Wethersfield CT Market Snapshot - What is happening in our market?

By
Real Estate Agent with William Raveis Real Estate 0757389

July Property sales were 31, up 158.3% from 12 in July of 2010 and 14.8% higher than the 27 sales last month. July 2011 sales were at a mid level compared to July of 2010 and 2009. July YTD sales of 128 are running -13.5% behind last year's year-to-date sales of 148.

 

The Median Sales Price in July was $239,900, down -2.9% from $247,000 in July of 2010 and up 2.1% from $235,000 last month. The Average Sales Price in July was $254,881, down -6.7% from $273,208 in July of 2010 and up 8.3% from $235,433 last month. July 2011 ASP was at a mid range compared to July of 2010 and 2009.

 

The Total Inventory of Properties available for sale as of July was 137, down -2.1% from 140 last month and up 1.5% from 135 in July of last year. July 2011 Inventory was at highest level compared to July of 2010 and 2009.

A comparatively lower MSI (number of months needed to sell all the inventory) is more beneficial for sellers while a higher MSI is better for buyers. The July 2011 MSI of 4.4 months was at a mid range compared with July of 2010 and 2009.

 

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for July was 67, up 31.4% from 51 days last month and down -27.2% from 92 days in July of last year. The July 2011 DOM was at a mid range compared with July of 2010 and 2009.

 

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The July 2011 Selling Price per Square Foot of $151 was down -3.8% from $157 last month and down -9.0% from $166 in July of last year.

 

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The July 2011 Selling Price vs Original List Price of 95.5% was down from 97.1% last month and down from 96.2% in July of last year

 

The number of New Listings in July 2011 was 26, down -46.9% from 49 last month and down -25.7% from 35 in July of last year.

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Linda Edelwich Realtor

 

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Selling Glastonbury Real Estate blog by Linda Edelwich, Top Producing Real Estate Agent. Updates and information about Real Estate in Hartford County, Glastonbury, CT, Hebron, CT, Marlborough, CT , Portland, CT, and East Hampton, CT be sure to check out my market updates for valuable information about what is happening in YOUR town!

 

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