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

This home has a rustic curb appeal and contemporary interior. Sunken living room with cathedral ceiling and skylights. Atrium style four season porch plus a screened porch. Lower level family room with wood stove. New Roof. Square footage includes finished lower level, but not screen porch.

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

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

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

Turn the key and you’re home! This townhouse will wow you with crown molding throughout, chair rails, columns separating LR/DR, spacious kitchen with built-in table, updated baths, hardwood flooring on main level, freshly painted interior. Small complex has great views!

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

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

New Listing: 1549 E. Main St. #25, Meriden CT $175,900

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

UPDATE: This home is SOLD! (6/30/10)

Charming and tastefully decorated Colonial on Meriden’s East Side. Large living room with bay window, updated kitchen and dining area, open staircase and remodeled baths. Hardwood and tile floors. There is a patio overlooking the lovely, fenced yard. Agent related to owner.

For more information or to schedule an appointment, please call Sue Farone at (203) 214-0507, or email her at sfarone@harrimanre.com!

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

New Listing: 167 Sunset Ave., Meriden CT $171,900 – SOLD!

Beautiful brick home with energy efficient features. Home has new propane heating system and electric heat backup, newer thermopane windows, 2 fireplaces and a whole house fan. Gleaming hardwood floors, a 3 car gar, deck and nice level lot round out this wonderful home. Walkout lower level adds 346 sf of livable space.

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

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

Just Relisted!: 463 Swain Ave., Meriden CT $239,900

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

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

Beautiful brick home with energy efficient features. This move-in ready home has new propane heating system and electric heat backup, newer thermopane windows, 2 fireplaces and a whole house fan. Gleaming hardwood floors, a 3 car gar, deck and nice level lot round out this wonderful home. Walkout lower level adds 346 sf of livable space. Call Pat at 203-672-4499 for more info.

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

Just Listed: 463 Swain Ave., Meriden CT