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South Windsor Real Estate – March 2009 Market Report

South Windsor, Connecticut Real Estate Market Report
March 2009

Welcome to South Windsor, Connecticut!!  Having a better understanding of the current South Windsor real estate market conditions is critical in order to help you make a more informed decision when buying or selling a home in South Windsor.  To keep you up to date, I have included March 2009’s market profile and trends for your consideration.

Property Sales
March Property sales were 20, down -9.1% from 22 in March of 2008 and 150.0% higher than the 8 sales last month. March 2009 sales were at their lowest level compared to March of 2008 and 2007. March YTD sales of 43 are running -23.2% behind last year’s year-to-date sales of 56.

Prices
The Median Sales Price in March was $274,000, up 23.4% from $222,000 in March of 2008 and up 5.4% from $260,000 last month. The Average Sales Price in March was $321,245, up 26.9% from $253,054 in March of 2008 and up 24.6% from $257,875 last month. March 2009 ASP was at the highest level compared to March of 2008 and 2007.

Inventory & MSI
The Total Inventory of Properties available for sale as of March was 137, down -3.5% from 142 last month and up 7.0% from 128 in March of last year. March 2009 Inventory was at a mid level compared with March of 2008 and 2007. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2009 MSI of 6.9 months was at its highest level compared with March of 2008 and 2007.

Market Time
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for March was 82, up 12.3% from 73 days last month and down -3.5% from 85 days in March of last year. The March 2009 DOM was at a mid level compared with March of 2008 and 2007.

Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The March 2009 Selling Price per Square Foot of $154 was down -3.6% from $160 last month and up 3.2% from 149 in March of last year.

Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The March 2009 Selling Price vs Original List Price of 93.9% was up from 92.5% last month and down from 94.2% in March of last year.

Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in March 2009 was 53, up 12.8% from 47 last month and down -8.6% from 58 in March of last year.

For further information about the South Windsor, CT real estate market or news and events taking place in South Windsor, including current homes for sale, property values and more, I encourage you to visit the most complete real estate website online www.BurkeCTHomes.com.

South Windsor CT Realtor Brian Burke, ABR
RANKED Top 1% Nationally
RANKED Top 10 in CLOSED SALES for 2009 (out of 2,500 agents)
International President’s Circle
Coldwell Banker Residential Brokerage
cell:  (860) 798-3272
email:  burkecthomes@gmail.com

P.S.   Are you considering buying or selling a home in South Windsor, CT?  How about the Hartford County area?  Selecting the most experienced agent dedicated to the South Windsor, CT area is imperative to promoting your home correctly as a seller or bidding on a home aggressively as a buyer.  Call or email me to setup a no obligation consultation, and I’ll outline each of the many strategies I utilize to gain the best results for my clients.

Cell:  (860) 798-3272
Email:  burkecthomes@gmail.com