North Haven CT Market Update for July 2012

By
Real Estate Broker/Owner with Harriman Real Estate, LLC (203) 672-4499 REB 0788845

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:

North Haven single family homeThere 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.

North Haven condoAs 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:

No. Haven Sales for July 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)

 

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Topic:
Real Estate Market Trends
Location:
Connecticut New Haven County North Haven
Groups:
Local Real Estate Market Reports
City & State: Listings and Market Reports
Realtors®
Posts to Localism
Market Updates
Tags:
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north haven ct
harriman real estate
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Pat & Wayne Harriman

Broker/Owners, Wallingford CT Real Estate
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