Wallingford Market Update for February 2011
Here’s the way the housing market is shaping up in Wallingford as of February 28, 2011:
There are currently 157 single family homes for sale in Wallingford:
- Low list price: $55,900
- High list price: $895,000
- Average list price: $330,356
- Median list price: $295,000
- Average Days on Market: 100
- Homes sold on average for 93.5% of list price
There are 60 homes currently under contract, priced between $109,900 and $895,000. Based on the number of homes sold in February (7), it would take approximately 22 months to sell the current inventory.
As for condominiums, there are currently 84 condos for sale:
- Low list price: $82,500
- High list price: $574,900
- Average list price: $235,909
- Median list price: $214,900
- Average Days on Market: 177
- Condos sold on average for 96.1% of list price
There are currently 16 condos under contract, priced between $74,900 and $509,900. Based on the number of condos sold in February (7), it would take 12 months to sell the current inventory.
Here is a chart showing annual home and condo sales in Wallingford so far in 2011:
The number of homes sold in February dropped by 42% from January, while condo sales saw a slight increase; however, the number of homes under contract rose by a hefty 54% in February, while condos under contract dropped by 22%. This may be a sign that home sales will be taking off in the next 4-6 weeks as the Spring housing market gets under full swing. Home prices are still mixed, with single family homes down by 6.7% from February of 2010 and .5% from last month, while condo prices are up 1.2% from February 2010 and 1.3% from last month.
The following chart compares average days on market, or how many days it took to sell a home or condo for the first two months of 2011:
Current average days on market levels are out of line with annual averages and may be the result of several factors: homes being overpriced, buyers looking for deals, and foreclosure/short sales which have been on the market for longer than usual. These numbers are starting to trend downwards and should level off in the next couple of months to around 70-80 days.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.