Meriden CT Market Snapshot for September 2012

Meriden CT Market Snapshot for September 2012

Here's the way the housing market is shaping up in Meriden as of September 30, 2012:

There are currently 233 single family homes for sale in Meriden:

• Low list price: $34,000
• High list price: $575,900
• Average list price: $191,124
• Median list price: $185,000
• Average Days on Market: 86
• Homes sold on average for 95.2% of list price

There are 101 homes currently under contract, priced between $20,000 and $449,000. Based on the number of homes sold in September (36), it would take approximately 6 months to sell the current inventory.

As for condominiums, there are currently 80 condos for sale:

• Low list price: $29,900
• High list price: $337,500
• Average list price: $128,155
• Median list price: $129,900
• Average Days on Market: 120
• Condos sold on average for 96.4% of list price

There are currently 32 condos under contract, priced between $28,000 and $275,000. Based on the number of condos sold in September (5), it would take approximately 16 months to sell the current inventory.

Here is a chart comparing annual home and condo sales in Meriden for the year-to-date:

After a slight dip in sales in July, total Meriden property sales saw a 29% increase in August over July, and also posted a 43% increase over August of 2011 and a 83% gain over August of 2010. Meanwhile, inventory continues to show little growth, adding just one total unit in August, and it's down 20% from August 2010 and 14% from last year.

The increase in sales moved Meriden even deeper into a balanced market, falling from almost 8 months of available inventory to just a tad over 6 months currently. Looking at all of the data and judging from our own activity this month, it looks like September will fall short of August's sales numbers, which is usual for this time of year as cooler weather brings with it the holidays and fewer prospective buyers.

After a slight rise over the past few weeks, interest rates for conventional loans fell back a bit to around 3.375% for a 30 year note, while CHFA rates (for first time home buyers) have been stable at 2.875% over the same time frame. While these are still great rates, if they continue to rise it will surely cost home buyers money in the long term. For example, the result of the last .25% increase in the rate on a $200,000 mortgage would mean a buyer pays almost $30 more a month, or almost $11,000 over the life of the loan. Doesn't sound like much, but that $11,000 could be put to good use elsewhere!

If you're wondering how fast houses at certain price points are selling, take a look at this next chart:

As you can see, the sweet spot for Meriden home sales is $200,000 and under, as 70% of available homes and 78% of all sales fall in this price band. Many of these are condos and investment properties, while those above $200,000 are single family homes which are in far less demand. In September 2012, the average home sold in 91 days, with the slowest segment being between $120k and $140k at 259 days, or almost 9 months.

Meriden Properties For Sale

(zoom out to see more properties)