Wallingford CT Market Snapshot for September 2012
Here's the way the housing market is shaping up in Wallingford as of September 30, 2012:
There are currently 187 single family homes for sale in Wallingford:
- Low list price: $35,000
- High list price: $1,500,000
- Average list price: $347,071
- Median list price: $299,000
- Average Days on Market: 115
- Homes sold on average for 96.8% of list price
There are 73 homes currently under contract, priced between $63,000 and $625,000. Based on the number of homes sold in September (21), it would take approximately 9 months to sell the current inventory.
As for condominiums, there are currently 78 condos for sale:
- Low list price: $55,000
- High list price: $499,574
- Average list price: $211,179
- Median list price: $192,000
- Average Days on Market: 104
- Condos sold on average for 94.2% of list price
There are currently 13 condos under contract, priced between $60,000 and $519,000. Based on the number of condos sold in September (4), it would take 20 months to sell the current inventory.
Here is a chart showing annual home and condo sales in Wallingford so far in 2012:
As we expected, Wallingford home and condo sales fell for the third consecutive month in September, down 26% from August and down by 22% from September 2011 and 32% from September of 2010. The average selling price for condos dropped slightly to about $199,000, while the average sale price for single family homes rose by virtually the same margin to end at just below $336,000. Thirty year conventional mortgage rates fell back to 3.25%, while CHFA rates for first time home buyers also fell, ending up at 2.75 percent.
The decrease in inventory levels and total sales was enough to move Wallingford out of the balanced market it's been in for the last four months to a normal buyer's market, with almost 10.5 months of inventory now available. Expectations are that October sales figures will most likely continue ton slide as is normal for this time of year. The holidays usually brings with it fewer dedicated buyers looking for property, ad this year should be no different. This does not mean that sellers should remove their homes from the market, however; there will still be activity on their listings, and that activity will be from serious buyers who are ready to buy, so it's OK to hang in there!
This chart shows what price range most Wallingford homes are selling in:
A home owner's best chance of selling their home in September remained in the $100,000 - $300,000 price range, where 60% of the sales occurred. Above that range there were a few sales, although fewer than in August, but there are several homes listed in the higher price bands that are languishing on the market, including 2 priced over $1,000,000 (one was withdrawn from the market). With the approaching holidays, we expect to see the selling "sweet spot" to further tighten up.
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