Wallingford Market Update March 2009

The Wallingford housing market showed some definite signs of waking up in March. There were a few more listings to sell than last month, but the homes that sold were older inventory. Sales increased by 25% over February and the average sales price was up by only 8 percent. The best news is that there is only slightly more than 3 months worth of inventory available, an indication that the Wallingford market might be balancing.

Condo sales are also up dramatically, having more than tripled since February.  The number of new listings rose again slightly, but the total inventory again fell significantly to its lowest level of the year. This caused the absorption rate to fall to its lowest level of the year as well, just over 2 months of inventory, an 82% drop from February. Just as with single family homes, the average sales price rose and so did days on market, indicating older inventory being sold. The arrival of the Spring market seems to have bolstered condo sales as it has single families, but it’s still early and as business improves, condo sales should do even better. Historic low interest rates and the $8000 tax credit for first time home buyers will continue to bring buyers off the fence for the next few months.

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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Tagged as: market update, Wallingford