The Shelton CT condo market report for June 2010 showed a 114% increase in sales compared to the same period last year. However, we should probably acknowledge that the homebuyer tax credit had something to do with the strong number of sales.
Average list and selling prices were both down 26%. Not so hot, there. However, further analysis shows the sales were slightly skewed by a $895K sale in 2009 that brought that month's averages up considerably.
To get a more accurate picture, take a look at the median sales figure, showing a 9% decrease in selling price.
Days on the market went up 161% due to five units being active more than 8+ months.
Following are the Shelton, CT condo property transfers for June 1-30 recorded as of July 12, 2010. The high sale was in the Renaissance, and the low sale was in Asbury Ridge.
The $200-300k range clearly took the prize in sales for June with a median sales figure of $262,500.
The absorption trend for the last three months indicates a rate of 12.30. Based on the current inventory and the number of solds, it would take 12+ months to sell your condo. While still high, this figure showed a nice decrease from the previous months.
Sellers -- Have your listing agent calculate the absorption rate for your price range. This will help you to determine if you need to adjust your pricing OR if you have not listed yet, determine the best price.
Be sure to check the Shelton CT Single Family Market Report for June 2010.
Shelton CT Condo Market Report for June 2010
Date Source: Greater Fairfield County Multiple Listing Service -- July 12, 2010. No representation or warranty is made to the accuracy of this information.
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