Market Activity Report for Bloomfield CT - September 2011
Welcome to the Bloomfield, CT Real Estate Market Update
presented by The Master's Key Realty for the
Month of SEPTEMBER 2011.
RESIDENTIAL SINGLE FAMILY HOMES
Currently there are 159 actively listed Residential Homes in Bloomfield, CT. Of these, 21 were listed during the month of August. Also, this inventory remains up from 142 just six months ago.
These homes range in price from $46,000 to $1,200,000.
432 Tunxis Avenue is the lowest priced home in town at this time, asking $46,000. It is listed as an 1852 sq.ft. Colonial w/6 rooms, 3 bedrooms and 1.5 baths, built in 1878, with a full basement and 2 barns. This bank-owned property is being sold in as-is condition, needing a considerable amount of work.
8 Candlewood Drive is the median priced home in Bloomfield CT at this time, asking $209,900. It is a 1968 built Raised Ranch with 1346 sq.ft. of living space, 7 rooms, 3 bedrooms, 2.5 baths, a 2 car built in garage, on a 0.46 acre lot. It also has vinyl siding, a fireplace and central air conditioning.
631 Bloomfield Avenue is currently the highest priced home in Bloomfield, CT, asking $1,200,000. This is a spacious 2899 sq.ft. Colonial with a 1000 sq.ft. Accessory Building. Built in 1939, it offers 9 rooms, 4 bedrooms, 4 full baths and 2 half baths, and storage for three cars. This home is on a 4-5 acre lot on Gillette Ridge Golf Course and has an in-home theater and up-to-date renovations. The accessory building is suitable for home office or home business use.
Market Time: Actively listed homes have been on the market from 1 day to 562 days. It is not uncommon that the days on the market will often extend if there is not sufficient demand to absorb the inventory of homes on the market. Right now there are 24 homes on the market in Bloomfield that have been on the market for more than six months without selling.
Of interest is that there are currently 29 houses on the market in Bloomfield for under $150,000. This is a great time for buyers to find that affordable home or investment property!
SALES ACTIVITY:
During the month of September, five homes went under contract in Bloomfield CT. In comparison, in 2010, eight homes went under contract in the month of September. This reflects that sales activity for the month of September was off by more than 35% as compared to this time last year. Sales are also down from the previous month (August) which saw six homes go under deposit.
In addition, seven properties were sold (closed sales) in Bloomfield during the month of September 2011, ranging from $90,000 to $408,900. Closed sales were on the market before going under deposit an average of 68 days. In comparison, in 2010, there were 13 closed sales in the month of September, but the average days on market was 169.
With seven homes selling in one month, and 159 homes on the market, the absorption rate is 22.7. This means that it could take 22-23 months to absorb the current inventory of homes now on the market. If you are thinking about selling your home in Bloomfield, CT, this should help you determine the most suitable pricing on your house for sale to meet your desired selling time.
CONDOMINIUMS
Currently there are 39 actively listed Condominiums in Bloomfield, CT. Of these, three were listed during the month of September 2011. These condos range from in price from $50,000 to $679,900. and four of the 39 listed condominiums are New Construction units.
The average list price of a condo in Bloomfield CT is $261,318--down 5.5% from $276,514 last month.
1077H Blue Hills Avenue in GasLite condominiums is still the lowest priced active listed condo in Bloomfield at this time. It is listed for $50,000., and is a 3 room, 1 BR, 1 bath garden flat. The monthly condo fee for this unit is $244 including heat and hot water, and the property is conveniently located on a busline. It has been on the market for 67 days.
7 Font Hill Park in Balbrae Condominiums is still the median priced condominium in town, currently listed for $239,900, (original list price $267,000). It is a Wellington model townhouse unit of 2059 sq.ft. w/6 rooms, 3 bedrooms, 3 full baths and a 1 car detached garage. It has a fireplace in the Living Room, a full basement, and a private deck with views. The monthly fee for this unit is listed as $567/month. It has been on the market for 181 days.
35 Pebble Beach Drivein Bloomfield represents the top of the active condominium market in Bloomfield priced at $679,900., (original list price $299,900). This single family detached home was built in 2009 and offers 3929 sq.ft. of living space. With 9 rooms, 3 bedrooms, 4.5 baths and a 2 car attached garage, this unit is listed with a first floor Master Bedroom suite, central air, deck, fully finished lower level. The monthly condo fee is listed as $400/month. It has been on the market for 105 days.
SALES ACTIVITY:
With no new deposits on condos taken in Bloomfield CT in August 2011; September had one condominium home take a deposit. In comparison, in September of 2010, activity was similarly depressed with no deposits taken on condominium listings. There are a total of four condominiums under deposit awaiting close of escrow, having gone under deposit in previous months.
There were six condominium sales closed in Bloomfield CT in the month of September 2011, ranging from $148,000. to $520,000, and averaging 61 days on the market. The lowest priced sale was 48 Hawthorne Lane in Mills Pond--a 2 bedroom, 2 bath townhouse sold for $148,000 in just nine days on the market. The highest priced sale was 23 Worthington Drive in Worthington Ridge--a 2819 sq.ft. single detached home with 3 bedrooms, 2.5 baths, which sold in 154 days on the market. 
With a monthly average of no more than 3-4 condominiums selling in one month over the past three months and 39 condos on the market, the absorption rate is 10-13. This means that it could take between 10 and 13 months to absorb the current inventory of condominium homes now on the market. If you are thinking about selling your condominium home in Bloomfield, CT, this should help you determine the most suitable pricing on your condo for sale to meet your desired selling time. The absorption rate can vary greatly depending on the specific price range of your home, so make sure your agent discusses absorption rates with you when determining the proper list price to sell your condominium home in the time frame you require.
If you are thinking about buying or selling a home in Bloomfield CT or anywhere in Hartford County, please call me for a personal consultation. I would be more than happy to discuss marketing and pricing strategies, and how absorption rates and current market conditions affect your pricing, or to answer any other questions you may have about real estate.
If you know somebody who may be having difficulty in the current economy or is struggling to make their monthly mortgage payment and doesn't know what to do, I may be able to help them understand their many options, especially if theywant to avoid a possible foreclosure! Please suggest they give me a call. All referrals will be handled professionally and confidentially, just as you would expect!
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