Wallingford CT Market Snapshot for October 2012
Here’s the way the housing market is shaping up in Wallingford as of October 31, 2012:
- Low list price: $32,500
- High list price: $1,500,000
- Average list price: $352,874
- Median list price: $299,948
- Average Days on Market: 67
- Homes sold on average for 98.3% of list price
There are 75 homes currently under contract, priced between $50,000 and $625,000. Based on the number of homes sold in October (17), it would take approximately 10 months to sell the current inventory.
- Low list price: $55,000
- High list price: $529,574
- Average list price: $208,511
- Median list price: $189,900
- Average Days on Market: 76
- Condos sold on average for 92.7% of list price
There are currently 17 condos under contract, priced between $60,000 and $519,000. Based on the number of condos sold in October (8), it would take 9 months to sell the current inventory.
Here is a chart showing annual home and condo sales in Wallingford so far in 2012:
Wallingford home and condo sales managed to remain stable in October, but they were still down 12% from October 2011 and 20% from October of 2010. The average selling price for condos dropped slightly to just over $193,000, while the average sale price for single family homes saw a substantial gain, ending just below $347,000. Thirty year conventional mortgage rates fell to a new low of 3.125%, while CHFA rates for first time home buyers remained unchanged at 2.75 percent.
The decrease in inventory levels and stable sales totals were enough to keep Wallingford in a normal buyer’s market, with about 9.5 months of inventory now available. Expectations are that November sales figures will most likely slide a little as is normal for this time of year. The holidays usually brings with it fewer dedicated buyers looking for property, and this year should be no different. This does not mean that sellers should remove their homes from the market, however; 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 October remained in the $100,000 – $300,000 price range, where 88% of the sales occurred. Above that range there were a few sales, although fewer than in September, 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), and one that was listed at $499,574 that was inexplicably raised to $529,574. With the approaching holidays, we expect to see the selling “sweet spot” to further tighten up.
~Wallingford Properties For Sale~
(zoom out to see more properties)
- Wallingford CT Market Update for September 2012 (wallingfordwired.com)
- Wallingford CT Market Update for August 2012 (wallingfordwired.com)