Wallingford CT Market Update February 2010

Wallingford CT Market Update for February 2010

Here's the way the housing market is shaping up in Wallingford as of February 28, 2010:

There are currently 158 single family homes for sale in Wallingford (up 20% from January):

• Low list price: $159,900
• High list price: $824,900
• Average list price: $353,454
• Median list price: $321,950
• Average Days on Market: 83 (up 15% from January)
• Homes sold on average for 93.6% of list price (down 2% from January)

There are 64 homes currently under contract, priced between $125,000 and $950,000. Based on the number of homes sold in February (19), it would take approximately 8 months to sell the current inventory. As for condominiums, there are currently 90 condos for sale (up 14 from January):

• Low list price: $76,500
• High list price: $569,900
• Average list price: $232,683
• Median list price: $219,900
• Average Days on Market: 114 (up 87% from January)
• Condos sold on average for 96.3% of list price (up less than 1% from January)

There are currently 9 condos under contract, priced between $124,600 and $417,300. Based on the number of condos sold in February (8), it would take 11 months to sell the current inventory. The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

The number of homes sold "sprang forward" in anticipation of the March time change, jumping 58 % to 19 units. This is very encouraging since many areas, both locally and around the country, saw deceases in home sales during this period. The Tax Credit and low interest rates should continue work to push sales to higher levels in the coming Spring market, especially since the tax credit is about five weeks from expiring and there has been no indication that it will be extended.

Condos, on the other hand, went in the opposite direction, falling by 38% from 13 to 8. Since the inventory went up, this means that the amount of time it would take to sell the available inventory also rose, climbing from 8 months to 11 months. We have been seeing an increased interest in condos over the past 30 days, so we'll see if that translates into sales.

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 first two months of the year:

As you can see, both single family homes and condos took longer to sell in February than January, but the increase in selling time for condos was particularly marked. It appears that, although people are getting back into the buying arena, there is still plenty of inventory and buyers are not rushing into anything. We'll see if that holds true as the tax credit expiration date approaches.

For more information about our local market, please call Harriman Real Estate, LLC 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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