Affordability drove the Meriden market higher as first-time buyers rushed in to take advantage of the $8,000 tax credit.
Sales spiked up from 41 units in September to 59 in October, which is more than double the number of sales from the previous year (28) and is higher than the first three months of 2009 combined (56). Although the median price of $176,500 was still 4.7% lower than October 2008's $185,250, it was 6.9% higher than the $165,000 median from last month. With 11 homes sold so far this month and 98 single-family homes currently pending, November's numbers could be even higher.
It was no different for condominiums. In September, Meriden saw 9 transactions at a median price of $122,000. Both numbers increased in October when 18 deals closed at a median price of $140,000. While that median still represents a drop from last year's $164,900, if it holds for November, it will represent the second year-over-year increase since August.
Now that the tax credit has been extended and expanded to include people who have owned a home for five of the past eight years, I predict we will experience one of the busiest winters ever.
To find out how much home you can TRULY afford so you don't end up putting yourself in the same financial jeopardy as our federal government has, "Make It MARK!" and contact me today! I can provide you with a 'Financial Needs Analysis' which not only tells you how much home you can afford, but it will also show you if you're on track to hit your other financial goals as well.
ZIP Codes: 06450, 06451 Location Characteristics: Connecticut's "Silver City", Meriden is rich with heritage and pride. Once dominated by manufacturing, Meriden is now a community thriving with a new era of business and industry. Residents, business leaders and tourists alike benefit from Meriden's ideal location. Meriden is currently planning an Intermodal Transportation Hub as part of its downtown redevelopment.
Located in the center of Connecticut and thirty minutes or less from 6 major cities in our state, Meriden offers the ideal location for residents, businesses, and visitors alike. Our beautiful 18,000-acre Hubbard Park, the largest municipal park in New England, is home to over one million daffodils and the annual Meriden Daffodil Festival. Hunter Municipal Golf Course is both challenging and picturesque.
About Mark R. Mnich:
My MISSION as a customer service professional specializing in Residential Real Estate is to show my clients how owning real property fits into their overall financial picture and to coach them into making good decisions when buying or selling real estate.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
