Wallingford CT Market Update for February 2013

Heres whats happening in the Wallingford CT housing market as of February 28, 2013:

There are currently 135 single family homes for sale in Wallingford:

Low list price: $32,500

High list price: $1,350,000

Average list price: $352,091

Median list price: $329,900

Average Days on Market: 109

Homes sold on average for 96.1% of list price

There are 72 homes currently under contract, priced between $95,000 and $700,000. Based on the number of homes sold in February (18), it would take approximately 8 months to sell the current inventory.

As for condominiums, there are currently 61 condos for sale:

Low list price: $45,000

High list price: $489,900

Average list price: $234,841

Median list price: $229,900

Average Days on Market: 179

Condos sold on average for 93.7% of list price

There are currently 25 condos under contract, priced between $65,000 and $420,000. Based on the number of condos sold in February (6), it would take 10 months to sell the current inventory.

Wallingford home sales dropped again in February to 24 units, down from 30 in January. Despite the drop in sales, the numbers were up 60% from February 2012, however, and up 71% from February of 2011. The average selling price for condos showed another healthy gain in February, rising to just over $219,000, while the average sale price for single family homes was just over $338,000. Thirty year conventional mortgage rates remained unchanged at 3.50%, and CHFA rates for first time home buyers also remained unchanged at 2.75 percent.

Inventory levels rose 2.0% in February, but not enough to offset the decreased sales totals. The result was enough to push Wallingford deeper into the the balanced market it entered last month, with just over 8 months of inventory now available. Were hoping that the increase in inventory and sales prices continues as the year progresses, but we would not be surprised if interest rates begin to inch upwards again, so buyers should continue to do their homework and be ready to act quickly if you find the right home for you, while sellers should keep their homes in tip-top showing condition and priced well to attract well-qualified buyers.

Here is a chart showing annual home and condo ...