Wallingford CT Market Update for January 2012
Here’s the way the housing market is shaping up in Wallingford as of January 31, 2012:
There are currently 188 single family homes for sale in Wallingford:
- Low list price: $25,900
- High list price: $850,000
- Average list price: $313,363
- Median list price: $279,945
- Average Days on Market: 112
- Homes sold on average for 94.6% of list price
There are 49 homes currently under contract, priced between $85,000 and $495,000. Based on the number of homes sold in January (20), it would take approximately 9 months to sell the current inventory.
As for condominiums, there are currently 74 condos for sale:
Low list price: $46,900- High list price: $559,900
- Average list price: $213,125
- Median list price: $189,900
- Average Days on Market: 118
- Condos sold on average for 95.7% of list price
There are currently 11 condos under contract, priced between $49,900 and $495,000. Based on the number of condos sold in January (6), 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:
Wallingford home and condo inventories were fairly stable in the first month of 2011, as single family homes gained two units to 188 units (compared to 144 in January ’11) and condos doing a little better, adding 7 units to end at 74 units for the month. The average selling price actually improved over December though, as condos gained 3% to $203,897, while single family homes rose 7% to $296,410. Total sales decreased by 26% from December, but was up by a hefty 44% over January 2011. This decrease in sales and inventory resulted in the Wallingford housing market losing its balanced market status, and is now in a normal buyer’s market. Conventional mortgage rates were still below 4% and CHFA rates for first time home buyers continued its impressive run at 3.25 percent. We predicted last month that the market would fall back to between 25-30 sales for the month, and we were right on at 26 sales. However, just as in Meriden, we believe the holiday doldrums will have a harsh effect on February sales and sales will struggle to get to the 25-30 range. We do hope we’re proven wrong!
~Wallingford Properties For Sale~
(zoom out to see more properties)
Related articles
- Wallingford CT Market Update for December 2011 (wallingfordwired.com)
- Wallingford CT Market Update for November 2011 (wallingfordwired.com)
- Wallingford CT Market Update for October 2011 (wallingfordwired.com)
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