Wallingford Market Update for March 2011
Here’s the way the housing market is shaping up in Wallingford as of March 31, 2011:
There are currently 178 single family homes for sale in Wallingford:
- Low list price: $55,900
- High list price: $895,000
- Average list price: $321,868
- Median list price: $289,900
- Average Days on Market: 92
- Homes sold on average for 95.0% of list price
There are 53 homes currently under contract, priced between $135,000 and $895,000. Based on the number of homes sold in March (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 March (23), it would take 8 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 March jumped dramatically, by 86% for condos and 229% for single family homes. This is an early indication that the Spring market has arrived; however, the average sales price for all homes continues to fall in Wallingford, down by about 1% overall from February’s prices. Other indicators show improvement though, with average days on market and absorption rate down, while list price to sell price ratio is up. The number of condos under deposit rose by 44%, but the number of single family homes under contract fell by 12%. Lastly, the total number of properties for sale rose for both categories.
The following chart compares average days on market, or how many days it took to sell a home or condo for the first three months of 2011:
Average days on market for all properties have been trending downward every month so far this year, which is a good sign. Attractive interest rates and declining home prices should continue to stimulate the local market for the next few months, but inventory levels need to come down before we see any sustained improvement.
Wallingford Properties For Sale
(zoom out to see more properties)
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.