Wallingford Market Update for June 2010

Here’s the way the housing market is shaping up in Wallingford as of June 30, 2010:

There are currently 210 single family homes for sale in Wallingford (virtually unchanged from last month):

• Low list price: $49,900
• High list price: $989,000
• Average list price: $329,385
• Median list price: $299,450
• Average Days on Market: 62 (up 11% from last month)
• Homes sold on average for 96.8% of list price (up slightly from last month)

There are 63 homes currently under contract, priced between $69,900 and $999,900. Based on the number of homes sold in June (31), it would take approximately 7 months to sell the current inventory, down 36% from May.

As for condominiums, there are currently 106 condos for sale (up 4  from last month):

• Low list price: $55,000
• High list price: $574,900
• Average list price: $223,670
• Median list price: $209,900
• Average Days on Market: 62 (down 3% from last month)
• Condos sold on average for 94.9% of list price (down 2.2% from last month)

There is currently 1 condo under contract, priced at $169,000, down 50% from May. Based on the number of condos  in June (20), it would take 5 months to sell the current inventory, unchanged from May.

The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

Single family home sales rose by 63% in June, from 19 to 31, but condo sales were up by just a single sale. This is encouraging news since the expiration of the tax credit was expected to deflate the sales numbers going into the summer months. Buyer activity is still strong, fueled in part by still low home prices and mortgage rates, but they seem to be more deliberate in their decision making, perhaps due to the state of the economy. July and August’s numbers will hopefully continue the upward trend of the past few months.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first half of the year:

Average days on market for the two categories both rose in June, continuing their trend of alternating up and down months. The trend may stop this month, as there are some indications that some owners are deciding to rent their homes instead of selling. And, with mortgage criteria becoming more strenuous, this trend might continue through the end of Summer.

For more market info or to inquire about our services, please call us at (203) 672-4499!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update for June 2010

Meriden Market Update for May 2010

Here’s the way the housing market is shaping up in Meriden as of May 31, 2010:

There are currently 270 single family homes for sale in Meriden (up 5% from last month):

• Low list price: $39,900
• High list price: $1,599,000 (yup, still on the market!)
• Average list price: $219,169
• Median list price: $209,900
• Average Days on Market: 72 (up 13% from last month)
• Homes sold on average for 96.0% of list price (virtually unchanged from last month)

There are 80 homes currently under contract, priced between $29,900 and $349,900. Based on the number of homes sold in May (38), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 107 condos for sale (down 12% from last month):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $137,670
• Median list price: $139,900
• Average Days on Market: 47 (down 78% from last month, which an aberration)
• Condos sold on average for 92.7% of list price (down 2% from last month)

There are currently 25 condos under contract, priced between $25,200 and $220,000. Based on the number of condos sold in May (11), it would take 10 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

Meriden single family home sales edged up slightly, trying to maintain the levels of the past two months, while condo sales trended downward for the second consecutive month, nearing the levels of January and February. On the plus side, average list and selling prices of condos rose, as did the number under deposit. However, the May sold numbers aren’t in line with the state-wide statistics which show a 33.3% increase in condo sales in May, and a 39% increase in single family home sales. Interest rates remain low – in fact, at or near record lows – but it remains to be seen if recent changes in Fannie Mae mortgage requirements put a further damper on market performance.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the year to date:

After April’s aberration, it was good to see days on market come back down to more acceptable levels, which were some of the best so far in 2010, especially for single family homes. Hopefully, these trends continue during the summer months.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update May 2010

Wallingford Market Update for May 2010

Here’s the way the housing market is shaping up in Wallingford as of May 31, 2010:

There are currently 211 single family homes for sale in Wallingford (up 7% from last month):

• Low list price: $59,900
• High list price: $895,000
• Average list price: $333,926
• Median list price: $309,900
• Average Days on Market: 56 (down 27% from last month)
• Homes sold on average for 96.6% of list price (up 2% from last month)

There are 63 homes currently under contract, priced between $130,000 and $999,900. Based on the number of homes sold in May (19), it would take approximately 11 months to sell the current inventory, up 83% from April.

As for condominiums, there are currently 102 condos for sale (down 1 from last month):

• Low list price: $55,000
• High list price: $574,900
• Average list price: $238,818
• Median list price: $214,900
• Average Days on Market: 64 (down 27% from last month)
• Condos sold on average for 97.1% of list price (up 1.5% from last month)

There are currently 2 condos under contract, priced between $169,000 and $189,900, down 60% from April. Based on the number of condos sold in May (19), it would take 5 months to sell the current inventory, down 44% from April.

The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

Single family home sales fell by 44% in May, from 34 to 19. The expiration of the First Time Home Buyer’s Tax Credit seems to have taken the wind out of the sails of the market somewhat, even though it was extended for qualified military personnel. There was good news, however, as homes sold quicker, for a higher price and closer to their listing price than last month, the first month this year where all three criteria all improved together. The best news might possibly be that, of the 211 homes for sale, only 9 of them are short sales, according to MLS statistics. The tax credit bill that was introduced by Ron Paul appears to have been voted down by a vote of 57 to 41, with 60 votes needed to pass, but there is still a chance that it could be brought to the table again after the July 4th holiday. It remains unclear if the required 60 votes can be reached, however, as 1 Democrat and 3 moderate Republicans who usually vote with Democrats all voted NO on this bill. In addition, there remains the question as to the wisdom of extending the tax credit once again. On the one hand, it will help those whose sales met the requirements for the credit but have been held up by the banks; on the other hand, it will add to the already huge deficit created in part by the original credit and added to by the extensions already passed.  This scenario will be watched intently over the next few weeks.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first four months of the year:

Average days on market for the two categories both dropped significantly in May, surely an encouraging sign. It will be interesting to see if this is maintained going into the post-tax credit period. There is some signs that it might, as the number of short sales seems to be remaining low, but foreclosures are still an unknown quantity.

For more market info or to inquire about our services, please call us at (203) 672-4499!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update May 2010

Meriden Market Update for April 2010

Here’s the way the housing market is shaping up in Meriden as of April 30, 2010:

There are currently 257 single family homes for sale in Meriden (down 3.3% from March):

• Low list price: $39,900
• High list price: $1,599,000 (yup, still on the market!)
• Average list price: $218,240
• Median list price: $204,900
• Average Days on Market: 64 (down 23% from March)
• Homes sold on average for 96.5% of list price (virtually unchanged from March)

There are 97 homes currently under contract, priced between $49,500 and $390,000. Based on the number of homes sold in April (35), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 121 condos for sale (up slightly from March):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $133,730
• Median list price: $135,000
• Average Days on Market: 214 (up 185% from March)
• Condos sold on average for 94.6% of list price (up 2.6% from March)

There are currently 22 condos under contract, priced between $25,200 and $220,000. Based on the number of condos sold in April (13), it would take 9 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

Both single family homes and condo sales were down in April, by 13% and 27% respectively, but both totals were still far above February, and it looks like the tax credit still had some influence on buyer’s decisions in Meriden. It does look, however, as though sales for both categories might be on a downward trend going in the summer months, even though sale prices have been inching upwards in Meriden all year.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first four months of the year:

You can see on the chart above that single family homes were selling a lot faster in April, which is a good sign, but the aberration is condo sales. The 185% increase was influenced heavily by a couple of bank-owned sales that had been on the market for 8-9 months, but the big culprit was one that has been for sale for over 4 years! The bad news is, even taking that one out of the mix, ADOM would have still risen by 56% to 117 days.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update April 2010

Wallingford Market Update for April 2010

Here’s the way the housing market is shaping up in Wallingford as of April 30, 2010:

There are currently 198 single family homes for sale in Wallingford (up 17% from March):

• Low list price: $59,900
• High list price: $895,000
• Average list price: $330,615
• Median list price: $299,900
• Average Days on Market: 71 (down 26% from March)
• Homes sold on average for 94.9% of list price (down 3% from March)

There are 66 homes currently under contract, priced between $74,900 and $999,900. Based on the number of homes sold in April (34), it would take approximately 6 months to sell the current inventory, down 25% from March.

As for condominiums, there are currently 103 condos for sale (up 5 from March):

• Low list price: $55,000
• High list price: $569,900
• Average list price: $241,957
• Median list price: $211,500
• Average Days on Market: 88 (up 63% from March)
• Condos sold on average for 95.7% of list price (down less than 1% from March)

There are currently 5 condos under contract, priced between $124,600 and $308,900, unchanged from March. Based on the number of condos sold in April (12), it would take 9 months to sell the current inventory, down 44% from March.

The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

Single family home sales almost doubled in April, from 20 to 34.  This was not a huge surprise considering that the First Time Homebuyer’s Tax Credit expired at the end of April, and many people were, rightly or wrongly, trying to get a home under deposit before the credit expired. The inventory levels have continued to rise, and now that the tax credit has expired many people are wondering if they will go even higher without that extra incentive to buy. But all is not lost for people who missed the tax credit: Congressman Ron Paul recently introduced legislation to PERMANENTLY extend the tax credit, and expand it to include people who have lost there homes due to natural disasters. Considering the state of the U.S. debt we can’t see this bill being passed, but the provision for aiding victims of natural disaster may garner a strong following. Plus, Congress is looking to extend the bill for national unemployment benefits without regard for the national debt, so don’t count Rep. Paul out just yet.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first four months of the year:

Average days on market for the two categories flip-flopped this month, with condos now selling slower than single family homes. Condo sell time shot up 63% in April, while single family homes dropped by 26% to its lowest level of the year. Some of that most likely be attributed to the rush for the tax credit, but condos have been in far less demand than SFH all year, despite lower selling prices. The next few months will be interesting to watch to see if this trend continues or if more buyers opt for condo living now that the tax credit is gone.

For more market info or to inquire about our services, please call us at (203) 672-4499!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update April 2010

Meriden Market Update for March 2010

Here’s the way the housing market is shaping up in Meriden as of March 31, 2010:

There are currently 266 single family homes for sale in Meriden (up 4% from February):

• Low list price: $39,900
• High list price: $1,599,000 (yup, still on the market!)
• Average list price: $218,036
• Median list price: $204,900
• Average Days on Market: 84 (up 5% from February)
• Homes sold on average for 96.7% of list price (up 3% from February)

There are 98 homes currently under contract, priced between $17,500 and $390,000. Based on the number of homes sold in March (40), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 118 condos for sale (up slightly from February):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $130,292
• Median list price: $129,950
• Average Days on Market: 75 (down 11% from February)
• Condos sold on average for 97.1% of list price (up about 2% from February)

There are currently 19 condos under contract, priced between $54,900 and $189,900. Based on the number of condos sold in March (18), it would take 7 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

In a complete turnaround from February, home sales rose in Meriden by 111% in March, surely indicative of home buyers trying to take advantage of the tax credit before it expires.

Condo sales also skyrocketed, up 125 percent for the month. Consequently, even though inventory of single family homes and condos both increased, the time it would take to sell that inventory was effectively cut in half, bringing both markets closer to normal than it has been for some time. As I write this, there are only 3 days left for the home buyer tax credit and it will be interesting to watch sales for the remainder of the month to see if there is any last minute rush.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first two months of the year:

There were slight changes in average days of market for both homes and condos, but they went in opposite directions. ADOM for single family homes went up a little, but condo time on market came down. Neither number is anything to be excited about, but it remains to be seen if either trend will continue, or if they will both start decreasing further as the Spring market heats up. With the expiration of the tax credit only days away, speculation abounds as to whether the market will take off or if diminished demand for housing will be the order of the day. Interest rates, while inching upwards, are still at historic lows and there are still deals to be had.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update March 2010

Wallingford Market Update for March 2010

Here’s the way the housing market is shaping up in Wallingford as of March 31, 2010:

There are currently 169 single family homes for sale in Wallingford (up 7% from February):

• Low list price: $62,900
• High list price: $999,900
• Average list price: $348,843
• Median list price: $309,900
• Average Days on Market: 96 (up 16% from February)
• Homes sold on average for 98.2% of list price (up 5% from February)

There are 7 homes currently under contract, priced between $157,500 and $950,000. Based on the number of homes sold in March (20), it would take approximately 8 months to sell the current inventory, unchanged from February.

As for condominiums, there are currently 98 condos for sale (up 8 from February):

• Low list price: $55,000
• High list price: $569,900
• Average list price: $233,489
• Median list price: $219,900
• Average Days on Market: 54 (down 53% from February)
• Condos sold on average for 96.4% of list price (up less than 1% from February)

There are currently 5 condos under contract, priced between $124,600 and $308,900. Based on the number of condos sold in March (6), it would take 16 months to sell the current inventory, up 45% from February.

The following chart shows annual home and condo sales in Wallingford for year-to-date 2010:

Single family home sales remained flat, increasing by only one unit in March, while condo sales continued their downward trend for the third straight month. The inventory levels have also been on an upward trend, but it looks like the low interest rates and home buyer tax credit have not been enough to generate any sales growth. One good piece of news is that the properties that are selling are actually going at prices closer to their list prices than in previous months. We are keeping track of the time until the home buyer tax credit expires, and it looks like with only 5 days to go there will be no further extensions. That could change, too, but it’s unlikely. The biggest concern for most is what will happen to the market starting in May; will it go back to earlier levels, stabilize, or continue to grow into a closer-to-normal Spring market? It’s anyone’s guess, but we’re betting on a slow, steady stabilization of the market. Only time will tell.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first quarter of the year:

Wallingford ADOM March 2010

Interesting to note is the slight increase in days on market for single family homes, but a huge drop for condos. It’s currently taking twice as long to sell a single family home as a condo in Wallingford, but over 3 times as many houses sold as did condos. And, inventory is still rising in both categories, which isn’t a good sign, but we’re betting that April will see an increase in sales as people rush to grab the tax credit before it expires.

For more market info or to inquire about our services, please call us at (203) 672-4499!

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update March 2010

Meriden Market Update for February 2010

Here’s the way the housing market is shaping up in Meriden as of February 28, 2010:

There are currently 256 single family homes for sale in Meriden (up 8% from January):

• Low list price: $17,500
• High list price: $1,599,000 (yes, million)
• Average list price: $221,480
• Median list price: $207,750
• Average Days on Market: 80 (up 167% from January…ouch)
• Homes sold on average for 94.2% of list price (down 3% from January)

There are 86 homes currently under contract, priced between $30,000 and $439,900. Based on the number of homes sold in February (19), it would take approximately 13 months to sell the current inventory.

As for condominiums, there are currently 114 condos for sale (up 10 from January):

• Low list price: $31,900
• High list price: $399,900
• Average list price: $130,081
• Median list price: $133,900
• Average Days on Market: 86 (up 41% from January)
• Condos sold on average for 95.6% of list price (up less than 1% from January)

There are currently 23 condos under contract, priced between $54,900 and $189,900. Based on the number of condos sold in February (8), it would take 14 months to sell the current inventory.

The following chart shows home and condo sales in Meriden for year-to-date 2010:

Home sales dropped in Meriden by 21% in February, mirroring many other local and national markets. The tax credit and low interest rates didn’t seem to motivate too many people to buy last month, but that may change in March, especially since the tax credit is about five weeks from expiring and there has been no indication that it will be extended.

Condo sales also dropped, by almost the same margin as single family homes, 20 percent. This, along with the 11% increase in inventory, means the time it would take to sell off all the available condos also increased, by 40%. Again, with so many homes to choose from, it seems like people are taking their time to find a good deal in Meriden. And there are plenty to be had.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first two months of the year:

As you can see, both single family homes and condos took longer to sell in February than January, but unlike Wallingford, the biggest increase in selling time was in single family homes. It appears that, although people are getting back into the buying arena, there is still plenty of inventory and buyers are not rushing into anything. We’ll see if that holds true as the tax credit expiration date approaches.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update February 2010

Wallingford Market Update for February 2010

Here’s the way the housing market is shaping up in Wallingford as of February 28, 2010:

There are currently 158 single family homes for sale in Wallingford (up 20% from January):

• Low list price: $159,900
• High list price: $824,900
• Average list price: $353,454
• Median list price: $321,950
• Average Days on Market: 83 (up 15% from January)
• Homes sold on average for 93.6% of list price (down 2% from January)

There are 64 homes currently under contract, priced between $125,000 and $950,000. Based on the number of homes sold in February (19), it would take approximately 8 months to sell the current inventory.

As for condominiums, there are currently 90 condos for sale (up 14 from January):

• Low list price: $76,500
• High list price: $569,900
• Average list price: $232,683
• Median list price: $219,900
• Average Days on Market: 114 (up 87% from January)
• Condos sold on average for 96.3% of list price (up less than 1% from January)

There are currently 9 condos under contract, priced between $124,600 and $417,300. Based on the number of condos sold in February (8), it would take 11 months to sell the current inventory.

The following  chart shows annual home and condo sales in Wallingford for year-to-date 2010:

The number of homes sold “sprang forward” in anticipation of the March time change, jumping 58 % to 19 units. This is very encouraging since many areas, both locally and around the country, saw deceases in home sales during this period. The Tax Credit and low interest rates should continue work to push sales to higher levels in the coming Spring market, especially since the tax credit is about five weeks from expiring and there has been no indication that it will be extended.

Condos, on the other hand, went in the opposite direction, falling by 38% from 13 to 8. Since the inventory went up, this means that the amount of time it would take to sell the available inventory also rose, climbing from 8 months to 11 months. We have been seeing an increased interest in condos over the past 30 days, so we’ll see if that translates into sales.

The following chart compares average days on market (ADOM), or how many days it took to sell a home or condo during the month, for the first two months of the year:

As you can see, both single family homes and condos took longer to sell in February than January, but the increase in selling time for condos was particularly marked. It appears that, although people are getting back into the buying arena, there is still plenty of inventory and buyers are not rushing into anything. We’ll see if that holds true as the tax credit expiration date approaches.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update February 2010

Meriden Market Update for January 2010

Here’s the way the housing market is shaping up in Meriden as of January 31, 2010:

There are currently 237 single family homes for sale in Meriden:

• Low list price: $17,500
• High list price: $749,000
• Average list price: $217,000
• Median list price: $209,000
• Average Days on Market: 30
• Homes sold on average for 96.7% of list price

There are 77 homes currently under contract, priced between $47,000 and $399,000. Based on the number of homes sold in January (24), it would take approximately 10 months to sell the current inventory.

As for condominiums, there are currently 104 condos for sale:

• Low list price: $39,000
• High list price: $399,900
• Average list price: $134,537
• Median list price: $137,450
• Average Days on Market: 61
• Condos sold on average for 96.2% of list price

There are currently 29 condos under contract, priced between $54,900 and $210,000. Based on the number of condos sold in January (10), it would take approximately 10 months to sell the current inventory.

Here is a chart comparing annual home and condo sales in Meriden for the past 5 years to year-to-date 2010:

The number of homes sold has been trending downward since 2005, but saw a 20% increase last year. Early projections put annual home sales for 2010 at 420, but several factors, including the Tax Credit and low interest rates, should work to push sales to higher levels in the coming Spring and Summer markets.

Condos, on the other hand, have been trending downwards every year, with 2009 sales being only 41% of 2005 sales. With 10 sales in January, it looks like sales with be flat this year, but it’s far too early to tell.

The following chart compares average days on market, or how many days it took to sell a home or condo during the month of January over the past 5 years, and compared to year-to-date January:

Over the past five years, both houses and condos have taken increasingly longer to sell, reaching a 5-year high last year of 110 days and 83 days, respectively. Those times are down sharply in January, but it remains to be seen if they can be sustained or improved upon throughout the rest of the year.

Similar to the Wallingford market, it appears sales are going up and selling time is getting shorter, which bodes well for the market up until April 30th, when the home buyer tax credit expires, and hopefully beyond.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update January 2010