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a program to allow home buyers to apply the $8000 tax credit at the closing table proved to be short-lived and was rescinded almost immediately.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:

Single Family Homes

Feb 2009

Mar 2009

Apr 2009

New Listings

21

37

36

Total Listings

86

61

46

Pending Sales

22

26

20

Homes Sold

16

20

20

Expired Listings

12

21

15

Average Days on Market

60

100

103

Average Price/SqFt

$148

$157

$159

Average Sales Price

$251,897

$272,961

$247,443

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

23

13

10

Condominiums

Feb 2009

Mar 2009

Apr 2009

New Listings

17

19

22

Total Listings

34

22

16

Pending Sales

7

9

9

Condos Sold

3

11

10

Expired Listings

6

4

6

Average Days on Market

143

90

128

Average Price/SqFt

$161

$168

$156

Average Sales Price

$203,647

$213,984

$202,588

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

49

9

7


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).

Reblog this post [with Zemanta]

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.