As part of my marketing efforts, I work to compile data for condo sales in various towns in Connecticut. I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA approved condos and those that are not.
Hamden CT Condo Data for 2013
Hamden has 71 condominium projects of which 7 of them are approved with FHA. There are currently no other condominiums that have been submitted for an FHA approval. Before FHA’s changes in 2011 there were 21 projects on FHA’s Approved Condominiums List.
Analysis of Data
I typically divide the listing data into those in FHA-approved condos and those that are in non-FHA projects. For my business, it’s good to analyze the difference between the two.
In Hamden, condominium listings only have a 50% chance of selling overall. However, units listed in FHA-approved condominiums have almost a 2:1 ratio of sold units to unsold units. In non-FHA projects, units are more likely to not sell than to sell. This is consistent with other towns and cities that I have examined.
Units in FHA-approved condominiums also saw shorter marketing times than those in non-FHA projects. Granted, we are only talking 9 days but this does speak to fact that FHA-approved condominiums have access to more qualified buyers than those that aren’t approved.
Units in FHA-approved projects had an average and median sales price of $171,000. This is $40,000 to $50,000 higher than the average and median sales prices of non-FHA projects, respectively.
It is also interesting to point out that the units that did sell in non-FHA projects had a much lower average sales price than average list price. This would suggest that units that sold in non-FHA projects may have reduced their price in order to sell. This could be due to the inability to attract FHA buyers because that financing option is not available to them.
*NOTE: Closed, Expired and Cancelled listing percentages are calculated by removing the currently Active and Pending Sale data to account only for listings that are no longer on the market. This is why the percentage of closed sales plus the percentage of NOT closed sales may not equal 100%. There are currently 21 units still on the market that were listed during 2013.
The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA. We have assisted nearly 200 condominiums and we can help your association.
ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.
Please contact us with any questions regarding FHA or VA condominium project approvals. You can email me at firstname.lastname@example.org or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
404-433-4565 Cell Phone
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Check out our article in Common Interest magazine on page 19!