to their lowest levels since last Fall, $177,639 for homes and $112,735 for condos. Interest rates for conventional loans remain below the 4% range and CHFA rates (for first time home buyers) are still at 3.250%.  Meriden single family home sales fell to 25 units from 31 in December, but was up 56% over January of 2011. Condo sales took a beating, however, falling to just 3 units sold from 8 the previous month but up from 4 in January of 2011. While there was minimal change in the inventory or in units sold,it was enough to push Meriden’s market into a normal buyer’s market, with about 10 months of home inventory. We had hoped for an increase in sales activity in January instead of a 30% drop from last month, but it is 25% better than last January so we’ll take that and be happy!  At this point, we’re not holding out for a good February since whatever closes this month will be what went under contract in December during the peak of the holiday season.

Meriden Properties For Sale

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Related articles

• Meriden Market Update for December 2011 (wallingfordwired.com)
• Meriden Market Update for November 2011 (wallingfordwired.com)
• Meriden CT Market Update for October 2011 (wallingfordwired.com)

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

Meriden CT Market Update for January 2012

Well, the 2011 real estate market is in the books now, and what a ride it was! State-wide, there was a slight upward trend in monthly sales as evidenced by the trend line in the chart below:

Total sales of single family homes and condos for the year totaled 20,483 units, down 9.3%  from 22,573 in 2010. In addition, average days on market saw a distinct upward trend throughout the year, while selling prices continued a slow decline. Here are some other pertinent points of interest:

• The median price of existing single-family homes decreased to $198,500, down -5.4% vs November 2011.
• Existing single-family home sales increased 5.9% from November 2011 for a December 2011 total of 1,290 sold units.
• Condos decreased in price to $137,750 down -7.6% vs November 2011.
• Existing condo sales decreased -1.0% in December 2011 over November 2011 for a total of 286 sold units.

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

Wallingford and Meriden CT 2011 Market Report Wrap-up

How’s the Market? Wallingford and Meriden CT December 2011

The activity in the Wallingford and Meriden market was uncharacteristically high in December. Usually buyers and sellers take this time to pull back a bit and enjoy family and friends and get ready for Christmas. Some sellers even withdraw their homes from the market, thinking that no one would be out looking for a house at this time of year. But this year, not many sellers took their home off the market and that was a good thing, as the buyers were back out right after the holiday with a vengeance, continuing their home search and taking advantage of interest rates right out of the Twilight Zone.

Wallingford

The number of available homes in Wallingford remained almost exactly at November’s levels, losing only 3 units overall. Sales of Wallingford single family homes were up by 17% in December, but the condo market stayed even with November sales. The bad news was that the average selling price for condos fell by over $14,000 last month, while single family homes were selling for about $23,000 less than the prior month. This would seem to be at odds with the numbers that say Wallingford is in a balanced market, where depreciation of homes is usually relatively flat. Sales stats indicated that several homes sold for considerably less than list price, and overall homes sold at only 91.5% of list price, an unusually low figure. Interest rates remain at historically low rates, at or below 4% for conventional loans, while rates for first time home buyers hit a yearly low at 3.250 percent. Rental properties remained in high demand, especially for those who accept Section 8 funds. We do not anticipate that the market will keep up this fast pace and sales for January will most likely fall back to between 25-30 units.

Meriden

The number of available homes for sale in Meriden dropped by 5% in December, falling to 318 units. Like Wallingford, sales rose slightly in December, up 15% to 39 units sold.  Unlike Wallingford however, the average sale prices jumped for both single family homes and condos: houses were up about 4%, while condos rose around 3 percent. Coupled with the reduced inventory, this was enough to place Meriden firmly in a balanced market for the month, the first time all year that both markets held that status at the same time. And like Wallingford, rentals are also becoming more sought after in Meriden as cost-conscious consumers look for alternatives to buying until the economy improves. Those buyers who are in a position to buy have been out in force since right after Christmas, and they are still in great shape to take advantage of low interest rates. The CHFA rate for first time buyers is now at an all-time low 3.25% and shows no sign of rising any time soon, despite speculation in some quarters that they will start to rise after the first of the year. Even with all this good news, it appears that january sales will not be able to match December’s sales, and will probably end up around 20-25 units sold.

 Summary

Inventory in both Wallingford and Meriden continued to drop in December, while sales in both towns rose. Total sales for both communities in December were 75 units, a 15% increase over November, and a 14% increase over December 2010. Overall, both single family homes and condos are selling for slightly less than in November but selling quicker. Wallingford’s market remained a balanced one, with just under 7 months of available inventory, and Meriden’s market also improved to a balanced market with just over 8 months of inventory, the first time in 2011 that both markets have been in the same status. If you’re selling a home in Wallingford, properties priced at $180,000 or less or between $250,000 and $300,000 are now selling the best, while everything else is moving slowly. In Meriden it’s the homes priced in the $120,000 and under range that are selling the fastest, anything priced higher is taking 4 months or more to sell. It looks like sales in both towns will fall back slightly in January, but we’re hopeful that interest rates will stay at current levels for a while and buyer activity will remain high heading into the Spring market.

For more information on the Wallingford and Meriden housing markets, call Harriman Real Estate today at (203) 672-4499, email us at info@harrimanre.com, or visit our web site at www.harrimanre.com!

Related articles

• How’s the Market? Wallingford and Meriden CT November 2011 (wallingfordwired.com)
• How’s the Market? Wallingford and Meriden CT October 2011 (wallingfordwired.com)

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

How’s the Market? Wallingford and Meriden CT December 2011

Wallingford CT Market Update for December 2011

Here’s the way the housing market is shaping up in Wallingford as of December 31, 2011:

There are currently 186 single family homes for sale in Wallingford:

• Low list price: $29,900
• High list price: $850,000
• Average list price: $298,800
• Median list price: $269,450
• Average Days on Market: 106
• Homes sold on average for 92.9% of list price

There are 40 homes currently under contract, priced between $109,900 and $599,900. Based on the number of homes sold in December (27), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 67 condos for sale:

• Low list price: $46,900
• High list price: $559,900
• Average list price: $219,761
• Median list price: $192,000
• Average Days on Market: 165
• Condos sold on average for 90.2% of list price

There are currently 11 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in December (8), it would take 8 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford so far in 2011: 

Wallingford home and condo inventories went in opposite directions in December, as single family homes fell by 5% to 186 units (down a third consecutive month) and condos rose by 12% to 67 units, roughly were it was in October. The average selling price in both categories plummeted, as condos dropped 7% to their lowest level of the year at $198,115, while single family homes fell 8% to $277,585. Total sales increased by 13% over November, and by 46% over October, a nice gain during what is usually a slow time of the year. This increase in sales, coupled with decreased inventory and faster selling times resulted in the Wallingford housing market staying firmly in a balanced market. Conventional mortgage rates were still hovering at or below 4% and CHFA rates for first time home buyers fell to another yearly low of 3.250 percent. At the end of November we projected December sales to be in the 30-35 unit range, and we were right on at 35 units sold. The Wallingford market remains very active in January, but we’re skeptical that the market will maintain the current rate of sales, so we think there will be a fallback to between 25-30 sales for the month.

~Wallingford Properties For Sale~

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Related articles

• Wallingford CT Market Update for November 2011 (wallingfordwired.com)
• Wallingford CT Market Update for October 2011 (wallingfordwired.com)
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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford CT Market Update for December 2011