Southington Connecticut Condo Sales

By
Services for Real Estate Pros with ReadySetLoan Condo Team LLC
https://activerain.com/droplet/4jGV

Southington Connecticut Condo Sales

fha condo approvalAs part of my marketing efforts for FHA condo project approvals, I work to compile data for condo sales in various towns in Connecticut.  I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA approved condos and those that are not.  This report combines Southington with its borough of Planstville, CT.

Southington CT Condo Data for 2013

Southington has 67 condominium projects of which 7 of them are approved with FHA.  There are four more submissions to FHA that are currently in Rejected status.  Before FHA’s changes in 2011 there were 24 projects on FHA’s Approved Condominiums List.

southington ct condo sales

Analysis of Data

I typically divide the listing data into those in FHA-approved condos and those that are in non-FHA projects.  For my business, it’s good to analyze the difference between the two.

In Southington, condominiums do not appear to have been difficult to sell in 2013.  Roughly 73% of the condo unit listings sold and only 18% expired overall.  This is a higher ratio of closed sales than in most of the towns that I have investigated.

The average and median sales prices were comparable between the FHA and non-FHA condominiums as were the average and median active days on the market.

The largest contrast between the FHA and non-FHA projects is in the percentage of expired listings.  In non-FHA condominiums, units were three times more likely to expire than those in FHA-approved condominiums.

The closed to expired ratio for Southington is 4:1; in FHA projects it was 11:1 and in non-FHA projects it was only 3:1.  As I have seen in the past, this data backs up the statement that units in FHA condominiums are more likely to sell and less likely to expire than in non-FHA projects.

One interesting point worth mentioning is the average sales price of units in FHA projects was around $186,000.  In one FHA-approved condominium, the lowest sale price was $250,000 AND the FHA concentration is 20% in this project.  This is one example to help dispel the myth that FHA is for low-income borrowers.

Difficulty in compiling the data for Southington occurred because of a large group of condominiums called Spring Lake Village.  There are 9 communities in Spring Lake and the MLS did not show in which of the 9 separate condominiums the listing was located.  Only 2 of the 9 are approved with FHA and one expired 10/18/13.

*NOTE: Closed, Expired and Cancelled listing percentages are calculated by removing the currently Active and Pending Sale data to account only for listings that are no longer on the market.  This is why the percentage of closed sales plus the percentage of NOT closed sales does not equal 100%.  There are currently 13 units still on the market that were listed during 2013.

Real estate agent Minna Reid posted a nice year-over-year comparison of condo sales prices for Southington earlier this week.

Related Articles:

Middletown Condo Sales 2013

East Hartford Condo Sales 2013

Condominium Market Data for Ellington, CT

Condominium Market Data for Bristol, CT

2013 Q4 Market Data for Newington, CT

2013 Q4 Market Data for Enfield, CT

2013 Q4 Market Data for Vernon, CT

2013 Q4 Market Data for South Windsor, CT  

2013 Q4 Market Data for Manchester, CT

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The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

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 Check out our article in Common Interest magazine on page 19!

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Topic:
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Location:
Connecticut Hartford County Southington
Groups:
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Condo Specialists
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Tags:
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Rainmaker
991,022
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

That is such a good idea.  Thanks for sharing the info.  Have a great week.

 

May 30, 2014 12:40 AM #1
Ambassador
3,489,684
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Eric, WOW only seven condo complexes out of 67, that is almost twice as many condo complexes as Middletown, but yet 4 less FHA Certified Complexes.   That is not good.

May 30, 2014 01:37 AM #2
Rainmaker
3,236,123
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Eric

Thanks for sharing the real market report for the Southington Connecticut market.

Good luck and success.

Lou Ludwig

May 30, 2014 10:47 AM #3
Rainmaker
712,439
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Eric-Have the Condo Associations been receptive to doing the work to the on the FHA-approved list?

May 30, 2014 01:15 PM #4
Rainmaker
2,139,104
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Eric. Really sad when only 10% of the total complexes in a town are FHA approved. I guess we shouldn't be looking for common sense.

Make it a great weekend!

May 30, 2014 08:59 PM #5
Rainmaker
349,776
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

Thank you, Tim.  You too!

I was surprised to see that as well, George.  I also didn't know that Southington had so many condos or that their price points were so high.

Thank you Lou.  Have a great weekend!

Wayne - not particularly which is the primary impetus behind compiling this data.  Facts don't lie.

10% is a very low number, Joe.  Have a great weekend!

May 30, 2014 09:24 PM #6
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Rainmaker
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