Wallingford CT Market Update January 2014

Heres whats happening in the Wallingford CT housing market as of January 31, 2014:

There are currently 153 single family homes for sale in Wallingford:

Low list price: $67,500
High list price: $1,299,000
Average list price: $341,449
Median list price: $309,900
Average Days on Market: 77
Homes sold on average for 94.2% of list price

There are 51 homes currently under contract, priced between $38,000 and $749,000. Based on the number of homes sold in January (26), it would take approximately 6 months to sell the current inventory.

As for condominiums, there are currently 57 condos for sale:

Low list price: $53,900
High list price: $579,500
Average list price: $206,795
Median list price: $185,900
Average Days on Market: 175
Condos sold on average for 97.8% of list price

There are currently 22 condos under contract, priced between $75,000 and $330,000. Based on the number of condos sold in January (5), it would take 11 months to sell the current inventory.

Wallingford home sales started 2014 at 33 units sold, the lowest sales level since March of 2013. It was, however, a 32% increase over January of 2012, and a 10% increase over January of 2013. Thirty year conventional mortgage rates have maintained a 4.25% for some time now, while CHFA rates for first time home buyers have also been stable for several weeks and now sit at 3.50 percent.

Inventory levels dropped 7.0% in January and now stand at their lowest levels in two years. Despite the drop, Wallingford remains firmly in a balanced market with just a tad over 6 months of inventory now available. The real estate market is heating up now and inventory and sales prices should continue to rise as the year progresses. Interest rates were predicted late ...