Wallingford Market Update March 2010

Wallingford Market Update for March 2010

Here's the way the housing market is shaping up in Wallingford as of March 31, 2010:

There are currently 169 single family homes for sale in Wallingford (up 7% from February):

• Low list price: $62,900
• High list price: $999,900
• Average list price: $348,843
• Median list price: $309,900
• Average Days on Market: 96 (up 16% from February)
• Homes sold on average for 98.2% of list price (up 5% from February)

There are 7 homes currently under contract, priced between $157,500 and $950,000. Based on the number of homes sold in March (20), it would take approximately 8 months to sell the current inventory, unchanged from February.

As for condominiums, there are currently 98 condos for sale (up 8 from February):

• Low list price: $55,000
• High list price: $569,900
• Average list price: $233,489
• Median list price: $219,900
• Average Days on Market: 54 (down 53% from February)
• Condos sold on average for 96.4% of list price (up less than 1% from February)

There are currently 5 condos under contract, priced between $124,600 and $308,900. Based on the number of condos sold in March (6), it would take 16 months to sell the current inventory, up 45% from February. The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

Single family home sales remained flat, increasing by only one unit in March, while condo sales continued their downward trend for the third straight month. The inventory levels have also been on an upward trend, but it looks like the low interest rates and home buyer tax credit have not been enough to generate any sales growth. One good piece of news is that the properties that are selling are actually going at prices closer to their list prices than in previous months. We are keeping track of the time until the home buyer tax credit expires, and it looks like with only 5 days to go there will be no further extensions. That could change, too, but it's unlikely. The biggest concern for most is what will happen to the market starting in May; will it go back to earlier levels, stabilize, or continue to grow into a closer-to-normal Spring market? It's anyone's guess, but we're betting on a slow, steady stabilization of the market. Only time will tell.

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 quarter of the year:

Interesting to note is the slight increase in days on market for single family homes, but a huge drop for condos. It's currently taking twice as long to sell a single family home as a condo in Wallingford, but over 3 times as many houses sold as did condos. And, inventory is still rising in both categories, which isn't a good sign, but we're betting that April will see an increase in sales as people rush to grab the tax credit before it expires.

For more market info or to inquire about our services, please call us 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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• Wallingford Market Update February 2010 (wallingfordwired.com)
• Wallingford Market Update January 2010 (wallingfordwired.com)