Prospect CT Home Sales Market Report for September 2009

Prospect CT Home Sales Market Report for September 2009

Sales

Home sales in Prospect CT for September 2009 were 6, down -45.5% from 11 in September of 2008 and -60% lower than the 15 sales last month. September YTD sales of 55 are running 10% ahead of last year's year to date sales of 50.

Prices

The Median sales price in September was $215,000, down -29% from $302,500 in September of 2008 and down -16% from $255,000 last month.

Inventory & MSI

The total inventory of homes available for sale as of September was 56, down -6.7% from 60 last month and down 6.7% from 60 in September of last year. September 2009 Inventory was at its lowest level compared with September on 2008 and 2007. A comparatively low MSI (month's supply of inventory)is more beneficial for sellers while a higher MSI is better for buyers. The September 2009 MSI o f9.3 months was at its lowest level compared with September of 2008 and 2007.

Market Time

The average Days On Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyers market, a downward trend a move towards more of a Seller's market. The DOM for September was 138, up 84% from 75 days last month and up 22.1% from 113 days in September of last year.