Meriden CT Market Update for October 2011

Meriden CT Market Update for October 2011

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

There are currently 248 single family homes for sale in Meriden:

• Low list price: $20,000
• High list price: $575,900
• Average list price: $188,420
• Median list price: $170,450
• Average Days on Market: 73
• Homes sold on average for 91.5% of list price

There are 74 homes currently under contract, priced between $19,900 and $360,000. Based on the number of homes sold in October (26), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 90 condosfor sale:

• Low list price: $38,000
• High list price: $269,000
• Average list price: $124,998
• Median list price: $124,700
• Average Days on Market: 53
• Condos sold on average for 88.0% of list price

There are currently 19 condos under contract, priced between $32,000 and $264,900. Based on the number of condos sold in October (7), it would take approximately 13 months to sell the current inventory.

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

Meriden home inventory saw drops across the board in October, as single family homes remained fell 6% to 248, and condos lost 2 to finish at 90 available properties. The average sale price for condos established a new low for the year, ending at $109,998 (due to sales of 5 sub-$100K units), while single family homes fell another $4,000 to $172,367. Interest rates for conventional loans continue to hover at or below the 4% range and CHFA rates (for first time home buyers) also remained steady at 3.5%. As expected, Meriden home sales saw some slight improvement in October: single family home sales rose from 26 to 29 units, and condo sales almost doubled for the month from 4 to 7 units sold. Meriden's market is is still in a normal buyer's market, but did improve slightly to 11.20 months of home inventory, down from 11.83 months of inventory in September. Projections for November are not looking good overall; with only 13 properties sold so far, the total sales for the month would be 26 units, far below last November's 50 units.

Meriden Properties For Sale

(zoom out to see more properties)

Related articles

• Meriden CT Market Update for September 2011 (wallingfordwired.com)
• Meriden CT Market Update for August 2011 (wallingfordwired.com)
• Meriden Market Update for July 2011 (wallingfordwired.com)