Meriden Market Update for February 2011
Here's the way the housing market is shaping up in Meriden as of February 28, 2011:
There are currently 226 single family homes for sale in Meriden:
- Low list price: $45,000
- High list price: $499,900
- Average list price: $190,314
- Median list price: $175,300
- Average Days on Market: 113
- Homes sold on average for 93.5% of list price
There are 64 homes currently under contract, priced between $29,900 and $349,900. Based on the number of homes sold in February (22), it would take approximately 10 months to sell the current inventory. As for condominiums, there are currently 95 condos for sale:
- Low list price: $37,000
- High list price: $399,900
- Average list price: $135,670
- Median list price: $139,900
- Average Days on Market: 69
- Condos sold on average for 91.8% of list price
There are currently 17 condos under contract, priced between $34,000 and $220,000. Based on the number of condos sold in February (5), it would take approximately 19 months to sell the current inventory. Here is a chart comparing annual home and condo sales in Meriden for the year-to-date:
Sales of both single family homes and condos rose in February, by 38% and 20% respectively. Single family home sales are also up by 16% over February of 2010, but condo sales are down by 38% for the same period. we anticipate that March's numbers will be substantially higher, given the increase in buyer activity, the arrival of the Spring market and the improvement in the economy. The number of available homes on the market is also decreasing, down 12% and 17% for house and condos respectively from February of last year. Lastly, average list and sale prices are also down from last February's figures, indicating that prices still may not have hit bottom.
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:
Average days on market rose by almost exactly the same percentage for both categories this month. Home prices continue to fall, interest rates fluctuate but are still at very low levels, inventory levels are declining and buyer activity is increasing as the Spring market gets into full swing. We still feel that home sales will see a significant bump over the next several months as the local housing market slides into recovery mode.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.
Related articles
- Meriden Market Update for January 2011 (wallingfordwired.com)
- Meriden Market Update for December 2010 (wallingfordwired.com)
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