Meriden Market Update for November 2010

Meriden Market Update for November 2010

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

There are currently 235 single family homes for sale in Meriden (down slightly from last month):

• Low list price: $32,000
• High list price: $699,000
• Average list price: $190,681
• Median list price: $178,900
• Average Days on Market: 75 (unchanged from last month)
• Homes sold on average for 95.8% of list price (up 5.4% from last month)

There are 46 homes currently under contract, priced between $24,900 and $425,000. Based on the number of homes sold in November (40), it would take approximately 6 months to sell the current inventory. As for condominiums, there are currently 90 condos for sale (up 5% from last month):

• Low list price: $42,000
• High list price: $399,900
• Average list price: $133,762
• Median list price: $134,950
• Average Days on Market: 92 (up 23% from last month)
• Condos sold on average for 93.7% of list price (down 2% from last month)

There are currently 21 condos under contract, priced between $31,700 and $220,000. Based on the number of condos sold in November (10), 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:

Meriden single family home sales jumped by 100% in November, and condo sales also saw a huge gain, up 233% over the previous month. Interest rates continue at low levels, but are slowly rising. While this is a normally slow time in the housing market, the number of sales, potential buyers out looking for homes and sellers putting their homes on the market remain strong. Many feel the market has yet to bottom out price-wise, however, and the numbers bear this out: average selling price for both single family homes and condos are at their lowest levels of the 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 year to date:

ADOM for condos was once again on the rise, ending at 92 days, up 23 percent from October. Single family homes on the other hand remained at exactly the same figure as the previous month, 75 days.

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

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

Related articles

• Meriden Market Update for October 2010 (wallingfordwired.com)