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Rocky Hill Condo Market Statistics as of 10/31/2010

Although 2010 condo sale volumes in Rocky Hill are lagging 2009 volumes, condo sales are occurring at a steady pace. As we saw in Wethersfield, the median and average condo sales prices in Rocky Hill are lower in 2010 than they were in 2009.  Again, the change in the median and average sales prices of condo units selling in Rocky Hill is due to: a) a decline in purchases of higher priced units (above $250,000) in the 2nd half of 2010 and b) further tightening of mortgage underwriting guidelines for condo financing.

Historical Snapshot of Rocky Hill Sales Activity as of 10/31/2010

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
YTD 2010 88 $177,500 $181,725 80 days
2009 121 $185,000 $189,132 87 days
2008 103 $175,000 $191,134 100 days
2007 141 $203,000 $210,326 64 days
2006 161 $179,000 $198,038 45 days
2005 159 $168,000 $174,655 32 days
2004 138 $154,500 $155,071 31 days
2003 160 $131,500 $136,269 35 days

The percentage of condo listings with price reductions increased throughout 2010 giving more leverage and bargaining power to today’s market savvy buyer. The most expensive condos that are on the market, pending or closed are in Active Adult communities.

 

October 2010 Market Activity

  On Market Pending Sales Closed Sales
October Volumes 15 New Listings 5 Went Under Contract 8 Closed This Month
Total Volumes 61 Units On Market 10 Total Pending Sales 88 Closed This Year
Most Expensive $439,000 $247,500 $435,000
Least Expensive $73,900 $165,300 $61,900
% With Price Reductions 42.63% 40.0% 38.63%

As the Median and Average Listing and Sales Statistics tables below show, buyers are purchasing lower priced condos. Current inventory is priced above the median and average prices of both pending and closed sales.

The median days on market also shows an increasing trend with the supply time for current inventory (condo units currently on the market) at 6.0 months. This is higher than the 5.4 month supply time for inventory at the end of September. 

Median Listing and Sales Statistics as of 10/31/2010

  On Market Pending Sales Closed Sales
House Size 1,280 sq. ft. 1,140 sq. ft. 1,182 sq. ft.
Days on Market 66 days 63 days 59 days
List Price $199,900 $174,900 $188,300
Sales Price N/A N/A $177,500
List Price/Sq. Ft. $151.45/sq. ft. $150.23/sq. ft. $149.34/sq. ft.
Sales Price/Sq. Ft N/A N/A $141.65/sq. ft.
Sales Price/List Price Ratio N/A N/A 96.45%

Average Listing and Sales Statistics as of 10/31/2010

  On Market Pending Sales Closed Sales
House Size 1,355 sq. ft. 1,266 sq. ft. 1,210 sq. ft.
Days on Market 80 days 101 days 80 days
List Price $208,829 $165,300 $189,044
Sales Price N/A N/A $181,725
List Price/Sq. Ft. $152.82/sq. ft. $137.40/sq. ft. $153.70/sq. ft.
Sales Price/Sq. Ft N/A N/A $147.49/sq. ft.
Sales Price/List Price Ratio N/A N/A 95.62%

Stop by next month to see if condo sales activity changes during November in Rocky Hill CT!

Maria Hagan
Hartford CT Real Estate Agent
East Hartford CT Real Estate Agent
Wethersfield CT Real Estate Agent
Rocky Hill CT Real Estate Agent
Homes for Sale in Greater Hartford CT

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