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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