Wallingford Market Update August 2009

Like the Meriden market, the Wallingford housing market went a bit stagnant in August. Both single family home and condo sales were off from July, and just as in Meriden, the average days on market went up sharply as older inventory was sold. We have been encountering quite a few multiple offer situations, especially in the lower priced properties up to about $250,000. Higher priced properties are beginning to move a little, but the higher the price point the longer it’s taking to sell, or sometimes even to get looked at, even if it’s priced at or below market value.

Now that Autumn is officially upon us, it will be interesting to see if the market picks up any steam as the deadline for the $8000 tax credit approaches. It’s going to be very hard to get a property closed now before November 30th, and we’ve heard that mortgage brokers might get swamped with last minute applications, which could result in some end of November closings getting pushed into December. If that happens, we’ll be seeing many unhappy home buyers.

If you’re a first time home buyer and are looking at homes now, or thinking of starting, time is running out. You’ve got about 2 weeks to get under contract if you hope to be able to close by November 30th, and even that may not be enough time. It’s crunch time, folks…make the move NOW.

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).

Tagged as: 06492, market update, real estate, Wallingford