We saw a significant jump in inventory this quarter, as the temperature started to improve. As of this morning, there are 252 single family listings in Hamden, of which 41 are on "on deposit/continue to show" status. The bulk of the inventory (95 homes) is priced between $200-$300,000. Of these listings, prices have been raised on only 6 homes. There are fewer price cuts, however, probably in anticipation of a good month for sales in April. Buyers have 30 days to make their choices and get a house on deposit to qualify for the first time homebuyers tax credit of $8000.
Of the 74 properties sold since January 2nd, 27 are short sales or bank owned. 65 homes sold in the same period last year. The average sales price today is $222,757, vs $223,675 a year ago. The average price per square foot is $135.82 and these homes sold for 96.57% of the last asking price. The average time on the market was 88 days. Overall, there is a slight improvement in the time it takes to sell a property and in the number of properties sold. All statistics are courtesy of the Greater New Haven Association of Realtors.
Agents I talk to agree that the level of activity has increased. We'll see how that translates to sales at the end of April and in the coming months. The low interest rates may continue to fuel this market, even when the buyer incentive programs expire. Most people understand that these rates are artificially low and will not remain so for much longer.