Wallingford CT Market Update for July 2012
Here’s the way the housing market is shaping up in Wallingford as of July 31, 2012:
- Low list price: $35,000
- High list price: $1,500,000
- Average list price: $344,980
- Median list price: $299,000
- Average Days on Market: 71
- Homes sold on average for 95.5% of list price
There are 75 homes currently under contract, priced between $40,000 and $625,000. Based on the number of homes sold in July (27), it would take approximately 8 months to sell the current inventory.
- Low list price: $55,000
- High list price: $519,000
- Average list price: $214,790
- Median list price: $192,000
- Average Days on Market: 65
- Condos sold on average for 85.5% of list price
There are currently 13 condos under contract, priced between $79,900 and $335,000. Based on the number of condos sold in July (13), it would take 6 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 receded slightly in July: single family home sales were down by 18% compared to June but they were 81% better than July 2010 and virtually unchanged from July 2011, while condo sales were down 7% from the month before, down 38% from July of 2011, but up a whopping 225% from July 2010. The average selling price for condos slid to $183,000, while the average sale price for single family homes was up slightly to just over $332,000.While sales fell in July, so did inventory, so the balanced market from the past three months is still in place. As we head into the slower Fall market that may change, however.
As we feared, thirty year conventional mortgage rates rose to 3.5%, while CHFA rates also rose to 2.875 percent.This may signal the beginning of a series of rate increases which will cost buyers who are still waiting on the fence more money over the long term. For example, the result of the recent .25% increase in the rate on a $200,000 mortgage would mean a buyer pays almost $30 more a month, or almost $11,000 over the life of the loan. Doesn’t sound like much, but it’s money that would have gone elsewhere had the buyers acted now.
~Wallingford Properties For Sale~
(zoom out to see more properties)