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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Wallingford Market Update for June 2010

JULY 2010 Housing Trends Newsletter

Welcome to the most current Housing Trends Newsletter. This Newsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends Newsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the JULY 2010 Housing Trends Newsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

For more detailed information about a specific market area, call Harriman Real Estate at (203) 672-4499 today!

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Housing Trends Newsletter for July 2010

Fieldstone Farm Premium Residential Community, Wallingford, CT

Fieldstone Farm is an established, sought-after community of 95 homes built by Baker Residential, offering high quality and fine craftsmanship in a serene setting.  Fieldstone Farm is an Open Space Planned Residential Community (OSPRC), with minimum monthly HOA fees (currently $112) for maintenance of the common areas, such as the open space and gazebo/pond area.

Five models were offered at time of construction:

Ashford – 2,215 sf with three bedrooms plus a loft, 2 2/1 baths, great room with fireplace, a gourmet kitchen, open dining area to great room. There is a spacious first floor master bedroom suite, two spacious bedrooms and a loft are on the second floor.  The Ashford comes in the standard Colonial style, Country Cottage or Arts & Crafts, each with distinctive design features.

Branford – 2,495 sf with three bedrooms and 2 ½ baths. There is a spacious kitchen with breakfast nook, open to a large family room with fireplace, plus a formal dining room and first floor laundry.  The second floor offers a beautiful master bedroom suite and two additional bedrooms.  The various styles for the Branford include New England, Colonial and Arts & Crafts.

Stonington – 2,536 sf with three bedrooms and 2 ½ baths.  The Stonington has a formal living room and dining room, open floorplan for the family room, gourmet kitchen and breakfast nook and first floor laundry.  The second floor has a large master bedroom suite and two additional bedrooms.  This model comes includes the Colonial, New England and Arts & Crafts style.

Cheshire – 2,635 sf with three bedrooms and 2 ½ baths.  This popular model has a formal dining room, gourmet kitchen which is open to breakfast area and great room with fireplace, office area and first floor master bedroom suite.  The second floor has two additional bedrooms and bath.  The Cheshire offers a New England style, Country Cottage or Arts & Crafts version. (Pictured at right)

Madison – 2,747 sf with four bedrooms and 2 ½ baths.  The Madison model is the largest, with a formal living room and dining room, plus a gourmet kitchen, breakfast area open to family room with fireplace, library and first floor master bedroom suite.  There are three additional spacious bedrooms on the second floor.  This model comes in the Colonial, New England or Arts & Crafts style. (Pictured at left)

Fieldstone Farm has over 100 acres of open space surrounding this beautiful community.  There is a park-like area available for residents, with a small pond and gazebo for summer enjoyment. There are sidewalks throughout the community with plenty of cul-de-sac areas for walkers.  Fieldstone Farm is located near highways (Rt 91, 15 & 691) and close to shopping and dining.  If you would like information on any homes currently for sale at Fieldstone Farm or have questions about the community, please contact Harriman Real Estate by phone ar (203)672-4499, or by email at pharriman@harrimanre.com.

Open space at the rear of the development…..

View of one of the neighborhood streets….

The Fieldstone Farm Gazebo…

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Fieldstone Farm Premium Residential Community, Wallingford CT

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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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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Wallingford Market Update May 2010

Economic data moved mortgage rates this week. Slower than expected economic growth data and tame inflation figures were favorable for mortgage markets. As a result, mortgage rates ended the week lower.

Heading into a Fed meeting next week, the low inflation data released this week means that there is little pressure on the Fed to begin raising the fed funds rate. May Core Consumer Price Index (CPI) inflation rose at a 0.9% annual rate, the lowest level in four decades. Usually the major task of Fed officials is to prevent inflation from moving too high, but they are now concerned about the risk that inflation will drop too low. Fed officials are most comfortable when inflation remains in the 1.5% to 2.0% range. This also means that there is little inflationary pressure to push mortgage rates higher. Of course, with expectations set so low, if inflation were to surprisingly increase in coming months, it could cause a large reaction in mortgage markets.

Will the “close by” deadline to receive the Home Buyer Tax Credit be extended? The answer to this question is not known as of this Friday morning. The Senate has approved an amendment to a larger bill to do so, but the larger bill is still being debated and its passage is not certain. Extending the “close by” deadline will benefit qualifying home buyers who are not able to close by June 30, the original deadline. Extending the deadline sooner rather than later would help relieve some anxiety. Right now, people in all phases of the home buying process are working very long hours to close an unusually large number of purchases before the end of the month.

For expert assistance with your financing needs, call Michele Poulin, Retail Sales Manager at Wells Fargo, (203) 440-3745.

Here are this week’s rates:

Friday, June 18th, 2010

All rate quotes are for a 60-day lock with 0 points and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 4.875% APR = 5.065%

15 yr conforming fixed: rate = 4.250% APR = 4.573%

5/1 yr conforming FHA ARM: rate = 3.625% APR = 3.324%

5/1 yr conforming ARM: rate = 3.750% APR = 3.765%

30 yr FHA Fixed : rate = 4.875 APR = 5.630%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of June 17 – June 23 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.250 % (APR range 4.350 – 4.750%)

Fees: Up to One Point (1% Origination Fee) * Payable to Lender

Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)

(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 4.250 % (APR range 4.350 – 4.750%)

Fees: Up to $2000 Application Fee * Payable to Lender

Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.

Courtesy of Harriman Real Estate LLC and Wells Fargo Home Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

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Mortgage Rate Update 6/18/10

Housing Trends Newsletter for June 2010

Welcome to the most current Housing Trends Newsletter, courtesy of Harriman Real Estate. This newsletter is specially designed for our customers and clients, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends Newsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the JUNE – 2010 Newsletter Housing Trends Newsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

For more detailed information about a specific market area, call Harriman Real Estate at (203) 672-4499 today!

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

Housing Trends Newsletter for June 2010

Global economic news was the primary influence on US mortgage markets this week. While the US data released during the week was mixed, an improved economic outlook in many other countries was unfavorable for bond markets. As a result, mortgage rates ended the week a little higher.

In recent weeks, mortgage rates have fallen to the lowest levels in decades. This has occurred, in part, due to the economic troubles in Europe, which reduced the willingness of investors to hold risky assets such as stocks. During periods of uncertainty, it’s common for investors to seek a higher level of relatively safer assets, including US mortgage-backed securities (MBS). On Thursday, however, a series of global headlines from Europe, Asia, and Australia contained positive news for economic growth, which caused investors to move back toward riskier assets and out of bonds. The stock market rallied, and mortgage rates moved higher.

On Thursday, lawmakers introduced a proposal which, if passed, will extend the “close-by” deadline to receive the homebuyer tax credit from June 30 to September 30. The legislation doesn’t affect who may qualify for the tax credit. To qualify, you still must have signed a contract by April 30, but it will relieve some of the pressure to close by June 30. Buyers who had not expected to close by June 30 may now be able to qualify.

For expert assistance with your financing needs, call Michele Poulin, Retail Sales Manager at Wells Fargo, (203) 440-3745.

Here are this week’s rates:

Friday, June 11th, 2010

All rate quotes are for a 60-day lock with 0 points and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 4.875% APR = 5.065%

15 yr conforming fixed: rate = 4.250% APR = 4.573%

5/1 yr conforming FHA ARM: rate = 3.625% APR = 3.324%

5/1 yr conforming ARM: rate = 3.750% APR = 3.765%

30 yr FHA Fixed : rate = 4.875 APR = 5.630%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of June 10 – June 16 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.250 % (APR range 4.350 – 4.750%)

Fees: Up to One Point (1% Origination Fee) * Payable to Lender

Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)

(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 4.250 % (APR range 4.350 – 4.750%)

Fees: Up to $2000 Application Fee * Payable to Lender

Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.

Courtesy of Harriman Real Estate LLC and Wells Fargo Home Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

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Mortgage Rate Updates 6/11/10

CT Magazine Rates the State’s Small Towns (Part 3)

This is the third entry in our three part series highlighting the rating of Connecticut’s small towns by Connecticut Magazine. In our first post, we focused on the largest towns in our state, those with populations between 6,500 and 10,000; in our second post, we highlighted towns between 3,500 and 6,500 residents. To recap, the publication set the following criteria for the rankings:

They first sorted the localities into three groups based on population:

• 6,500 – 10,000
• 3,500 – 6,500
• less than 3,500

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

Then the numbers were crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this third part of the series, we’ll be taking a look at the next population segment, towns with less than 3,500 residents, and specifically those in our market area, if any:

3,500 and Under:

Unfortunately, there were no towns in our market area included in this segment, but there are several excellent representatives dotted throughout New London, Litchfield and Windham counties. Lyme, with a population of about 2,000, is one of Connecticut’s smallest towns, but it’s also one of the most beautiful.  Much of the town is fronted by the Connecticut River, and there are also many salt marshes in the area. A good school system, low crime rate and stab;e economy add to its attractiveness. Norfolk, at number 2, has the distinction of being the only town with above average scores in every category. And number 6 Eastford remains the jewel of Windham County by virtue of its low crime rate, good SAT test scores, and the lowest median home prices of any town in the top ten.

Here are the full set of results for this population segment:

Remember, these rankings are not to be considered the last word in what the quality of life is in a particular city/town; however, they are a starting point and can be used as a point of comparison when making a decision about where to live in the state. There are many reasons for liking – or not liking – a specific city or town that transcend any statistical ranking or report, and only you can decide if a place is right for you and your family.

That wraps up the Connecticut Magazine rankings of Connecticut’s small towns.  To see these results in their entirety, head on over to the Connecticut Magazine web site.

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Connecticut Magazine Rates the State’s Small Towns (Part 3)

CT Magazine Rates the State’s Small Towns (Part 2)

This is the second in a three part series highlighting the rating of  Connecticut’s small towns by Connecticut Magazine. In our first post, we focused on the towns with a population between 6,500 and 10,000. To recap, the publication set the following criteria for the rankings:

They first sorted the localities into three groups based on population:

• 6,500 – 10,000
• 3,500 – 6,500
• less than 3,500

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

Then the numbers were crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this second part of the series, we’ll be taking a look at the next population segment, between 3,500 and 6,500 residents, and specifically those in our market area, if any:

3,500 – 6,500: Middlefield Hangs In There

Of the 25 towns in this population group, Middlefield is the only town in our market that did well, placing 18th on the strength of its leisure activities, including Peckham Park, Lake Beseck, Lyman Orchards, and 2 local golf courses, as well as a good school system.

Here’s the full set of rankings for this population segment:

Remember, these rankings are not to be considered the last word in what the quality of life is in a particular city/town; however, they are a starting point and can be used as a point of comparison when making a decision about where to live in the state. There are many reasons for liking –or not liking – a specific city or town that transcend any statistical ranking or report, and only you can decide if a place is right for you and your family.

In Part Three of this series, we’ll take a look at the next population size, towns with less than 3,500 residents. To see these results in their entirety, head over to the Connecticut Magazine web site.

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Connecticut Magazine Rates the State’s Small Towns (Part 2)