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Wethersfield Condo Sales Activity 2003-2010

Historical Snapshot of Wethersfield Sales Activity as of 12/31/2010

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
2010 31 $135,000 $136,165 73 days
2009 33 $170,000 $146,157 84 days
2008 46 $194,000 $191,021 85 days
2007 60 $163,000 $162,669 46 days
2006 77 $138,000 $152,152 50 days
2005 82 $144,750 $152,727 36 days
2004 50 $134,000 $143,678 42 days
2003 57 $118,000 $120,458 26 days

2010 condo unit sale volumes were slightly below 2009 sale volumes. More importantly, the median and average sales prices declined in 2010. The lower sales volumes and the decline in the median and average sales prices are attributable to:

  • Conventional mortgages increased down payment requirements for condo purchases which vary now based on the Buyers’ credit scores.
  • Both conventional and government mortgage lenders are more carefully reviewing condo documents and financial statements, with a keen focus on reserves.
  • “Spot” approval of non-FHA approved condo complexes was practically eliminated when HUD changed the “spot” approval rules.
  • HUD approval of condo complexes for FHA mortgages is no longer evergreen. FHA approved condo complexes now have to renew their approvals every two years or fall off the FHA approved list. In addition, condo complexes need to comply with new, more stringent, FHA guidelines to get or keep FHA approval status.
  • Competition from smaller single family homes.

The above changes to condo mortgage guidelines and the general decline in the housing market were the basis for Buyers’ purchases of lower priced condos in less expensive complexes or on foreclosure/short sale deals in 2010.

The median and average sales prices for Wethersfield condos are close to 2004 levels. Do you think Wethersfield condo sales have hit bottom? Please share your thoughts by posting your comments below or on my Facebook page, Maria Hagan’s Guide to Living in Greater Hartford.

What Price Ranges Sold?

As the chart below indicates, Wethersfield condos are selling below $200,000. In addition, sales have shifted down from $150,000+ to under $150,000 for the reasons noted above.

Sales by Price Range as of 12/31/2010

Year/ Status >$100K $100K– $150K $150K– $200K $200K– $250K $250K– $300K <$300K Total % Change
Active 3 2 6 3 2 1 17  
                 
Pending 1 2 3       6  
                 
Closed                
2010 9 8 11 1 1 1 31 93.94%
2009 10 3 16 4     33 71.74%
2008 7 7 11 11 6 4 46 76.67%
2007 15 12 17 8 4 4 60 76.92%
2006 24 16 15 17 4 2 78 95.12%
2005 25 22 16 15 4   82 164%
2004 18 12 11 7 1 1 50 87.72%
2003 22 16 16 2 1   57  

It is unlikely that mortgage guidelines for condo purchases will relax anytime soon. In addition, industry analyst believe another wave of foreclosures will come on the market in 2011. The forecast for the Wethersfield condo market  is for prices to remain relatively level in 2011.

Please share your predictions for the Wethersfield Condo Market in 2011 by posting your comments below or on my Facebook page, Maria Hagan’s Guide to Living in Greater Hartford.

Maria Hagan

Prudential Connecticut Realty
1142d Silas Deane Hwy
Wethersfield, CT 06109
Cell: 860-305-8044
Email: mhagan@prudentialct.com

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