Wallingford Market Update for May 2010
Here’s the way the housing market is shaping up in Wallingford as of May 31, 2010:
There are currently 211 single family homes for sale in Wallingford (up 7% from last month):
- Low list price: $59,900
- High list price: $895,000
- Average list price: $333,926
- Median list price: $309,900
- Average Days on Market: 56 (down 27% from last month)
- Homes sold on average for 96.6% of list price (up 2% from last month)
There are 63 homes currently under contract, priced between $130,000 and $999,900. Based on the number of homes sold in May (19), it would take approximately 11 months to sell the current inventory, up 83% from April.
As for condominiums, there are currently 102 condos for sale (down 1 from last month):
- Low list price: $55,000
- High list price: $574,900
- Average list price: $238,818
- Median list price: $214,900
- Average Days on Market: 64 (down 27% from last month)
- Condos sold on average for 97.1% of list price (up 1.5% from last month)
There are currently 2 condos under contract, priced between $169,000 and $189,900, down 60% from April. Based on the number of condos sold in May (19), it would take 5 months to sell the current inventory, down 44% from April.
The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:
Single family home sales fell by 44% in May, from 34 to 19. The expiration of the First Time Home Buyer’s Tax Credit seems to have taken the wind out of the sails of the market somewhat, even though it was extended for qualified military personnel. There was good news, however, as homes sold quicker, for a higher price and closer to their listing price than last month, the first month this year where all three criteria all improved together. The best news might possibly be that, of the 211 homes for sale, only 9 of them are short sales, according to MLS statistics. The tax credit bill that was introduced by Ron Paul appears to have been voted down by a vote of 57 to 41, with 60 votes needed to pass, but there is still a chance that it could be brought to the table again after the July 4th holiday. It remains unclear if the required 60 votes can be reached, however, as 1 Democrat and 3 moderate Republicans who usually vote with Democrats all voted NO on this bill. In addition, there remains the question as to the wisdom of extending the tax credit once again. On the one hand, it will help those whose sales met the requirements for the credit but have been held up by the banks; on the other hand, it will add to the already huge deficit created in part by the original credit and added to by the extensions already passed. This scenario will be watched intently over the next few weeks.
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 both dropped significantly in May, surely an encouraging sign. It will be interesting to see if this is maintained going into the post-tax credit period. There is some signs that it might, as the number of short sales seems to be remaining low, but foreclosures are still an unknown quantity.
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Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.