Meriden Market Update for July 2011
Here's the way the housing market is shaping up in Meriden as of July 31, 2011:
There are currently 260 single family homes for sale in Meriden:
- Low list price: $34,900
- High list price: $575,900
- Average list price: $197,752
- Median list price: $189,375
- Average Days on Market: 132
- Homes sold on average for 93.5% of list price
There are 76 homes currently under contract, priced between $9,900 and $360,000. Based on the number of homes sold in July (31), it would take approximately 8 months to sell the current inventory.
As for condominiums, there are currently 102 condos for sale:
- Low list price: $37,000
- High list price: $399,900
- Average list price: $132,496
- Median list price: $139,900
- Average Days on Market: 165
- Condos sold on average for 91.9% of list price
There are currently 17 condos under contract, priced between $49,900 and $220,000. Based on the number of condos sold in July (5), it would take approximately 20 months to sell the current inventory.
Here is a chart comparing annual home and condo sales in Meriden for the year-to-date:
The number of Meriden homes for sale stayed virtually the same in July, with single family homes increasing by one and condos decreasing by one. The average sale price for condos fell almost $10,000 to $121,817, the lowest level so far this year, but up 40% from the same time last year; single family homes are currently selling at an average of $184,799, the lowest level since April, but up from $177,796 from last July. Even though interest rates remain historically low, there has not been the boost in sales typically seen in the summer. The condo market in particular is depressed, in large part due to many complexes having their FHA financing approval expire. Fully 81% of all complexes in Meriden are currently in this situation, and since most buyers are opting for FHA financing, they are seeking alternative financing or looking in other communities. It is hoped that these complexes will reinstate their FHA approval so that condo sales can see some improvement.
The following chart compares average days on market, or how many days it took to sell a home or condo year-to-date:
Average days on market went haywire in July, but it was mostly due to a few properties that had been on the market for well over a year finally selling. If those properties are removed from the mix, the days on market would be well within the normal range for the year, 72 days for condos and 102 days for single family homes. Considering the issue of condo complexes losing their FHA approval, condos may remain on the market longer than usual, at least until the issue is corrected.
Meriden Properties For Sale
(zoom out to see more properties)
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