North Haven CT Market Update for July 2012
Here's the way the housing market is shaping up in North Haven as of July 31, 2012:
There are currently 107 single family homes for sale in North Haven:
- Low list price: $144,500
- High list price: $1,499,000
- Average list price: $364,945
- Median list price: $289,000
- Average Days on Market: 39
- Homes sold on average for 96.5% of list price
There are 48 homes currently under contract, priced between $144,900 and $699,900. Based on the number of homes sold in July (25), it would take approximately 4 months to sell the current inventory.
As for condominiums, there are currently 14 condos for sale:
- Low list price: $67,000
- High list price: $329,900
- Average list price: $196,979
- Median list price: $199,900
- Average Days on Market: 23
- Condos sold on average for 91.6% of list price
There are currently 5 condos under contract, priced between $64,500 and $192,900. Based on the number of condos sold in July (2), it would take 7 months to sell the current inventory.
Here is a chart showing annual home and condo sales in North Haven so far in 2012:
Sales in North Haven saw a fourth consecutive month of increases, beating June by 32%, July 2011 by 79%, and July 2010 by 127%. In fact, 2012 sales figures are the best they've been in the past two years. Inventory levels have again declined slightly, and combined with the strong sales numbers, North Haven's market has improved from a balanced real estate market to now being a normal seller's market with just under 4.5 months of inventory available.
Conventional mortgage rates are still enjoying their lowest rates in years, but they have now risen to 3.5%, and CHFA rates for first time home buyers also crept up to 2.875 percent. It looks like we may have seen the last of declining rates, and if this is the case, buyers who have been contemplating a move should now begin to feel some urgency in making it. Every day they delay could potentially add thousands of dollars to their mortgage. Just as an example, the result of the recent .25% increase in the rate on a $200,000 mortgage would mean a buyer pays almost $30 more a month, or almost $11,000 over the life of the loan, money that could have been used elsewhere.
~North Haven Properties For Sale~
(zoom out to see more properties)
- North Haven CT Market Update for June 2012 (wallingfordwired.com)
- North Haven CT Market Update for May 2012 (wallingfordwired.com)