Meriden Market Update for May 2011

Meriden Market Update for May 2011

Here's the way the housing market is shaping up in Meriden as of May 31, 2011:

There are currently 261 single family homes for sale in Meriden:

• Low list price: $29,900
• High list price: $575,900
• Average list price: $198,092
• Median list price: $189,900
• Average Days on Market: 90
• Homes sold on average for 93.8% of list price

There are 76 homes currently under contract, priced between $35,000 and $449,900. Based on the number of homes sold in May (38), it would take approximately 7 months to sell the current inventory. As for condominiums, there are currently 101 condos for sale:

• Low list price: $37,000
• High list price: $399,900
• Average list price: $132,972
• Median list price: $137,900
• Average Days on Market: 128
• Condos sold on average for 98.2% of list price

There are currently 25 condos under contract, priced between $42,900 and $220,000. Based on the number of condos sold in May (6), it would take approximately 17 months to sell the current inventory. Here is a chart comparing annual home and condo sales in Meriden for the year-to-date:

The number of Meriden homes for sale rose in May, but sales posted nice gains, with single family homes increasing by 41% and condos by 50%. Interest rates saw a slight increase as well, except for CHFA rates for first time home buyers, which remained unchanged. In addition, the state raised the real estate conveyance tax that sellers pay on the sale of their home to .75% of the first $800,000 and 1.25% of anything over $800,000. It will be interesting to see if June closings see a major rise in an attempt to avoid sellers paying the additional tax, which goes into effect July 1st. The other major bill under consideration, QRM or Qualified Residential Mortgages, which would raise the required down payment to 20% on the purchase of a home, is still being debated.

The following chart compares average days on market, or how many days it took to sell a home or condo year-to-date:

Average days on market fell for single family homes in may, but rose sharply for condos due to two units that sold that had been on the market for almost a year each, which artificially affected the entire category due to the low number of sales. Inventory rose across the board in May, and this might cause days on market to remain high, especially once the increased conveyance tax law kicks in.

Meriden Properties For Sale

(zoom out to see more properties)

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Related articles

• Meriden Market Update for April 2011 (wallingfordwired.com)
• Meriden Market Update for March 2011 (wallingfordwired.com)