Wallingford CT Market Update for March 2012
Here's the way the housing market is shaping up in Wallingford as of March 31, 2012:
There are currently 200 single family homes for sale in Wallingford:
- Low list price: $49,900
- High list price: $1,500,000
- Average list price: $334,766
- Median list price: $294,700
- Average Days on Market: 132
- Homes sold on average for 93.0% of list price
There are 78 homes currently under contract, priced between $40,000 and $549,900. Based on the number of homes sold in March (14), it would take approximately 14 months to sell the current inventory.
As for condominiums, there are currently 73 condosfor sale:
- Low list price: $64,900
- High list price: $559,900
- Average list price: $211,234
- Median list price: $189,900
- Average Days on Market: 51
- Condos sold on average for 94.3% of list price
There are currently 30 condos under contract, priced between $46,900 and $469,000. Based on the number of condos sold in March (5), it would take 15 months to sell the current inventory.
Here is a chart showing annual home and condo sales in Wallingford so far in 2012:
Like Meriden, Wallingford home and condo inventories showed slight gains in inventory levels in March, but sales didn't show as much improvement as our neighbor to the North: single family home sales were up by only 16%, while condo sales rose by 150%, but that just meant a rise to 5 units sold from 2 the month before. The 14 total sales for the month was down by 47% from March 2011, and down a whopping 70% from 2010 when 46 total units sold. In a time when many people are forecasting a real estate recovery for the area, this isn't exactly confidence-inspiring news, especially when Meriden is seeing far better results. The average selling price for condos was back to previous levels at just under $200K, while the average sale price for single family homes was up slightly to just over $311,000. After a short jump over the 4% mark, conventional mortgage rates fell below 4% again, while CHFA rates for first time home buyers also fell back to their previous low of 3.125 percent. While the improvement is there, Wallingford remained in an extreme buyer's market heading into April, but consumer activity in April shows signs of life coming to the local market.
~Wallingford Properties For Sale~
(zoom out to see more properties)