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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• Harriman Real Estate, LLC Welcomes Sue Farone! (wallingfordwired.com)
• New Listing: 463 Swain Ave., Meriden CT $239,900 (wallingfordwired.com)

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

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

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

Three bedroom home on Meriden’s East side, near Wallingford line. Remodeled kitchen and baths, newer windows, hardwood floors, fireplace, 2 car garage, pool and deck. Nice yard. Credit check required. Available immediately.

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

New Rental: 877 S. Curtis Street, Meriden, CT

The Meriden housing market stabilized somewhat in June. Pending sales were down, but closed sales were up for the third consecutive month. The inventory levels and days on market were up slightly, but overall the absorption rate remained at 7 weeks worth of inventory.

Condo sales rose in June for the third straight month, and inventory levels fell to their lowest levels of the year at just 7 weeks worth. These condos also sold an average of 32% faster than last month as well. The $8000 tax credit may have something to do with this as more people move to take advantage of the tax credit. There is still room for improvement, however, as there are only 122 days left until the credit expires, unless some headway is made on the $15,000 tax credit bill that is still languishing in Congress. Since most closings take place about 4-6 weeks after a contract is signed, a prospective home buyer still looking to benefit from the tax credit should be under contract no later than October 15 in order to ensure closing before the November 30 end date. Also, in the case of buying a short sale or foreclosure property, time becomes even more  critical as these transactions can take considerable longer than 4-6 weeks to close.

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 June 2009