Single family homes in Wethersfield are selling in all price ranges, consistent with sales patterns for 2009. Fewer single family homes are selling below $200,000 than did in 2009. This is helping increase the median and average sales prices.
Why have fewer homes sold under $200,000? The first time home buyer tax credit stimulated homes sales under $200,000 to a greater extent in 2009 than in 2010 because it ended on April 30, 2010. The tax credit also provided existing home owners with an incentive to “move up” or “down size”. Although the “move up” tax credit also ended on April 30, 2010, its effect continued in 2010. The “move up” tax credit supported single family home sale above $200,000 and the increase in the median and average sales prices for single family homes in Wethersfield.
Sales by Price Range as of 11/30/2010
|Year/ Status||>$200K||$200K– $250K||$250K– $300K||$300K– $350K||$350K– $400K||<$400K||Total||% Change|
An interesting observation: Homes on the market listed below $200,000 are smaller with 2-bedrooms, or in need of repair. 14 of the 23 active listings are either 2-bedroom homes or short sales being sold in “As Is” condition. 2-bedroom single family homes are a great condo alternative and “As Is” homes are terrific opportunities for today’s bargain hunter. Why rent or pay increasing condo fees when you can own a piece of the American dream? Take a page out of the past and expand or make improvements, a little at a time. Please share your thoughts in the comments section below, or on my Facebook page, Maria Hagan’s Guide to Living in Greater Hartford.