Wallingford Market Update February 2009

The Wallingford housing market continued to make some headway in February. There were even fewer listings to sell than last month, sales remained at an even pace over the last 3 months, but the homes that sold were on the market for almost twice as long as January. Expired listings were also down by 33%. The average sales price increased by a modest 15%.

Condo sales remained very slow as only 2 sold, just as in December. While the number of new listings rose, the total inventory fell by over 25%, causing the absorption rate to fall by more than 60%. This is still not necessarily good news because the sales are so low, it’s difficult to tell where the trend is moving. As the Spring and Summer business cycles come around and sales pick up, it should be easier to see if this downward trend is sustainable. With passage of the $8000 tax credit for first time home buyers and still-low mortgage rates, we look for the market to gain momentum quickly as Spring approaches.

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).

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