Wallingford Market Update for January 2010
Here’s the way the housing market is shaping up in Wallingford as of January 31, 2010:
There are currently 131 single family homes for sale in Wallingford:
- Low list price: $59,900
- High list price: $669,900
- Average list price: $343,000
- Median list price: $324,000
- Average Days on Market: 72
- Homes sold on average for 97.5% of list price
There are 52 homes currently under contract, priced between $109,900 and $599,000. Based on the number of homes sold in January (12), it would take approximately 11 months to sell the current inventory.
As for condominiums, there are currently 79 condos for sale:
- Low list price: $76,500
- High list price: $559,900
- Average list price: $228,226
- Median list price: $209,900
- Average Days on Market: 61
- Condos sold on average for 96.9% of list price
There are currently 15 condos under contract, priced between $89,900 and $417,300. Based on the number of condos sold in January (13), it would take 6 months to sell the current inventory.
Here is a chart comparing annual home and condo sales in Wallingford for the past 5 years to year-to-date 2010:
The number of homes sold has been trending downward since 2005, with a slight 5% increase last year. With only 12 homes sold in January, this would seem to indicate annual sales of only 144 units, but it’s still too early in the year to make such a prediction. Several factors, including the Tax Credit and low interest rates, should work to push sales to higher levels in the coming Spring market.
Condos, on the other hand, have been trending downwards every year, with 2009 sales being only 55% of 2005 sales. With 13 sales in January, it appears that the trend may be broken this year, but again, it’s too early to tell.
The following chart compares average days on market, or how many days it took to sell a home or condo during the month of January over the past 5 years, and compared to year-to-date January:
There was a big jump from 2005 to 2006 for single family homes, but since then the average selling time has remained fairly stable between 67 and 76 days year to year. Condos dipped in 2006, then rose sharply through 2008 before trending downwards up until this year.
Overall, sales are going up and selling time is getting shorter, which bodes well for the market up until April 30th, when the home buyer tax credit expires.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.