Wallingford Market Update September 2009

The Wallingford housing market again reflected the same activity as the Meriden market for September. Both single family home and condo sales were down for the second straight month, and it’s likely that the uncertainty of the tax credit had a lot to do with this. There are still many buyers sitting on the fence, and the recent news of a possible extension of the tax credit to move-up buyers has just added more people to the list.

The time to qualify for the existing $8000 tax credit has surely passed, as it expires at the end of November and the chances of getting a closing done in 30 days is fairly remote, except maybe for the most problem-free of loans. The probability of the new tax credit being signed into law next week seems good, as both chambers of Congress have given it their blessing; now all that remains is a vote to pass it and then the President signing it. Once this is done, there will be a lot more buyers qualifying for the credit, so we should see market activity trend up accordingly. The 4th quarter of the year is traditionally a quiet one for home sales; it will be interesting to see what the new tax credit does to change that.

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, market update, real estate, Wallingford