During March the inventory of single family homes in Wethersfield increased by nearly 43% to 116 homes. New pending sales were strong in March with 22 of the 34 pending listings going under contract in March. The Spring market has arrived!
March 2011 Market Activity
| On Market | Pending Sales | Closed Sales | |
| March Volumes | 59 New Listings | 22 New Contracts | 20 Closed This Month |
| 2011 YTD Volumes | 116 Active Listings | 34 Pending Sales | 37 Closed This Year |
| Most Expensive | $749,900 | $584,750 | $445,000 |
| Least Expensive | $114,900 | $115,000 | $75,000 |
| % With Price Reductions | 40.0% | 23.53% | 56.76% |
| Average Days on Market | 115 days | 76 days | 106 days |
Some interesting statistics:
- 9 of the 59 new listings that came on the market during March went under contract before the end of the month!
- 9 of the 37 closed sales were on the market for less than 30 days with no price reductions.
- 14 of the 37 closed sales were on the market for more than 100 days. 13 of these listings had one or more price reductions.
- 4 of the 37 sales closed at the asking price or slightly above!
- Only 3 closed sales, 2 pending sales, and 4 active listings are bank owned properties.
The above statistics show that list price is key to both a quick sale and a full price offer.
Absorption Rate: The absorption rate calculates how long it would take to sell all the active listings on the market assuming no new listings are added to inventory. At the end of March 2011 there was an 8.0 month supply of single family homes on the market as compared to a 7.0 month supply at the end of February 2011 and a 6.3 month supply at the end of March 2010. This is a sign that during the last 12 months sales activity has steadily slowed.
Please share your thoughts on the above statistics in the comments section below, or on my Facebook page, Maria Hagan’s Guide to Living in Greater Hartford or contact me via email at mhagan@prudentialct.com or on my cell, 860-305-8044. I’d like to hear your thoughts.
Maria Hagan
Prudential Connecticut Realty 1142d Silas Deane Hwy Wethersfield, CT 06109 Cell: 860-305-8044 Email: mhagan@prudentialct.com
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