December 2010 Market Activity
| On Market | Pending Sales | Closed Sales | |
| December Volumes | 2 New Listings | 4 Went Under Contract | 1 Closed This Month |
| Total Volumes | 17 Listings on Market | 6 Total Pending Sales | 31 Closed This Year |
| Most Expensive | $319,900 | $199,000 | $317,500 |
| Least Expensive | $71,599 | $64,000 | $54,500 |
| % With Price Reductions | 58.82% | 66.67%% | 41.93% |
| Average Days on Market | 126 Days | 67 Days | 73 Days |
During December, condo inventory in Wethersfield decreased from 24 to 17 active listings. This is not uncommon during the holiday season. The supply time for condo units on the market increased from 9.0 months in November to 9.4 months in December.
The average days on market for condo units decreased in 2010 from 84 to 73 days. Units priced for today’s market sold quickly, and, some even had multiple offers.
When do Buyers buy Wethersfield Condos?
| Month | # Closed 2010 |
# Closed 2009 |
# Closed 2008 |
# Closed 2007 |
| January | 2 | 3 | 4 | 6 |
| February | 0 | 0 | 2 | 0 |
| March | 3 | 3 | 2 | 7 |
| April | 6 | 1 | 2 | 5 |
| May | 2 | 3 | 8 | 8 |
| June | 7 | 4 | 6 | 5 |
| July | 1 | 4 | 4 | 6 |
| August | 3 | 5 | 4 | 9 |
| September | 0 | 2 | 3 | 4 |
| October | 1 | 3 | 5 | 5 |
| November | 5 | 4 | 3 | 3 |
| December | 1 | 1 | 3 | 2 |
| Total | 31 | 33 | 46 | 60 |
| Avg. Days On Market | 73 days | 84 days | 85 days | 46 days |
As the above chart shows, condo units sell through out the year, with a concentration in the spring and fall markets. But a sale actually starts six to eight weeks before closing. During 2010, days on market averaged 73 days. This means that the “average” sale that closes in June, was listed in February – 73 days for marketing + 45 days for contract (inspections, appraisal & mortgage) for a total of 118 days, on average from date of listing to date of closing. Condo owners thinking about selling in the 2011 should be preparing their units now for the spring market.
If you are thinking about selling, please contact me on my cell, 860-305-8044, or via email at mhagan@prudentialct.com for a complimentary market analysis and a copy of my comprehensive marketing plan.
Maria Hagan
Prudential Connecticut Realty 1142d Silas Deane Hwy Wethersfield, CT 06109 Cell: 860-305-8044 Email: mhagan@prudentialct.comHartford CT Real Estate Agent
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