Wallingford Market Update: October 2008

The Wallingford housing market improved slightly from September’s numbers. There were fewer homes on the market and homes sold or pending increased by 21%. The average days on market also showed its fifth consecutive month of decline, with homes selling almost a week faster than last month. Both average price per square foot and sales price kept pace with prior months, and the absorption rate dropped significantly to just over 6 months worth of inventory. Condos, on the other hand, are still difficult to accurately analyze since there are so few selling. They seem to be selling quicker, but with only 2 sold in the whole month we don’t get a true picture as we would with a larger sampling. As with houses, the absorption rate has come down dramatically, with “only” 2 years of inventory available as compared to September’s 6 years worth. We’d like to say the market is trying to balance itself, but it’s still too early to say if the downward trend will continue. Here’s the comparison of the last three months:

Single Family Homes

Aug 2008

Sep 2008

October 2008

New Listings

31

34

30

Total Listings

162

186

148

Pending Sales

19

17

23

Homes Sold

27

22

24

Expired Listings

17

13

25

Average Days on Market

68

57

52

Average Price/SqFt

$179

$185

$182

Average Sales Price

$309,437

$286,940

$289,560

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

33

37

27

Condominiums

Aug 2008

Sep 2008

October 2008

New Listings

7

16

8

Total Listings

60

76

57

Pending Sales

16

8

8

Condos Sold

2

1

2

Expired Listings

6

8

15

Average Days on Market

125

121

69

Average Price/SqFt

$172

$169

$178

Average Sales Price

$318,750

$590,000

$285,000

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

130

329

124


For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Date used was provided by the CTMLS (Connecticut Multiple Listing Service.

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Comments

  1. admin

    Thanks, Chris! Come on back any time! And please feel free to leave suggestions or advice on improvements if you so desire.

    Wayne Harriman

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