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!