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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1.02.05