Wallingford CT Market Update for February 2012

Wallingford CT Market Update for February 2012

Here’s the way the housing market is shaping up in Wallingford as of Febuary 29, 2012:

There are currently 187 single family homes for sale in Wallingford:

• Low list price: $32,900
• High list price: $850,000
• Average list price: $317,572
• Median list price: $287,500
• Average Days on Market: 85
• Homes sold on average for 97.0% of list price

There are 56 homes currently under contract, priced between $85,000 and $533,000. Based on the number of homes sold in February (12), it would take approximately 16 months to sell the current inventory.

As for condominiums, there are currently 72 condos for sale:

• Low list price: $46,900
• High list price: $559,900
• Average list price: $206,814
• Median list price: $177,450
• Average Days on Market: 69
• Condos sold on average for 84.4% of list price

There are currently 18 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in February (2), it would take 36 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 inventories showed little movement in February, but sales in both categories took a nosedive: single family home sales were down 40% and condo sales fell by 67% to just 2 units sold. The average selling price for condos also fell significantly, to $174,448 because the 2 units that sold only brought 84.7% of list price. The average sale price for single family homes was the one bright spot, rising about 5% for the month to almost $308,000. As bad as total sales were in February of 2011 they were worse this February, down by 43% from last year, and March’s numbers will only be marginally better. Conventional mortgage rates were still below 4% and CHFA rates for first time home buyers remained at 3.25 percent, but they were not enough to entice buyers to come off the fence. It should be no surprise that, with such depressing numbers, the Wallingford market was in an extreme buyer’s market heading into March.

~Wallingford Properties For Sale~

(zoom out to see more properties)

Related articles

• Wallingford CT Market Update for January 2012 (wallingfordwired.com)
• Wallingford CT Market Update for December 2011 (wallingfordwired.com)
• Wallingford CT Market Update for November 2011 (wallingfordwired.com)