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:

Single Family Homes

Dec 2008

Jan 2009

Feb 2009

New Listings

28

29

21

Total Listings

134

107

86

Pending Sales

9

15

22

Homes Sold

14

14

15

Expired Listings

30

18

12

Average Days on Market

87

66

113

Average Price/SqFt

$171

$133

$145

Average Sales Price

$376,742

$206,057

$235,793

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

41

33

25

Condominiums

Dec 2008

Jan 2009

Feb 2009

New Listings

9

11

17

Total Listings

61

46

34

Pending Sales

6

8

7

Condos Sold

2

1

2

Expired Listings

10

15

6

Average Days on Market

61

124

153

Average Price/SqFt

$134

$150

$151

Average Sales Price

$216,375

$123,500

$193,500

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

132

199

74


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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