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Wethersfield Condo Market Activity as of 12/31/2010

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.com

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