Meriden CT Market Update for March 2013

Here's how the Meriden CT housing market looks as of March 31, 2013:

There are currently 189 single family homes for sale in Meriden:

Low list price: $28,000
High list price: $575,900
Average list price: $203,882
Median list price: $199,900
Average Days on Market: 82
Homes sold on average for 97.7% of list price

There are 98 homes currently under contract, priced between $8,000 and $449,000. Based on the number of homes sold in March (32), it would take approximately 6 months to sell the current inventory.

As for condominiums, there are currently 74 condos for sale:

Low list price: $34,000
High list price: $334,400
Average list price: $129,769
Median list price: $119,950
Average Days on Market: 57
Condos sold on average for 94.2% of list price

There are currently 28 condos under contract, priced between $30,000 and $280,000. Based on the number of condos sold in March (7), it would take 11 months to sell the current inventory.

Home sales surged in Meriden in March: single family sales were up by 68% to 32 units sold, while condo sales rose by 75% to 7 units sold. These numbers provided a nice rebound from a poor February, as this month's numbers were 5% above March of 2012, and 32% better than March of 2011. Meanwhile, inventory also saw a nice jump as single family homes gained 22 units while condos gained 7, a net gain of 29 units total. Continuing the upward trend, sales prices for single family homes rose by about 9%, while condos were up significantly, posting a 44% gain.

The increase in inventory and higher sales numbers means Meriden improved to a balanced market with just over 6.5 months of inventory, an improvement of 38% over the prior month. Interest rates for conventional loans recently dropped to 3.375% for a 30 year note after being around the 3.5% mark for quite some time, while CHFA rates (for first time home buyers) remained unchanged at 2.75 percent.

Here is a chart showing current home and condo sales in Meriden in 2013: