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Wallingford Market Update July 2010

By Pat & Wayne Harriman

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

August 31, 2010 01:53 AM

Wallingford Market Update for July 2010

Here's the way the housing market is shaping up in Wallingford as of July 31, 2010:

There are currently 199 single family homes for sale in Wallingford (down slightly from last month):

Low list price: $45,000
High list price: $895,000
Average list price: $322,509
Median list price: $294,900
Average Days on Market: 110 (up 77% from last month)
Homes sold on average for 96.1% of list price (down slightly from last month)

There are 62 homes currently under contract, priced between $126,700 and $999,900. Based on the number of homes sold in July (16), it would take approximately 12 months to sell the current inventory, up 71% from May. As for condominiums, there are currently 109 condos for sale (up slightly from last month

):

Low list price: $55,000
High list price: $574,900
Average list price: $223,132
Median list price: $205,900
Average Days on Market: 59 (down 18% from last month)
Condos sold on average for 95.1% of list price (up slightly from last month)

There is currently 1 condo under contract, priced at $169,000, unchanged from June. Based on the number of condos in July (4), it would take 27 months to sell the current inventory, a dramatic increase of 440% from June. The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

Single family home sales dropped dramatically in July, mirroring the poor showing across the country. Condo sales were down even more, falling to a 2010 low of just 4 sales for the month. Interest rates continue to fall to record lows, even dipping into the high 3% range in some areas. It is uncertain how much longer rates will maintain these levels; some experts feel current rates are unsustainable and predict a rise in rates soon. Unemployment remains high, at almost 10% nationally and just under 9% in Connecticut for July, with no immediate relief in site as businesses continue to shed jobs as fast as others add them. The good news is that buyers are still actively looking for homes, and we currently have 6 homes under contract and scheduled to close in September, and a couple more in October. Short sales continue to be problematic, taking several months to come to fruition and even then sometimes falling apart due to failure of the banks to accept offers below what is owed on the mortgage.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first half of the year:

Average days on market for single family homes skyrocketed in July, while condos fell appreciably. The abnormally high DOM for single family homes was fueled by 3 overpriced homes that were on the market for over 9 months each, and sold for considerably less than asking price. Condo ADOM fell back to slightly under May's level, but with only 4 sales and unstable inventory, it's difficult to say if this will carry over to August.

For more market info or to inquire about our services, please call us at (203) 672-4499!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.