Monday, October 6, 2008

Wallingford Market Update: Sep 2008

The Wallingford housing market declined a bit further last month as uncertainty over the effectiveness of the $700 billion bailout plan begins to take hold. More homes and condos were listed, fewer were sold and absorption rates increased accordingly. The condominium situation is still out of whack because only one condo sold in Wallingford in September. The buyers are there, but from what we're hearing from clients, they are simply either getting better deals on houses, unwilling to pay high condo fees, or too jittery with the economy the way it is. Or, maybe a little bit of all three. Here's the comparison of the last three months:

Single Family Homes

July 2008

August 2008

September 2008

New Listings

48

31

34

Total Listings

131

162

186

Pending Sales

10

19

17

Homes Sold

25

27

22

Expired Listings

14

17

13

Average Days on Market

70

68

57

Average Price/SqFt

$178

$179

$185

Average Sales Price

$312,472

$309,437

$286,940

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

29

33

37





Condominiums

July 2008

August 2008

September 2008

New Listings

17

7

16

Total Listings

51

60

76

Pending Sales

7

16

8

Condos Sold

7

2

1

Expired Listings

7

6

8

Average Days on Market

114

125

121

Average Price/SqFt

$148

$172

$169

Average Sales Price

$199,071

$318,750

$590,000

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

32

130

329


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.


Date used was provided by the CTMLS (Connecticut Multiple Listing Service.

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