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Rocky Hill Condo Market Activity As Of 2/28/2011

As the table below shows, the average and the median sales prices in 2011 are below those values for the comparable periods in 2010. This is due to the many changes made in 2010 to underwriting guidelines for both conventional and government loans and the increase in interest rates in early January 2011.

Closed Sales

  February 2011 February 2010 Year to Date 2011 Year to Date 2010
# Closed Sales 1 4 4 9
Average Sales Price $143,000 $183,000 $152,975 $223,333
Median Sales Price $143,000 $169,500 $158,450 $214,000
Average List Price $149,900 $192,650 $159,925 $233,700
Sales to List Price Ratio 95.4% 94.0% 94.48% 94.84%
% With Price Reductions 100% 25% 75.0% 44.44%
Average Days On Market-Closed Sales 163 days 100 days 137 days 92 days
Average Sales Price per Square Foot $149.74/sq. ft. $141.13/sq.ft. $132.76/sq. ft. $161.33/sq.ft.
Average Unit Size 955 sq. ft. 1,225 sq. ft. 1,143 sq. ft. 1,334 sq. ft..

Despite the harsh winter in 2011 pending condo sales  are on par with pending sales at this time last year. In addition, the average list price is higher in 2011 than it was at this time in 201o. This is due to an increase in pending sales in 55+ communities.

Pending Sales

  February 2011 February 2010 Year to Date 2011 Year to Date 2010
# Pending Sales 7 5 12 12
Average List Price for Pending Sales $194,671 $178,320 $199,500 $186,000
% With Price Reductions 42.86% 20% 54.54% 25%
Average Days on Market-Pending Sales 115 days 43 days 125 days 59 days
Average List Price per Square Foot-Pending $161.12/sq. ft. $154.17/sq. ft. $150.65/sq. ft. $156.08/sq. ft.

Inventory is higher in 2011 than it was at this time 2010. Higher levels of inventory has a direct impact on average days on market which is also higher in 2011 than during the same period in 2010. The increase in average days on market is evident in closed and pending sales as well as active listings. As of February 28, 2011 there was a 13.5 month supply of condos on the market in Rocky Hill. If all the pending sales close and inventory remains flat, the supply of condos will decrease to 4.0 month. This means that on average it will take four months to sell all the condos currently on the market.

Active Listings (Inventory)

  February 2011 February 2010 Year to Date 2011 Year to Date 2010
# Active Listings 5 11 60 40
Average List Price for Active Listings $303,920 $150,464 $215,285 $178,440
% With Price Reductions 20.0% 27.27% 49.18% 55.0%
Average Days on Market-Active Listings 19 days   126 days 120 days
Average List Price per Square Foot-Actives $169.10/sq. ft. $127.69/sq. ft. $156.17/sq. ft. $148.27/sq.ft.
Months Supply of Inventory w/o Pending 13.5 Months 4.7 Months 13.5 Months 8.4 Months
Months Supply of Inventory w/Pending 4.0 Months 1.7 Months 4.0 Months 3.7 Months

The percentage of condo listings with price reductions among closed and pending sales is comparable to 2010 levels or higher. Price reductions and higher days on market give buyers leverage and bargaining power. Studies show, in general, the longer a home is on the market, the lower its sale to list price ratio. Pricing a home correctly is the key to maximizing the sales price.

When do Buyers buy Rocky Hill Condos?

Month # Closed 2011 # Closed
2010
# Closed
2009
# Closed
2008
# Closed
2007
January 3 5 4 3 8
February 1 4 5 6 7
March   8 4 11 9
April   10 9 4 11
May   17 9 15 11
June   15 13 8 14
July   6 14 11 19
August   9 14 12 19
September   6 5 15 14
October   8 16 7 14
November   7 12 3 5
December   3 16 8 10
Total 4 98 121 103 141
Avg. Days On Market 137 days 80 days 87 days 100 days 64 days

2011 closed sales should rebound nicely in March if all 12 pending sales close prior to month end. This is really good news because 2011 sales activity is not being driven by the First Time Home Buyer Tax Credit! Hopefully, the sales momentum will continue throughout 2011.

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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