Portland CT: Average price of sold properties and the price per square foot range.

As we prepare for the spring market here in Portland CT, I prepared a market analysis of the current market from Feb 2011 through Feb 2012.

If you are looking to sell or buy a home here in Portland CT, be sure to call me for up to the minute trends and inventory.

Property Sales December Property sales were 6, equal to 6 in December of 2010 and -40.0% lower than the 10 sales last month. December 2011 sales were at their lowest level compared to December of 2010 and 2009. December YTD sales of 75 are running -9.6% behind last year's year-to-date sales of 83.

Prices The Median Sales Price in December was $253,500, up 3.3% from $245,500 in December of 2010 and up 20.7% from $210,000 last month. The Average Sales Price in December was $270,250, up 6.5% from $253,733 in December of 2010 and up 30.7% from $206,770 last month. December 2011 ASP was at a mid range compared to December of 2010 and 2009.

Inventory & MSI The Total Inventory of Properties available for sale as of December was 64, down -7.2% from 69 last month and down -1.5% from 65 in December of last year. December 2011 Inventory was at a mid range compared to December of 2010 and 2009. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2011 MSI of 10.7 months was at a mid range compared with December of 2010 and 2009.

Market Time The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for December was 116, up 14.9% from 101 days last month and up 68.1% from 69 days in December of last year. The December 2011 DOM was at a mid range compared with December of 2010 and 2009.

Selling Price per Square Foot The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $142 was up 7.6% from $132 last month and up 0.7% from $141 in December of last year.

Selling Price vs Original Listing Price The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The December 2011 Selling Price vs Original List Price of 95.4% was down from 96.8% last month and down from 96.7% in December of last year.

Inventory / New Listings / Sales 'This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in December 2011 was 7, down -12.5% from 8 last month and up 16.7% from 6 in December of last year.

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In 2011 there were 75 closed residential sales in Portland, Connecticut. Here is the snapshot:

7 of these were short sales. Approximately 9.3% of all sales.

Currently, there are 69 Active or under deposit Residential listings in Portland. Here is the snapshot:

7 of these Active or under contract listings are short sales, or 10.1%

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July Property sales were 2, down -33.3% from 3 in July of 2010 and -75.0% lower than the 8 sales last month. July 2011 sales were at their lowest level compared to July of 2010 and 2009. July YTD sales of 30 are running -38.8% behind last year's year-to-date sales of 49.

The Median Sales Price in July was $201,750, down -15.2% from $238,000 in July of 2010 and up 1.9% from $198,000 last month. The Average Sales Price in July was $201,750, down -6.6% from $216,000 in July of 2010 and down -4.7% from $211,706 last month. July 2011 ASP was at the lowest level compared to July of 2010 and 2009.

The Total Inventory of Properties available for sale as of July was 88, up 1.1% from 87 last month and up 51.7% from 58 in July of last year. July 2011 Inventory was at highest level compared to July of 2010 and 2009.

A comparatively lower MSI (number of months needed to sell all the inventory) is more beneficial for sellers while a higher MSI is better for buyers. The July 2011 MSI of 44.0 months was at its highest level compared with July of 2010 and 2009.

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for July was 98, up 42.0% from 69 days last month and up 50.8% from 65 days in July of last year. The July 2011 DOM was at its highest level compared with July of 2010 and 2009.

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The July 2011 Selling Price per Square Foot of $165 was up 13.0% from $146 last month and up 26.0% from $131 in July of last year.

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The July 2011 Selling Price vs Original List Price of 95.6% was down from 96.5% last month and down from 97.3% in July of last year.

The number of New Listings in July 2011 was 11, down -50.0% from 22 last month and up 22.2% from 9 in July of last year.