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!

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

Wallingford CT Market Update for December 2011

Meriden CT Market Update for December 2011

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

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

• Low list price: $18,000
• High list price: $575,900
• Average list price: $187,713
• Median list price: $169,900
• Average Days on Market: 73
• Homes sold on average for 95.1% of list price

There are 71 homes currently under contract, priced between $20,000 and $349,900. Based on the number of homes sold in December (31), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 92 condos for sale:

• Low list price: $38,000
• High list price: $289,900
• Average list price: $125,610
• Median list price: $124,950
• Average Days on Market: 84
• Condos sold on average for 96.4% of list price

There are currently 18 condos under contract, priced between $30,000 and $269,900. Based on the number of condos sold in December (8), it would take approximately 12 months to sell the current inventory.

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

Meriden home inventory were mixed again in December, with single family homes falling more than 5% to 226, while condos remained exactly at November’s level of 92 available properties. The average sale price for condos continued the strong showing it had in November, ending up 3% at $121,101, its highest level since August, while single family homes rose 4% to their highest level since September, $178,590. Interest rates for conventional loans continue to hover at or below the 4% range and CHFA rates (for first time home buyers) fell to another yearly low at 3.250%.  Meriden single family home sales rebounded from November’s level of 25 units to 31 units sold, while condo sales fell just one to 8 units sold. With the drop in inventory and rise in units sold, Meriden’s market ended 2011 in a balanced market, with about 8 months of home inventory. This bodes well for the 2012 Spring market as housing activity picked up steam immediately after Christmas and by all accounts is now going full speed ahead.    At the end of November we projected less than 29 total sales for December, but actual total sales were 39, up 13% from last December and a surprising lead-in to the new year.

Meriden Properties For Sale

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

Meriden Market Update for December 2011

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

The Wallingford and Meriden saw some changes in November, as Wallingford saw increased sales while Meriden sales were down, but sale prices were mixed and inventory was down across the board.

Wallingford

The number of available homes in Wallingford decreased by 10% in November to 252, the lowest number since last February. Wallingford single family homes sold faster in November than at any time during the year, averaging just 67 days to sell, but the condo market was languishing, with the typical condo taking just under 6 months to sell. The good news is this is the second consecutive month of improvement in that area. Conversely, the average selling price for condos jumped by over $5,500 last month, while single family homes were selling for about $2,000 less than the prior month. Interest rates remain at historically low rates, at or below 4% for conventional loans and an amazing 3.375% for first time home buyer. One thing we’ve noticed is that rental properties are becoming much more in demand, and we’re getting just as many inquiries about our rentals as we are our homes for sale. Some homeowners who are having difficulty selling are now turning to renting their homes for added income, and for buyers who are unable to afford a big down payment or have less than stellar credit, this is suiting them just fine.  We expect this trend to continue, and sales should level off in December before getting its second wind after the New Year.

Meriden

The number of available homes for sale in Meriden also dropped in November, but not as much as Wallingford, falling about 4.5% to 322 units and keeping Meriden firmly in a buyer’s market. Sales were down only slightly, which is encouraging in a winter market, and we are confident that these numbers won’t change significantly going into 2012.  Just as in Wallingford, average sale prices fell for single family homes and rose for condos; however, while condos were selling a little faster than they did in October, single family homes took a little longer to sell. 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.

 Summary

Wallingford and Meriden both saw a drop in inventory, but sales in Wallingford increased while Meriden sales fell in November. Total sales for both communities in November were 65 units, an 18% drop from November 2010. Overall, single family homes are selling for slightly less than in October but selling quicker, while condos are selling for significantly more but selling at a much slower rate. Wallingford’s market improved to a balanced one, with just over 8 months of available inventory, while Meriden’s market declined ever so slightly but stayed firmly in a normal buyer’s market with about 9.5 months of inventory. If you’re selling a home in Wallingford, properties priced between $200,000 and $300,000 are selling the best, while anything priced over $300,000 are moving very slowly. In Meriden it’s the homes priced in the $100,000 and under range that are selling the fastest, anything priced higher is taking up to a year or more to sell. We’re hoping December ends on a high note for sales and that that momentum can carry over into January and beyond.

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!

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

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

Wallingford CT Market Update for November 2011

Here’s the way the housing market is shaping up in Wallingford as of November 30, 2011:

There are currently 196 single family homes for sale in Wallingford:

• Low list price: $29,900
• High list price: $1,300,000
• Average list price: $317,135
• Median list price: $279,900
• Average Days on Market: 67
• Homes sold on average for 95.2% of list price

There are 51 homes currently under contract, priced between $64,900 and $599,900. Based on the number of homes sold in November (23), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 60 condos for sale:

• Low list price: $64,900
• High list price: $599,900
• Average list price: $217,151
• Median list price: $192,950
• Average Days on Market: 179
• Condos sold on average for 98.1% of list price

There are currently 10 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in November (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 both fell in October; single family homes decreased by 8% to 196 units, and condos fell by 12% to 60 units. The average selling price in both categories remained mixed as condos dropped to their lowest level of the year at $217,151, while single family homes saw a modest increase to $3167,135. Days on market continued to improve as houses took 67 days to sell while condos fell to 179 days on market. Single family home sales rose 15% to 23 units sold, while condo sales doubled to 8 units. Total sales increased by 29% over October, and by 7% over November 2010. This increase in sales, coupled with decreased inventory and faster selling times resulted in the Wallingford housing market going to a balanced market for the first time since July. Conventional mortgage rates were still hovering at or below 4% and CHFA rates for first time home buyers fell to a yearly low of 3.375 percent. Projected sales for December are in the 30-35 unit range, which will be slightly lower than December 2010, but still at a good level heading into 2012.

~Wallingford Properties For Sale~

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

Wallingford CT Market Update for November 2011

Meriden CT Market Update for November 2011

Here’s the way the housing market is shaping up in Meriden as of November 30, 2011:

There are currently 239 single family homes for sale in Meriden:

• Low list price: $18,000
• High list price: $575,900
• Average list price: $185,357
• Median list price: $169,900
• Average Days on Market: 70
• Homes sold on average for 92.5% of list price

There are 69 homes currently under contract, priced between $19,900 and $349,900. Based on the number of homes sold in November (25), it would take approximately 10 months to sell the current inventory.

As for condominiums, there are currently 92 condos for sale:

• Low list price: $38,000
• High list price: $289,900
• Average list price: $124,166
• Median list price: $122,988
• Average Days on Market: 84
• Condos sold on average for 94.7% of list price

There are currently 20 condos under contract, priced between $37,000 and $269,900. Based on the number of condos sold in November (9), 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 year-to-date:

Meriden home inventory were mixed in November: single family homes  fell 4% to 239, while condos regained the 2 lost in October to finish at 92 available properties. The average sale price for condos rebounded a little in November, ending up 7% at $117,598, while single family homes fell again to $171,437. Interest rates for conventional loans continue to hover at or below the 4% range and CHFA rates (for first time home buyers) fell to a yearly low at 3.375%.  Meriden single family home sales fell slightly from 29 to 25 units, while condo sales rose from 7 to 9 units sold. Year to date, Meriden’s market is is still in a normal buyer’s market, with about 9.5 months of home inventory. At the end of October we projected 26 total sales for November, but actual total sales were 34, down 15% from last November. Due to the holidays, we feel confident that total sales in December will be below the 29 units sold last December.

Meriden Properties For Sale

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

Meriden Market Update for November 2011

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

The Wallingford and Meriden housing markets took different paths in October, as Wallingford saw decreased sales but mixed sale prices, while Meriden sales were up, but homes were selling for less.

Wallingford

Eighty-eight percent of Wallingford home sales in October were still in the $100K – $300K range, as sales of over $400K homes seem to have gone into winter hibernation . And the bulk of the inventory is still found in that price range, with 63% of available homes found there, compared to 56% in both August and September. Sales of Wallingford single family homes returned to their summertime level of days on market in October, averaging 70 days to sell, and the condo market also improved somewhat, taking just over 6 months to sell a unit rather than the 8 months of September. The average selling prices saw some mixed  results, with condos falling another 4% while single family homes remained nearly unchanged from the prior month. With low utility and tax rates, Wallingford remains a very popular destination for home buyers. Interest rates remain at amazingly low rates, at or below 4% for conventional loans and 3.5% for first time home buyers, and this will hopefully help keep sales stable as 2011 comes to a close. So far, sales for November are down but the bulk of October sales closed in the second half of the month and we’re hoping the same will hold true this month.

Meriden

Sales of properties under $100,000 (almost all of them condos) jumped by 166% in October as several foreclosed properties changed hands and brought this price range into a normal seller’s market.  Sales of homes between $100,000 and $200,000 dropped slightly, as did the number of those homes in the inventory, but not enough to stop it from edging into an extreme seller’s market.  Meriden home sales as a whole improved a bit, but due to those bank-owned condos selling at very low prices, the average selling price dropped to its lowest level of the year.  We projected October’s total sales to be slightly off from September’s numbers, and we were correct as only 30 total properties sold. November sales for the first half of the month are at 15 units sold, which looks like total sales will be about the same as October, but the bulk of October’s sales closed in the latter part of the month so we’re hoping that means we’ll see another month of increased sales going into the holidays.

Summary

While the Wallingford and Meriden markets both ended October in a normal buyer’s market, they took slightly different routes getting there: Wallingford saw a drop in inventory and also in sales, but the average selling price for single family homes was relatively unchanged while condos dropped by about 4%; Meriden saw increases in inventory and sales and healthy drops in average selling price in both categories. The months of inventory also went in opposite directions as Wallingford now has almost 11 months worth of available properties (up from September’s 9.34 months worth), and Meriden saw a drop in inventory from September’s 11.83 to 9.36, down 21% from the prior month. Sales in October of last year in both towns totaled 54 units, 13% less than October of this year, while November sales last year totaled 79 units, a 46% jump over the prior month. We think a similar increase is unlikely this year, but we are hopeful that an increase will happen and 2011 will close on a high note.

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!

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

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

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

Wallingford CT Market Update for October 2011

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

There are currently 212 single family homes for sale in Wallingford:

• Low list price: $29,900
• High list price: $1,300,000
• Average list price: $316,668
• Median list price: $279,900
• Average Days on Market: 70
• Homes sold on average for 95.9% of list price

There are 58 homes currently under contract, priced between $95,000 and $599,900. Based on the number of homes sold in October (20), it would take approximately 11 months to sell the current inventory.

As for condominiums, there are currently 68 condos for sale:

• Low list price: $54,500
• High list price: $565,900
• Average list price: $222,441
• Median list price: $199,900
• Average Days on Market: 186
• Condos sold on average for 93.2% of list price

There are currently 15 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in October (4), it would take 17 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 sales went in different directions in October; single family home sales increased by one unit, but condo sales plunged by 64% to only 4 units sold. The average selling price in both categories were also mixed as condos lost all their gains from the prior month, and then some, finishing down by more than $9,000.  Single family homes, however, saw only a small $240 drop in price from September. Days on market reverted to the downward trend we had been seeing, as houses took 70 days to sell while condos fell to 186 days from their high for the year of 253 days. The less than stellar sales results saw the Wallingford housing market remain in a normal buyer’s market almost 11 months of available properties. Conventional mortgage rates were still hovering at or below 4% and CHFA rates for first time home buyers were steady at 3.5 percent. Early projections for November indicate a slight increase in sales, which would be good news heading into the holidays.

~Wallingford Properties For Sale~

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

Wallingford CT Market Update for October 2011

Meriden CT Market Update for October 2011

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

There are currently 248 single family homes for sale in Meriden:

• Low list price: $20,000
• High list price: $575,900
• Average list price: $188,420
• Median list price: $170,450
• Average Days on Market: 73
• Homes sold on average for 91.5% of list price

There are 74 homes currently under contract, priced between $19,900 and $360,000. Based on the number of homes sold in October (26), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 90 condos for sale:

• Low list price: $38,000
• High list price: $269,000
• Average list price: $124,998
• Median list price: $124,700
• Average Days on Market: 53
• Condos sold on average for 88.0% of list price

There are currently 19 condos under contract, priced between $32,000 and $264,900. Based on the number of condos sold in October (7), it would take approximately 13 months to sell the current inventory.

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

Meriden home inventory saw drops across the board in October, as single family homes remained fell 6% to 248, and condos lost 2 to finish at 90 available properties. The average sale price for condos established a new low for the year, ending at $109,998 (due to sales of 5 sub-$100K units), while single family homes fell another $4,000 to $172,367. Interest rates for conventional loans continue to hover at or below the 4% range and CHFA rates (for first time home buyers) also remained steady at 3.5%. As expected, Meriden home sales saw some slight improvement in October: single family home sales rose from 26 to 29 units, and condo sales almost doubled for the month from 4 to 7 units sold. Meriden’s market is is still in a normal buyer’s market, but did improve slightly to 11.20 months of home inventory, down from 11.83 months of inventory in September. Projections for November are not looking good overall; with only 13 properties sold so far, the total sales for the month would be 26 units, far below last November’s 50 units.

Meriden Properties For Sale

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

Meriden CT Market Update for October 2011

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

The Wallingford and Meriden housing markets both came into the back-to-school market off strong summer stats, but heading into the Fall selling season things are taking a downward turn.

Wallingford

Wallingford’s sweet spot for sales is still in the $100K – $300K range, with 50% of the sales in September happening there, down from 58% in August. The bulk of the inventory is also still found in that price range however, with 56% of available homes found there in both August and September. Sales of properties priced above $400,000 are beginning to taper off now, while inventory has increased by 11% in that sector. Sales of Wallingford single family homes slowed significantly in September, averaging 110 days to sell, and the condo market slowed to a crawl, taking over 8 months to sell a unit. The good news for buyers is that average selling prices are still at their lowest levels of the year in both categories. With low utility and tax rates, Wallingford remains a very popular destination for home buyers. Interest rates remain at amazingly low rates, at or below 4% for conventional loans and 3.5% for first time home buyers, and this will hopefully help spur sales in the last 3 months of 2011. September sales started slow, with only 9 properties closed in Wallingford through the first half of the month, but the second half saw 23 properties close. With a strong end of the month and signs of increased buyer activity at the start of October, we’re hopeful that Wallingford can close out the year in good shape.

Meriden

The Meriden market has also shown some improvement since the first of the year, but unlike Wallingford, Meriden’s best selling properties are priced at $200,000 or less, and especially at or below $100,000. Fully 84% of all the sales in Meriden occurred in this price range in August, which puts in squarely in a balanced market. Homes above $200,000 only make up 28% of Meriden’s inventory, and only 16% of the sales, so a sale in this price range will still require some patience. Meriden’s condo market took a rather hard hit in September, with only 4 units sold, plus the average sales price is now at its lowest point of the year at just under $121,000. There are also quite a few condo complexes that have not yet renewed their FHA financing approval, and this is having a negative effect on the market as well. We projected 16 total sales for September in Meriden and we are happy to say we were off by a wide margin as 37 total sales occurred, but October’s numbers were not looking as good so we’re hoping there’s a swell of sales in the latter part of the month to provide some momentum going into the holidays.

Summary

Wallingford and Meriden both ended September on a down note: Wallingford’s inventory swelled from August’s normal seller’s market of 5.79 months to 9.34 months worth which shoved it kicking and screaming into a normal seller’s market. Total inventory has remained stable over the past few months but prices, which had been falling since June, saw an increase in September which we hope can carry over into October. Meriden once again ended the month in a normal buyer’s market, showing 11.83 months of inventory, but that was a significant jump from August’s 9.81 and it’s not far from the 12 month inventory level that signifies an extreme buyer’s market. The lower price points in Meriden continue to dominate sales, and while inventory levels fell slightly in September, sale prices are at their lowest levels of the year and may continue to fall despite rock bottom interest rates.

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!

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

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