Wallingford Market Update October 2009

The Wallingford housing market was mixed in October, with single family home sales rising slightly, but condo sales off slightly. Median and average sales prices were down for all homes except the median sales price for condos, which rose by a scant 3 percent.  Homes priced around $250,000 were the bulk of sales this month, as investors and first time home buyers made inroads into the home inventory. Prices continue to fall and it appears the descent isn’t over yet.

The Home Buyer’s tax Credit was extended and expanded earlier this month, and it will be interesting to see if the market responds with increased sales through the end of the year  and into 1st Qtr 2010. The credit will expire at the end of April 2010 and there will surely be no further extension of the credit after that, so home buyers may see this as the do-or-die period between now and next April to take advantage of the credit, falling prices and historically low interest rates, which continue to hover around the mid to high 4 percent level. The next 6 months will be very interesting, indeed.

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: 06492, homes for sale, market update, real estate, Wallingford