Wallingford Market Update August 2010

Wallingford Market Update for August 2010

Here’s the way the housing market is shaping up in Wallingford as of August 31, 2010:

There are currently 205 single family homes for sale in Wallingford (up slightly from last month):

  • Low list price: $40,000
  • High list price: $895,000
  • Average list price: $319,665
  • Median list price: $289,000
  • Average Days on Market: 83 (down 25% from last month)
  • Homes sold on average for 98.1% of list price (up 2% from last month)

There are 49 homes currently under contract, priced between $61,900 and $999,900. Based on the number of homes sold in August (29), it would take approximately 7 months to sell the current inventory, down 42% from July.

As for condominiums, there are currently 103 condos for sale (down slightly from last month):

  • Low list price: $55,000
  • High list price: $574,900
  • Average list price: $222,289
  • Median list price: $209,900
  • Average Days on Market: 61 (up slightly from last month)
  • Condos sold on average for 94.4% of list price (down slightly from last month)

There is currently 1 condo under contract, priced at $169,000, unchanged from July. Based on the number of condos sold in July (13), it would take 8 months to sell the current inventory, a decrease of 70% from July.

The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:


wlfdsalesaugust2010

Sales of both single family homes and condos rose dramatically in August, by 81% and 225% respectively. Interest rates remain at low levels; in fact, CHFA rates for first time home buyers are at their lowest levels ever at 3.875%, and there are 3 great programs for policemen, teachers and soldiers that have even lower rates. Home and condo prices are still low, but some say interest rates may be on their way up, so it will be interesting to see if September sales figures are similar.

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 year to date:

wlfdadomaugust2010

Average days on market for single family homes dropped considerably in August, and condo ADOM was relatively unchanged. So far for the year, both categories are averaging ADOM in the mid-70 day range.

For more market info or to inquire about our services, please call us at (203) 672-4499!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.


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