Wallingford Market Update April 2009

The Wallingford housing market turned in another good month in April. Sales volume and time no market remained steady and there are now about 2 1/2 months worth of inventory available, the lowest level in many months.

Condo sales also remained at March’s levels, but average days on market increased as some of the older listings closed. There is still a lot of room for improvement in home values, but as time goes by and more buyers take advantage of the incentives for home owners, the values should increase somewhat and then level off.

An announcement that FHA was going to institute a program to allow home buyers to apply the $8000 tax credit at the closing table proved to be short-lived and was rescinded almost immediately. If this program is resurrected in a form more palatable to FHA/HUD, it should further stimulate the home buying process. We are still awaiting word on if that will happen.

Here’s the comparison of the last three months:

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.

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