Meriden CT Market Update for January 2013

There are currently 178 single family homes for sale in Meriden:

Low list price: $24,000
High list price: $575,900
Average list price: $188,682
Median list price: $179,900
Average Days onMarket: 103
Homes sold on average for 94.9% of list price

There are 85 homes currently under contract, priced between $8,000 and $449,000. Based on the number of homes sold in January (29), it would take approximately 6 months to sell the current inventory.

As for condominiums, there are currently 60 condos for sale:

Low list price: $29,900
High list price: $339,888
Average list price: $133,880
Median list price: $132,450
Average Days onMarket: 105
Condos sold on average for 95.9% of list price

There are currently 17 condos under contract, priced between $30,000 and $280,000. Based on the number of condos sold in January (9), it would take 7 months to sell the current inventory.

January home sales tumbled a bit in Meriden. Single family sales were down by 37%, but condo sales equaled December's number of 9 units sold. Despite the drop in home sales, last month's numbers were 34% better than January of 2011, and a whopping 95% better than January of 2010. Meanwhile, inventory stopped its string of losing months, adding 10 total units in January. Another good piece of news is that sale prices were up again in January, slightly for houses but by about 10% for condos.

The increase in inventory was not enough to offset the lower sales numbers, meaning Meriden slipped back into a balanced market with just over 6 months of inventory. Even so, this is still good news for the Meriden housing market as we start the second month of 2013, and the outlook is for even more improvement going forward, although it will surely be gradual and not an overnight development.

The one negative thing we can report is that interest rates for conventional loans rose again, this time to 3.50% for a 30 year note, but CHFA rates (for first time home buyers) remained unchanged at 2.75 percent.

Here is a chart showing current home and condo sales in Meriden in2013: