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Wethersfield Single Family Home Market Statistics as of 10/31/2010

Although it appears that fewer single family homes are projected to sell in 2010 than in 2009, both the median and average sales prices have increased in 2010 over 2009! Are sales prices for single family homes increasing in Wethersfield CT? The first time home buyer tax credit incentivized first time home buyers to purchase their first homes which then enabled existing home buyers to “move up” and purchase larger, more expensive homes at near historic low interest rates.

Historical Snapshot of Wethersfield Sales Activity as of 10/31/2010

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
YTD 2010 185 $235,000 $259,947 73 days
2009 243 $226,000 $246,096 68 days
2008 249 $257,000 $270,145 60 days
2007 292 $262,950 $279,987 58 days
2006 315 $247,500 $270,034 55 days
2005 342 $250,000 $267,014 42 days
2004 294 $239,950 $259,400 43 days
2003 315 $200,000 $222,752 38 days

October 2010 Market Activity

  On Market Pending Sales Closed Sales
October Volumes 31 New Listings 16 Went Under Contract 21 Closed
Total Volumes 132 Homes on Market 31 Total Pending 185 Sold Year to Date
Most Expensive $799,900 $584,750 $850,000
Least Expensive $134,900 $145,000 $105,000
% With Price Reductions 54.01% 48.39% 52.97%

 

The supply time for current inventory (homes currently on the market) is 6.7 months. This is slightly lower than the 7.4 month supply time for inventory at the end of September. In addition, the number of homes on the market also declined during October from 147 as of 10/1/2010 to 132 as of 11/1/2010.

Median Listing and Sales Statistics as of 10/31/2010

  On Market Pending Sales Closed Sales
House Size 1,716 sq.ft. 1,688 sq. ft. 1,550 sq. ft.
Days on Market 65 days 78 days 48 days
List Price $259,000 $244,500 $239,900
Sales Price N/A N/A $235,000
List Price/Sq. Ft. $158.77/sq. ft. $151.04 $163.10/sq. ft.
Sales Price/Sq. Ft N/A N/A $155.73/sq. ft.
Sales Price/List Price Ratio N/A N/A 97.0%

Average Listing and Sales Statistics as of 10/31/2010

  On Market Pending Sales Closed Sales
House Size 1,930 sq.ft. 1,880 sq. ft. 1,736 sq. ft.
Days on Market 100 days 96 days 73 days
List Price $297,802 $268,966 $269,882
Sales Price N/A N/A $259,947
List Price/Sq. Ft. $159.01/sq. ft. $150.03/sq. ft. $161.85/sq. ft.
Sales Price/Sq. Ft N/A N/A $156.30/sq. ft.
Sales Price/List Price Ratio N/A N/A 96.62%

Stop by next month to see if the sales momentum continues for single family homes in Wethersfield CT!

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