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Rocky Hill Condo Sales Activity 2003-2010

Although total 2010 condo sale volumes in Rocky Hill were below 2009 volumes, condo sales are occurring at a steady pace. The median and average condo sales prices in Rocky Hill were slightly lower in 2010 than they were in 2009.  The change in the median and average sales prices of condo units selling in Rocky Hill is due to:

  • A decline in purchases of higher priced units (above $250,000) in the 2nd half of 2010.
  • Conventional mortgages increased down payment requirements for condo purchases and vary the down payment percentages with the buyer’s credit scores.
  • Both conventional and government mortgage lenders are more carefully reviewing condo documents and financial statements, with a keen focus on reserves.
  • “Spot” approval of non-FHA approved condo complexes has been practically eliminated by HUD’s changes to the “spot” approval rules.
  • HUD approval of condo complexes for FHA mortgages is no longer evergreen. FHA approved condo complexes now have to renew their approvals every two years or fall off the FHA approved list. In addition, condo complexes need to comply with the new, more stringent FHA guidelines to get or keep FHA approval status.

Historical Snapshot of Rocky Hill Sales Activity as of 12/31/2010

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
2010 98 $179,000 $181,308 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 changes to condo mortgage guidelines and the general decline in the housing market are driving buyers to purchase lower priced condos. The real estate market began turning in the 4th quarter of 2007/early 2008. As the  chart below shows sales volumes for Rocky Hill condos below $250,000 have been steady during 2008,2009 and 2010 but there have been fewer closed sales above $250,000 during the same three years.

Sales by Price Range as of 12/31/2010

Year/ Status >$100K $100K– $150K $150K– $200K $200K– $250K $250K– $300K <$300K Total % Change
Active 5 12 7 16 7 6 53  
                 
Pending 0 3 1 1 1 1 7  
                 
Closed                
2010 10 21 35 19 7 6 98 80.99%
2009 9 29 39 23 10 11 121 117.48%
2008 9 25 34 18 3 14 103 73.05%
2007 11 31 27 38 13 21 141 87.58%
2006 15 35 42 34 11 24 161 101.26%
2005 27 40 35 37 14 6 159 115.21%
2004 26 42 42 22 6 0 138 86.25%
2003 30 72 46 10 2 0 160  

Some interesting statistics:

  • All of the units that sold below $150,000 were either foreclosures or units in conversion complexes (complexes that at one time were apartments).
  • The only Rocky Hill condo sales in the 4th quarter that were above $210,000 were either at Skyview (1) or in Active Adult Communities (3).
  • Four units that sold between $250,000 and $300,000 were in Active Adult Communities.
  • All six closed sales above $300,000 were also in Active Adult Communities.

It is not likely that condo mortgage guidelines will relax anytime soon. In addition, industry analyst believe that there is another wave of foreclosures that are expected to come on the market in 2011. Rocky Hill is a desirable centrally located community. Rocky Hill condo prices are expected to remain relatively level in 2011.

Please share your thoughts on the Rocky Hill condo market below or on my Facebook page, Maria Hagan’s Guide to Living in Greater Hartford.

Maria Hagan
Prudential Connecticut Realty
1142d Silas Deane Hwy
Wethersfield, CT 06109
Cell: 860-305-8044
Email: mhagan@prudentialct.com

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