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Wethersfield Single Family Home Sales Activity 2003-2011

Sales of single family homes in Wethersfield continue at a steady pace. Although closed sales at the end of the first quarter 2011 trailed closed sales at the end of 2010 (37 versus 45, respectively), the 2011 sales activity occurred without the first time home buyer tax credit incentive. Does this signify a return to a more normal market?

Historical Snapshot of Wethersfield Sales Activity as of 3/31/2011

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
2011 YTD 37 $205,000 $218,401 106 days
2010 215 $235,000 $259,110 74 days
2009 243 $226,000 $246,096 68 days
2008 249 $257,000 $270,145 60 days
2007 292 $262,950 $279,987 58 days
2006 315 $247,500 $270,034 55 days
2005 342 $250,000 $267,014 42 days
2004 294 $239,950 $259,400 43 days
2003 315 $200,000 $222,752 38 days

 

The average days on market has increased 43.24% from 74 days at the end of 2010 to 106 days in at the end of March 2011. The increase in average days on market is contributing to the growth in the absorption rate for Wethersfield Single Family Homes.

In Which Price Ranges Are Buyer’s Buying in 2011?

During the first quarter 2011, 72.97% of the closed sales were under $250,000 and 55.88% of the pending sales were listed for $250,000 or less. This reflects a continuation of the trend we saw in 2010 where buyers purchased more single family homes under $250,000 than above $250,000 in Wethersfield.We are also seeing an increase in the number of closed sales below $200,000. The number of year to date closed sales plus active and pending listings with a list price at or below $200,000 totaling 57, 2 more than closed in all of 2010 below $200,000. This could be a signal that there is still downward pressure on price and will be something to watch carefully in the coming months.

Sales by Price Range as of 3/31/2011

Year/ Status >$200K $200K– $250K $250K– $300K $300K– $350K $350K– $400K <$400K Total % Change
Active 24 36 28 8 5 15 116  
                 
Pending 15 4 8 2 2 3 34  
                 
Closed                
2011 YTD 18 9 6 2 0 2 37  
2010 55 70 39 23 13 15 215 89.21%
2009 76 71 45 26 11 12 241 97.97%
2008 38 82 54 41 17 14 246 85.12%
2007 30 97 71 47 25 19 289 92.93%
2006 49 114 67 36 21 24 311 92.28%
2005 69 104 84 32 28 20 337 116.21%
2004 90 75 55 32 20 18 290 92.65%
2003 156 77 35 21 16 8 313  

The Wethersfield single family home market continues to offer a great alternative to renting or condo ownership. Perhaps the volume of available homes under $200,000 is contributing to the lower sales of Wethersfield condominiums. Just a thought.

Why pay rent when you can own your home? If you are interested in buying or selling a single family home in Wethersfield or have questions about buying or selling a home, please contact me on my cell at 860-305-8044 or via email at mhagan@prudentialct.com for a free consultations.

Maria Hagan

Hartford CT Real Estate Agent
East Hartford CT Real Estate Agent
Wethersfield CT Real Estate Agent
Rocky Hill CT Real Estate Agent
Homes for Sale in Greater Hartford CT

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