Wallingford Market Update for November 2010
Here's the way the housing market is shaping up in Wallingford as of November 30, 2010:
There are currently 177 single family homes for sale in Wallingford (down 10% from last month):
- Low list price: $33,000
- High list price: $895,000
- Average list price: $331,690
- Median list price: $289,000
- Average Days on Market: 74 (down 22% from last month)
- Homes sold on average for 94.2% of list price (down slightly from last month)
There are 31 homes currently under contract, priced between $79,900 and $999,900. Based on the number of homes sold in November (17), it would take approximately 10 months to sell the current inventory, up 11% from October. As for condominiums, there are currently 92 condos for sale (down 10% from last month):
- Low list price: $55,000
- High list price: $574,900
- Average list price: $219,183
- Median list price: $202,400
- Average Days on Market: 108 (up 51% from last month)
- Condos sold on average for 95.5% of list price (up slightly from last month)
There is currently no condo under contract, unchanged from October. Based on the number of condos sold in November (10), it would take 9 months to sell the current inventory, a decrease of 40% from October. The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:
Sales of single family homes were lower for the third consecutive month, but condo sales were up. Inventory levels are also down for the third consecutive month, most likely fueled now by the holiday season during which many sellers remove their homes from the market, which is actually not as shrewd a move as some would think. Interest rates are on the rise, and this will hopefully spur more people to think about buying now before rates go up much further. Despite the historically quiet time of year there are still some very serious buyers out now, an encouraging sign as we head into 2011.
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 year to date:
Average days on market for both market segments continued the seesaw activity displayed through most of the year; single family homes were down 22% and are averaging 78 days on market for the year to date, while condos were up by 51%, averaging 85 days on market YTD.
For more market info or to inquire about our services, please call Harriman Real Estate at (203) 672-4499!
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.
Related articles
- Wallingford Market Update for October 2010 (wallingfordwired.com)
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