Wallingford Market Update

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Over the past three months, the Wallingford housing inventory has grown substantially, doubling from 104 single family homes in June to 207 in August; condos have increased also, from 55 in June to 88 in August. While the time on the market for homes has fallen, the increase in the inventory means that buyers have an even larger assortment of homes to choose from and cements the current buyer's market firmly in place. The condo situation seems far out of whack, with the number sold down from 192 in June to only 24 in August. That means there's about a 3 year supply of condos available right now, if they continue to sell at the current pace. We know it sounds wacky, but we double and triple-checked the numbers and they are right. Add to this that they're taking a little longer to sell and we're heading into the traditionally slow Fall market, and condo owners looking to sell may be in for a rough winter. We'll be posting September's figures in a few days, then we'll see if there's been any improvement.

Here are the numbers broken down by single family homes and condos:

Single Family Homes	June 2008	July 2008	August 2008
New Listings	21	48	31
Total Listings	104	169	207
Pending Sales	2	10	19
Homes Sold	35	25	27
Expired Listings	21	14	17
Average Days on Market	98	70	68
Average Price/SqFt	$183	$178	$179
Average Sales Price	$310,706	$312,472	$309,437
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	13	29	33
Condominiums	June 2008	July 2008	August 2008
New Listings	7	17	7
Total Listings	55	78	88
Pending Sales	0	7	16
Condos Sold	16	7	2
Expired Listings	10	7	6
Average Days on Market	108	114	125
Average Price/SqFt	$171	$148	$172
Average Sales Price	$209,508	$199,071	$318,750
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	15	48	191

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by CTMLS (Connecticut Multiple Listing Service).