Sales of single family homes in Wethersfield continue at a steady pace. Although closed sales at the end of the first quarter 2011 trailed closed sales at the end of 2010 (37 versus 45, respectively), the 2011 sales activity occurred without the first time home buyer tax credit incentive. Does this signify a return to a more normal market?
Historical Snapshot of Wethersfield Sales Activity as of 3/31/2011
|Year||# Units Sold||Median Sales Price||Average Sales Price||Average Days On Market|
|2011 YTD||37||$205,000||$218,401||106 days|
The average days on market has increased 43.24% from 74 days at the end of 2010 to 106 days in at the end of March 2011. The increase in average days on market is contributing to the growth in the absorption rate for Wethersfield Single Family Homes.
In Which Price Ranges Are Buyer’s Buying in 2011?
During the first quarter 2011, 72.97% of the closed sales were under $250,000 and 55.88% of the pending sales were listed for $250,000 or less. This reflects a continuation of the trend we saw in 2010 where buyers purchased more single family homes under $250,000 than above $250,000 in Wethersfield.We are also seeing an increase in the number of closed sales below $200,000. The number of year to date closed sales plus active and pending listings with a list price at or below $200,000 totaling 57, 2 more than closed in all of 2010 below $200,000. This could be a signal that there is still downward pressure on price and will be something to watch carefully in the coming months.
Sales by Price Range as of 3/31/2011
|Year/ Status||>$200K||$200K– $250K||$250K– $300K||$300K– $350K||$350K– $400K||<$400K||Total||% Change|
The Wethersfield single family home market continues to offer a great alternative to renting or condo ownership. Perhaps the volume of available homes under $200,000 is contributing to the lower sales of Wethersfield condominiums. Just a thought.
Why pay rent when you can own your home? If you are interested in buying or selling a single family home in Wethersfield or have questions about buying or selling a home, please contact me on my cell at 860-305-8044 or via email at email@example.com for a free consultations.