Wallingford Market Update for April 2010
Here’s the way the housing market is shaping up in Wallingford as of April 30, 2010:
There are currently 198 single family homes for sale in Wallingford (up 17% from March):
- Low list price: $59,900
- High list price: $895,000
- Average list price: $330,615
- Median list price: $299,900
- Average Days on Market: 71 (down 26% from March)
- Homes sold on average for 94.9% of list price (down 3% from March)
There are 66 homes currently under contract, priced between $74,900 and $999,900. Based on the number of homes sold in April (34), it would take approximately 6 months to sell the current inventory, down 25% from March.
As for condominiums, there are currently 103 condos for sale (up 5 from March):
- Low list price: $55,000
- High list price: $569,900
- Average list price: $241,957
- Median list price: $211,500
- Average Days on Market: 88 (up 63% from March)
- Condos sold on average for 95.7% of list price (down less than 1% from March)
There are currently 5 condos under contract, priced between $124,600 and $308,900, unchanged from March. Based on the number of condos sold in April (12), it would take 9 months to sell the current inventory, down 44% from March.
The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:
Single family home sales almost doubled in April, from 20 to 34. This was not a huge surprise considering that the First Time Homebuyer’s Tax Credit expired at the end of April, and many people were, rightly or wrongly, trying to get a home under deposit before the credit expired. The inventory levels have continued to rise, and now that the tax credit has expired many people are wondering if they will go even higher without that extra incentive to buy. But all is not lost for people who missed the tax credit: Congressman Ron Paul recently introduced legislation to PERMANENTLY extend the tax credit, and expand it to include people who have lost there homes due to natural disasters. Considering the state of the U.S. debt we can’t see this bill being passed, but the provision for aiding victims of natural disaster may garner a strong following. Plus, Congress is looking to extend the bill for national unemployment benefits without regard for the national debt, so don’t count Rep. Paul out just yet.
The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first four months of the year:
Average days on market for the two categories flip-flopped this month, with condos now selling slower than single family homes. Condo sell time shot up 63% in April, while single family homes dropped by 26% to its lowest level of the year. Some of that most likely be attributed to the rush for the tax credit, but condos have been in far less demand than SFH all year, despite lower selling prices. The next few months will be interesting to watch to see if this trend continues or if more buyers opt for condo living now that the tax credit is gone.
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Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.