2011 Year End Real Estate Market Update for Cheshire CT

2011 Year End Real Estate Market Update for Cheshire CT

For the year 2011, the market sales or absorption rate in Cheshire CT was 16 sales per month. Market absorption trends show the rate that properties are selling compared with inventory which enables us to see if it is a sellers’ or buyers’ market. 6 months worth of inventory is considered a balanced market. Under 6 months is a sellers’ market and anything over 6 months is a buyers’ market.

The average value for the homes sold in Cheshire CT for the year was $386,969 with an average days on market of 101. The current inventory of homes is equivalent to a 13 month inventory.

The list price ratio to sales price ratio was 96%, which indicates sellers putting the homes on the market near to fair market value, or finally getting them sold at market value.

The highest value home sold in Cheshire CT in 2011 was a 5,888 sq ft, 5-bedroom colonial which sold for $1,849,000.

By comparison, for calendar year 2010, the absorption rate was 17.5 units per month, with an average sales price of $347,744 and average days on market of 99. For 2011, there were less homes sold on average per month and at a slightly higher price in almost the same number of days on market.

The highest value home sold in Cheshire CT in 2010 was a 6,050 sq ft, 5 bedroom colonial home which sold for $1,125,000.

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.

If you would like information on homes for sale in Cheshire CT, please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Cheshire CT.

2011 Year End Real Estate Market Update for Cheshire CT