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
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