Wallingford CT Market Snapshot for November 2012
Here’s the way the housing market is shaping up in Wallingford as of November 30, 2012:
- Low list price: $32,500
- High list price: $1,500,000
- Average list price: $364,582
- Median list price: $331,950
- Average Days on Market: 125
- Homes sold on average for 95.2% of list price
There are 68 homes currently under contract, priced between $95,000 and $650,000. Based on the number of homes sold in November (25), it would take approximately 6 months to sell the current inventory.
- Low list price: $55,000
- High list price: $439,900
- Average list price: $207,863
- Median list price: $191,950
- Average Days on Market: 41
- Condos sold on average for 98.2% of list price
There are currently 16 condos under contract, priced between $60,000 and $440,000. Based on the number of condos sold in November (6), it would take 10 months to sell the current inventory.
Here is a chart showing annual home and condo sales in Wallingford so far in 2012:
Wallingford home sales were not only stable in November, they actually posted a 24% gain over October! Not too shabby! They were unchanged from November 2011 and up 10% from October of 2010. The average selling price for condos was up 6% to just over $204,000, while the average sale price for single family homes was virtually unchanged. Thirty year conventional mortgage rates have pretty much stabilized at around 3.25%, while CHFA rates for first time home buyers again remained unchanged at 2.75 percent.
There was a 20% decrease in inventory levels and that, coupled with the incresed sales totals were enough to drop Wallingford into a balanced market, with about 6 months of inventory now available. Judging from past years performance, we expect December sales figures to do no worse than match this month’s numbers, and they may even exceed them slightly. While the holidays usually brings with it fewer dedicated buyers looking for property, this does not mean that sellers should remove their homes from the market. There will still be activity on their listings, and that activity will be from serious buyers who are ready to buy, so it’s OK to hang in there!
This chart shows what price range most Wallingford homes are selling in:
A home owner’s best chance of selling their home in November remained in the $100,000 – $300,000 price range, where 72% of the sales occurred. Above that range there were a few sales, in fact there were more than double than in October, but there are several homes listed in the higher price bands that are languishing on the market, including 2 priced over $1,000,000 (one was withdrawn from the market).
~Wallingford Properties For Sale~
(zoom out to see more properties)