Wallingford Market Update for May 2011

Wallingford Market Update for May 2011

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

There are currently 223 single family homes for sale in Wallingford:

• Low list price: $55,000
• High list price: $895,000
• Average list price: $327,804
• Median list price: $299,900
• Average Days on Market: 90
• Homes sold on average for 96.0% of list price

There are 71 homes currently under contract, priced between $99,900 and $535,000. Based on the number of homes sold in May (28), it would take approximately 8 months to sell the current inventory. As for condominiums, there are currently 81 condos for sale:

• Low list price: $76,000
• High list price: $530,000
• Average list price: $235,772
• Median list price: $214,900
• Average Days on Market: 53
• Condos sold on average for 96.4% of list price

There are currently 34 condos under contract, priced between $72,500 and $320,000. Based on the number of condos sold in May (6), it would take 14 months to sell the current inventory. Here is a chart showing annual home and condo sales in Wallingford so far in 2011:

The number of homes sold in May remained level for condos, but rose by 33% for single family homes to their highest level of the year. The recent increase in the real estate conveyance tax may fuel a rise in sales in June as sellers rush to beat the July 1st start date. Inventory levels also rose for single family homes to their highest levels of the year, while condo inventory decreased slightly.

The following chart shows average days on market, or how many days it took to sell a home or condo, for year-to-date 2011:

Average days on market for all properties continue to fall, with single family homes plunging to a new low for the year at 53 days, while condos posted a modest 2 day decline. By far the fastest selling segment of the Wallingford housing market is the $250,000-$299,999 range, where 8 homes sold in 52 days. Interesting to note is that 8 homes priced lower, between $200,000 and $249,999 took over twice as long to sell, at 127 days. We're going out on a limb here and predicting that the 53 days on market will not be sustainable over the long term, at least not yet.

Wallingford Properties For Sale

(zoom out to see more properties)

Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.

Related articles

• Wallingford Market Update for April 2011 (wallingfordwired.com)
• Wallingford Market Update for March 2011 (wallingfordwired.com)