North Haven CT Market Update for August 2012

North Haven CT Market Update for August 2012

Here's the way the housing market is shaping up in North Haven as of August 31, 2012:

There are currently 101 single family homes for sale in North Haven:

• Low list price: $149,000
• High list price: $1,499,000
• Average list price: $359,182
• Median list price: $289,900
• Average Days on Market: 77
• Homes sold on average for 92.5% of list price

There are 52 homes currently under contract, priced between $115,000 and $699,900. Based on the number of homes sold in August (18), it would take approximately 6 months to sell the current inventory.

As for condominiums, there are currently 12 condos for sale:

• Low list price: $64,900
• High list price: $319,900
• Average list price: $176,817
• Median list price: $184,900
• Average Days on Market: 55
• Condos sold on average for 90.7% of list price

There are currently 6 condos under contract, priced between $65,000 and $285,000. Based on the number of condos sold in August (2), it would take 6 months to sell the current inventory.

Here is a chart showing annual home and condo sales in North Haven so far in 2012:

After four consecutive months of increases, sales in North Haven saw a 26% drop from July. The numbers were hardly changed from August of 2010 or 2011, matching 2011's numbers and beating 2010 by just one sale. Inventory levels have again declined slightly, but so did sales numbers, resulting in North Haven remaining in a normal seller's market with 5.65 months of inventory available.

Conventional mortgage rates are still enjoying their lowest rates in years, but they have yoyoing a little; they were at 3.375% last month and have now dropped to 3.25 percent. CHFA rates for first time home buyers remained unchanged at 2.875 percent.

This chart shows how homes in various price ranges are currently selling:

North Haven's sweet spot is the $200,000 to $400,000 range, where 60% of the sales occurred. Even so, almost the entire inventory is in a seller's market despite homes priced higher than $500,000 not being in much demand. It appears that current inventory and sales numbers will continue to decline as we head into the Fall market.

~North Haven Properties For Sale~

(zoom out to see more properties)