For 2010, Wethersfield condos sales seem to be “topping out” at $200,000. During the year, sales continued to shift down slightly from the $150,000 to $200,000 price range to the $100,000 to $150,000 price range. This pattern may be attributed to:
- A tightening in mortgage guidelines – lower debt to income ratio guidelines reduced buyers’ purchasing power (especially in complexes with high HOA fees or special assessments), so buyers are purchasing in lower price ranges;
- Foreclosure activity – 4 of the 30 closed sales in 2010 were bank owned properties which generally sell at a discount; and/or
- Overall market conditions.
Sales by Price Range as of 11/30/2010
|Year/ Status||>$100K||$100K– $150K||$150K– $200K||$200K– $250K||$250K– $300K||<$300K||Total||% Change|
There is some good news in the above statistics. Only two units on the market are bank owned, and one of them is under contract. Perhaps the impact foreclosures have had on the Wethersfield condo market is behind us. What do you think? Please share your thoughts in the comments section below, or on my Facebook page, Maria Hagan’s Guide to Living in Greater Hartford.