Wallingford Market Update for January 2011
Here's the way the housing market is shaping up in Wallingford as of January 31, 2011: There are currently 144 single family homes for sale in Wallingford:
- Low list price: $55,900
- High list price: $895,000
- Average list price: $324,177
- Median list price: $286,450
- Average Days on Market: 101
- Homes sold on average for 95.7% of list price
There are 39 homes currently under contract, priced between $109,900 and $999,900. Based on the number of homes sold in January (12), it would take approximately 12 months to sell the current inventory. As for condominiums, there are currently 77 condos for sale:
- Low list price: $82,500
- High list price: $574,900
- Average list price: $228,434
- Median list price: $214,900
- Average Days on Market: 192
- Condos sold on average for 96.5% of list price
There are currently 15 condos under contract, priced between $89,900 and $417,300. Based on the number of condos sold in January (18), it would take 13 months to sell the current inventory. Here is a chart comparing annual home and condo sales in Wallingford for the past 6 years to year-to-date 2011:
The number of homes sold has been trending downward since 2005, with a slight 5% increase in 2009 before settling back to 2008 levels last year. Condos continued to decline in 2009, but experienced a 7% increase in 2010 as condos seem to be becoming more popular choices with many homeowners due to their lower purchase and maintenance costs.
The following chart compares average days on market, or how many days it took to sell a home or condo during the month of January over the past 6 years, and compared to year-to-date January:
There was a big jump from 2005 to 2006 for single family homes, then the average selling time remained fairly stable between 67 and 78 days year to year. The 192 for January indicated some foreclosures and short sales that sold after having been on the market for some time. Condos dipped in 2006, then rose sharply through 2008 before trending downwards up until this year. It's unclear what direction ADOM will go this year, but with many more foreclosures expected to hit the market, selling time might not decline any time soon. However, buyers are out in full force seeking to take advantage of still-low interest rates and selling prices which may not have reached bottom yet.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.
Related articles
- Wallingford Market Update for December 2010 (wallingfordwired.com)
- Wallingford Market Update for November 2010 (wallingfordwired.com)
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