Morris Cove New Haven CT Real Estate Market Report May 2009
Understanding the general direction of the current Morris Cove real estate market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Morris Cove.
There are currently 31 homes for sale in Morris Cove ranging in price from $89,900 to $799,000.
In the month of May 2009 there were two homes that closed. This is an decrease of three homes as there were five homes that closed in May 2008.
The average sales prices of the homes sold in May 2009 was $200,000 with an average 226 days on the market versus $253,500 for those sold in May 2008 with an average 100 days on the market.
Below is a summary of the Morris Cove New Haven CT real estate market that provides a more in depth view of market conditions over the past twelve months.
For the period of January - May 2008 there were 16 homes sold with an average list price of $258,481, average sales price of $243,150, a median sales price of $236,250, an average days on market of 79 days with a 93% sale price to list price ratio.
For the period of January - May 2009 there were 10 home sold with an average list price of $189,300, average sales price of $171,650, a median sales price of $178,750, an average days on market of 149 days with a 91% sales price to list price ratio.
In reviewing this comparison of year to year market data, there has been a decrease in the average sales price and average median sales price indicating a continued weakness in the real estate market. The sale of four distressed properties during the past 6 months contributed to the lower average sales price year over year. The number of homes sold saw a significant decline year over year while the average days on market has been rising. The average sale price to list price year to year is also seeing a slight decrease..
The data for the Morris Cove New Haven CT real estate market report for May 2009 is based on statistics provided from the CTMLS (private sales are not included nor are mobile homes).
There are great opportunities for today's buyers looking for affordabe homes in Morris Cove under $300,000 with 3+ bedrooms with the added benefit for those who may qualify for the $8,000 First Time Homebuyer Tax Credit and the great low interest rates that are available.
If you're considering selling your Morris Cove home, we'd be happy to provide you with a Pin-Point Price Analysis of your home which will help you determine what it might sell for in today's market.
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Contact Donna Bigda Realtor® RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.
If you're thinking about buying a home in Morris Cove New Haven CT there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Morris Cove real estate homes or condos, see Morris Cove real estate or sign up today to get access the hottest new listings here Morris Cove New Haven CT homes and condos.
If email is your communication preference, email me at donna@donnabigda.com.
Copyright © 2009 by Donna Bigda, All Rights Reserved ...*Morris Cove New Haven CT Market Report - May 2009*
P.S. If you are listing your home as a short sale in New Haven County Connecticut make sure you hire an agent who knows how to do short sales, can give you the expertise to help relieve the uncertainty and most of all, help your family. Call or email for a no obligation consultation.
Hi Donna;
Thank you for sharing your market area report with us, good luck!
Donna - The market report is certainly important to both buyers and sellers. Here is hoping the market will be much improved in the next few months.
Hi Donna! Great market report, as always. I have noticed that specific neighborhoods are suffering significantly with distressed sales on the rise. I have been working with short sales and really do try to get the maximum in a short period of time so that the local markets aren't hurting as badly as some who sell them at rock bottom price just to dump them. I don't think they realize that they're damaging the residual market when they price these things so incredibly low. Hopefully the experienced short sale folks who have the knowledge to think from both sides will be the ones pricing these homes down the road!
Have a great weekend...
Donna - this is certainly good information for buyers and sellers. You clearly are the local area expert in the Morris Cove Ne Haven CT real estate market.
Jeff
certified distressed prop specialist - is that a remax designation? I like you breakdown for you niche -well done!
Hi Donna, Good post. Thanks for sharing.
Best - Sash
As usual another market report filled with lots of great information to keep folks up to speed in your area.
Joan, hummmmm I see the word decrease in there, I don't like decrease unless it is in the number of days on the market. Got to turn those decreases into increases :) :)
Anthony - You're welcome.
Jennifer - I'm hoping to see an improvement in the near future too.
Debe - I agree. Some of the distressed properties though are in need of total rehab or a lot of TLC. The short sales have caused a slight decrease in the average sales price but not to the extent of what these more distressed bank owned properties do. It's a vicious cycle and buyers and sellers alike need to be aware of what is affecting the sales price of homes in their neighborhoods.
Jeff - It's alwyays a pleasure put together the Morris Cove New Haven CT real estate market reports since I love the area and live there too!
Liz - The Certified Distressed Property Expert designation is not limited to just RE/MAX agents although RE/MAX highly endorses it. There are scheduled courses taking place all over the country and it can be taken online too.
Bill - Which is just what they need to stay on top of what's taking place in the Morris Cove area.
George - I don't like to see the word decrease either. Hopefully we'll start to see the market make a turn for the better very soon.