Wethersfield Condo Market Statistics as of 10/31/2010

By
Real Estate Agent with William Raveis Real Estate

2010 condo sale volumes should be on par with 2009 volumes. However, we may see a drop in the median and average sales prices between now and year-end based on current pending sales.  The change in the median and average sales prices of condo units selling in Wethersfield is due to: a) a decline in purchases of higher priced units (above $250,000) and b) further tightening of mortgage underwriting guidelines for condo financing.

Historical Snapshot of Wethersfield Sales Activity as of 10/31/2010

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
YTD 2010 25 $153,400 $146,168 73 days
2009 33 $170,000 $146,157 84 days
2008 46 $194,000 $191,021 85 days
2007 60 $163,000 $162,669 46 days
2006 77 $138,000 $152,152 50 days
2005 82 $144,750 $152,727 36 days
2004 50 $134,000 $143,678 42 days
2003 57 $118,000 $120,458 26 days

October 2010 Market Activity

  On Market Pending Sales Closed Sales
October Volumes 4 New Listings 4 Went Under Contract 1 Closed This Month
Total Volumes 21 Listings on Market 7 Total Pending Sales 25 Closed This Year
Most Expensive $329,900 $199,000 $317,500
Least Expensive $75,900 $63,000 $62,000
% With Price Reductions 66.67% 57.14% 40.0%

The supply time for current inventory (condo units on the market) is 9.0 months. This is slightly higher than the 8.8 month supply time for inventory at the end of September even though inventory declined from 28 units at the end of September to 21 units at the October.

As the Median and Average Listing and Sales Statistics tables below show, buyers are purchasing lower priced condos. Current inventory is priced above the median and average prices of both pending and closed sales.

Median Listing and Sales Statistics as of 10/31/2010

  On Market Pending Sales Closed Sales
House Size 1,223 sq. ft. 845 sq. ft. 1,130. sq. ft.
Days on Market 104 days 54 days 43 days
List Price $190,000 $99,900 $162,900
Sales Price N/A N/A $153,400
List Price/Sq. Ft. $159.09/sq. ft. $118.22/sq. ft. $135.45/sq. ft.
Sales Price/Sq. Ft N/A N/A $$129.07/sq. ft.
Sales Price/List Price Ratio N/A N/A 94.3%

Average Listing and Sales Statistics as of 10/31/2010

  On Market Pending Sales Closed Sales
House Size 1,228 sq. ft. 893 sq. ft. 1,100 sq. ft.
Days on Market 114 days 69 days 73 days
List Price $192,890 $116,257 $154,004
Sales Price N/A N/A $146,168
List Price/Sq. Ft. $153.40/sq. ft. $124.04/sq. ft. $137.70/sq. ft.
Sales Price/Sq. Ft N/A N/A $130.00/sq. ft.
Sales Price/List Price Ratio N/A N/A 94.22%

Stop by next month to see if condo sales activity picks up in Wethersfield CT!

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