Pat & Wayne's Blog: Wallingford CT Market Update for December 2011

Wallingford CT Market Update for December 2011

Here's the way the housing market is shaping up in Wallingford as of December 31, 2011:

There are currently 186 single family homes for sale in Wallingford:

• Low list price: $29,900
• High list price: $850,000
• Average list price: $298,800
• Median list price: $269,450
• Average Days on Market: 106
• Homes sold on average for 92.9% of list price

There are 40 homes currently under contract, priced between $109,900 and $599,900. Based on the number of homes sold in December (27), it would take approximately 7 months to

sell the current inventory.

As for condominiums, there are currently 67 condosfor sale:

• Low list price: $46,900
• High list price: $559,900
• Average list price: $219,761
• Median list price: $192,000
• Average Days on Market: 165
• Condos sold on average for 90.2% 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 December (8), it would take 8 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford for 2011: 

Wallingford home and condo inventories went in opposite directions in December, as single family homes fell by 5% to 186 units (down a third consecutive month) and condos rose by 12% to 67 units, roughly were it was in October. The average selling price in both categories plummeted, as condos dropped 7% to their lowest level of the year at $198,115, while single family homes fell 8% to $277,585. Total sales increased by 13% over November, and by 46% over October, a nice gain during what is usually a slow time of the year. This increase in sales, coupled with decreased inventory and faster selling times resulted in the Wallingford housing market staying firmly in a balanced market. Conventional mortgage rates were still hovering at or below 4% and CHFA rates for first time home buyers fell to another yearly low of 3.250 percent. At the end of November we projected December sales to be in the 30-35 unit range, and we were right on at 35 units sold. The Wallingford market remains very active in January, but we're skeptical that the market will maintain the current rate of sales, so we think there will be a fallback to between 25-30 sales for the month.

~Wallingford Properties For Sale~

(zoom out to see more properties)

Related articles

• Wallingford CT Market Update for November 2011 (wallingfordwired.com)
• Wallingford CT Market Update for October 2011 (wallingfordwired.com)
• Wallingford CT Market Update for September 2011 (wallingfordwired.com)