Meriden, CT

2011 was a rough year for home sellers in Meriden, CT. 456 homes in Meriden, CT sold in 2011 – a 20% decrease from 2010. The average sales price of $136,767 is a 7% decrease from the sales prices of 2010.

Should the trend continue, just 8% of current market inventory of 490 homes in Meriden is expected to sell in any given month. Another telling figure is the amount of homes that expired in 2011. An expired home is a home that goes on market, but ultimately just does not sell at. In 2011, 310 homes in Meriden expired unsold – leaving the odds of successfully selling at just 60%. The average listed price of homes currently on market is $165,737 – a 17% difference over the average selling price.

What does that mean to you as a Meriden, CT home seller? If you are considering going on market, you will have to be very realistic about the value of your home if you wish to successfully sell. You have a lot of competition and just a 60% shot at selling your home at all. How do you make it happen in this market? With an aggressive marketing plan, and most importantly – THE RIGHT PRICE.

Short sales and foreclosures in Meriden, CT in 2011: Out of all sold homes in 2011 8% were short sales and 27% were bank owned (foreclosed). 20% of all currently listed homes are short sales, while 9% of homes are bank owned – making distressed homes a whopping 29% of the current inventory in Meriden, CT.

FIND OUT THE VALUE OF YOUR MERIDEN CT HOME.

Meriden CT Market Update for January 2012

Here's the way the housing market is shaping up in Meriden as of January 31, 2012:

There are currently 228 single family homes for sale in Meriden:

• Low list price: $46,350
• High list price: $575,900
• Average list price: $189,623
• Median list price: $169,900
• Average Days on Market: 104
• Homes sold on average for 93.7% of list price

There are 66 homes currently under contract, priced between $15,000 and $329,000. Based on the number of homes sold in January (25), it would take approximately 9 months to sell the current inventory.

As for condominiums, there are currently 87 condosfor sale:

• Low list price: $43,000
• High list price: $274,900
• Average list price: $123,980
• Median list price: $119,900
• Average Days on Market: 80
• Condos sold on average for 90.9% of list price

There are currently 17 condos under contract, priced between $30,000 and $266,900. Based on the number of condos sold in January (3), it would take approximately 29 months to sell the current inventory.

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

There was little change in the Meriden home inventory in January, as single family homes gained 2 units to 228 (compared to 238 in January of 2011), while condos fell 5 units to 87 available properties, just one off the 88 units available a year ago. The average sale price for both condos and single family homes fell to their lowest levels since last Fall, $177,639 for homes and $112,735 for condos. Interest rates for conventional loans remain below the 4% range and CHFA rates (for first time home buyers) are still at 3.250%. Meriden single family home sales fell to 25 units from 31 in December, but was up 56% over January of 2011. Condo sales took a beating, however, falling to just 3 units sold from 8 the previous month but up from 4 in January of 2011. While there was minimal change in the inventory or in units sold,it was enough to push Meriden's market into a normal buyer's market, with about 10 months of home inventory. We had hoped for an increase in sales activity in January instead of a 30% drop from last month, but it is 25% better than last January so we'll take that and be happy! At this point, we're not holding out for a good February since whatever closes this month will be what went under contract in December during the peak of the holiday season.

Meriden Properties For Sale

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Related articles

• Meriden Market Update for December 2011 (wallingfordwired.com)
• Meriden Market Update for November 2011 (wallingfordwired.com)
• Meriden CT Market Update for October 2011 (wallingfordwired.com)

Meriden CT Market Update for December 2011

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

There are currently 226 single family homes for sale in Meriden:

• Low list price: $18,000
• High list price: $575,900
• Average list price: $187,713
• Median list price: $169,900
• Average Days on Market: 73
• Homes sold on average for 95.1% of list price

There are 71 homes currently under contract, priced between $20,000 and $349,900. Based on the number of homes sold in December (31), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 92 condos for sale:

• Low list price: $38,000
• High list price: $289,900
• Average list price: $125,610
• Median list price: $124,950
• Average Days on Market: 84
• Condos sold on average for 96.4% of list price

There are currently 18 condos under contract, priced between $30,000 and $269,900. Based on the number of condos sold in December (8), it would take approximately 12 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 were mixed again in December, with single family homes falling more than 5% to 226, while condos remained exactly at November's level of 92 available properties. The average sale price for condos continued the strong showing it had in November, ending up 3% at $121,101, its highest level since August, while single family homes rose 4% to their highest level since September, $178,590. Interest rates for conventional loans continue to hover at or below the 4% range and CHFA rates (for first time home buyers) fell to another yearly low at 3.250%. Meriden single family home sales rebounded from November's level of 25 units to 31 units sold, while condo sales fell just one to 8 units sold. With the drop in inventory and rise in units sold, Meriden's market ended 2011 in a balanced market, with about 8 months of home inventory. This bodes well for the 2012 Spring market as housing activity picked up steam immediately after Christmas and by all accounts is now going full speed ahead. At the end of November we projected less than 29 total sales for December, but actual total sales were 39, up 13% from last December and a surprising lead-in to the new year.

Meriden Properties For Sale

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Related articles

• Meriden Market Update for November 2011 (wallingfordwired.com)
• Meriden CT Market Update for October 2011 (wallingfordwired.com)
• Meriden CT Market Update for September 2011 (wallingfordwired.com)

Meriden CT Market Update for November 2011

Here's the way the housing market is shaping up in Meriden as of November 30, 2011:

There are currently 239 single family homes for sale in Meriden:

• Low list price: $18,000
• High list price: $575,900
• Average list price: $185,357
• Median list price: $169,900
• Average Days on Market: 70
• Homes sold on average for 92.5% of list price

There are 69 homes currently under contract, priced between $19,900 and $349,900. Based on the number of homes sold in November (25), it would take approximately 10 months to sell the current inventory.

As for condominiums, there are currently 92 condosfor sale:

• Low list price: $38,000
• High list price: $289,900
• Average list price: $124,166
• Median list price: $122,988
• Average Days on Market: 84
• Condos sold on average for 94.7% of list price

There are currently 20 condos under contract, priced between $37,000 and $269,900. Based on the number of condos sold in November (9), it would take approximately 10 monthsto sell the current inventory.

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

Meriden home inventory were mixed in November: single family homes fell 4% to 239, while condos regained the 2 lost in October to finish at 92 available properties. The average sale price for condos rebounded a little in November, ending up 7% at $117,598, while single family homes fell again to $171,437. Interest rates for conventional loans continue to hover at or below the 4% range and CHFA rates (for first time home buyers) fell to a yearly low at 3.375%. Meriden single family home sales fell slightly from 29 to 25 units, while condo sales rose from 7 to 9 units sold. Year to date, Meriden's market is is still in a normal buyer's market, with about 9.5 months of home inventory. At the end of October we projected 26 total sales for November, but actual total sales were 34, down 15% from last November. Due to the holidays, we feel confident that total sales in December will be below the 29 units sold last December.

Meriden Properties For Sale

(zoom out to see more properties)

Related articles

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

Harriman Real Estate Welcomes Andrea Atkins!

We are pleased to announce a new addition to the growing family of Harriman Real Estate Realtors®.

Andrea Atkins of Galleria Real Estate, LLC comes to us with 29 years of experience in real estate specializing in new construction, residential sales, property management and real estate law. Andrea sells newly constructed homes for both Gennaro Martorelli and Luis Torres of MBI Construction LLC and Professional Building and Design, LLC. She primarily sells real estate in the Meriden area, where she resides with her husband Allen.

Galleria Real Estate is currently offering new townhouses for sale in Meriden, and also has lots available in Meriden and Higganum. Andrea can be reached by phone at (203)671-2223, or by email at andrea@galleriahouses.com.

Welcome to the Harriman Real Estate team, Andrea and Galleria Real Estate, LLC!