Wallingford Market Update for October 2010
Here's the way the housing market is shaping up in Wallingford as of October 31, 2010:
There are currently 197 single family homes for sale in Wallingford (down slightly from last month):
- Low list price: $33,000
- High list price: $895,000
- Average list price: $330,408
- Median list price: $289,900
- Average Days on Market: 95 (up 45% from last month)
- Homes sold on average for 97.3% of list price (up slightly from last month)
There are 27 homes currently under contract, priced between $109,900 and $999,900. Based on the number of homes sold in October (23), it would take approximately 9 months to sell the current inventory, up 12% from September. As for condominiums, there are currently 102 condos for sale (down 1 from last month):
- Low list price: $55,000
- High list price: $574,900
- Average list price: $216,950
- Median list price: $199,900
- Average Days on Market: 71 (down 30% from last month)
- Condos sold on average for 94.8% of list price (up slightly from last month)
There is currently no condo under contract, unchanged from September. Based on the number of condos sold in September (7), it would take 15 months to sell the current inventory, an increase of 50% from September. The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:
Sales of both single family homes and condos continued their downward trend, ending lower for the second consecutive month. Sales of single family homes are off 18% from October of last year, while condo sales are off a whopping 36% for the same period. Inventory levels are also up significantly, by 23% and 40% respectively. Interest rates have remained low, but have inched up lately after spending some time at historically low levels. Since we are currently heading into a traditionally quiet time for the market, it's probably safe to say that these figures will not improve through the end of the year.
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 year to date:
Average days on market for both market segments continued the seesaw activity displayed through most of the year; single family homes were up 45% and are averaging 79 days on market for the year to date, while condos were down by 30%, averaging 83 days on market YTD.
For more market info or to inquire about our services, please call Harriman Real Estate at (203) 672-4499!
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.
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