Wallingford Market Update for June 2010
Here’s the way the housing market is shaping up in Wallingford as of June 30, 2010:
There are currently 210 single family homes for sale in Wallingford (virtually unchanged from last month):
- Low list price: $49,900
- High list price: $989,000
- Average list price: $329,385
- Median list price: $299,450
- Average Days on Market: 62 (up 11% from last month)
- Homes sold on average for 96.8% of list price (up slightly from last month)
There are 63 homes currently under contract, priced between $69,900 and $999,900. Based on the number of homes sold in June (31), it would take approximately 7 months to sell the current inventory, down 36% from May.
As for condominiums, there are currently 106 condos for sale (up 4 from last month):
- Low list price: $55,000
- High list price: $574,900
- Average list price: $223,670
- Median list price: $209,900
- Average Days on Market: 62 (down 3% from last month)
- Condos sold on average for 94.9% of list price (down 2.2% from last month)
There is currently 1 condo under contract, priced at $169,000, down 50% from May. Based on the number of condos in June (20), it would take 5 months to sell the current inventory, unchanged from May.
The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:
Single family home sales rose by 63% in June, from 19 to 31, but condo sales were up by just a single sale. This is encouraging news since the expiration of the tax credit was expected to deflate the sales numbers going into the summer months. Buyer activity is still strong, fueled in part by still low home prices and mortgage rates, but they seem to be more deliberate in their decision making, perhaps due to the state of the economy. July and August’s numbers will hopefully continue the upward trend of the past few months.
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 half of the year:
Average days on market for the two categories both rose in June, continuing their trend of alternating up and down months. The trend may stop this month, as there are some indications that some owners are deciding to rent their homes instead of selling. And, with mortgage criteria becoming more strenuous, this trend might continue through the end of Summer.
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Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.