Wallingford Home Sales On The Rise In 3rd Quarter 2011

Wallingford Real Estate - Wallingford 3rd Quarter Sales Show Stong Gains

3rd Quarter Wallingford Homes Sales Post Big Gain

Sales of Wallingford homes have recorded a strong showing in the 3rd quarter of 2011 when compared to the same period of last year.

While sales have quietly been on the rise home values continue to slip in the area.

Record low interest rates have encouraged some buyers get off the fence and purchase area homes, but buyers are very savvy and are negotiating very aggressively.

Inventory levels have remained high and throughout the year there has not been a significant decrease in the number of homes on the Wallingford market.

WALLINGFORD 3RD QUARTER 2011 vs 3RD QUARTER 2010

	SALES	AVERAGE	DOM	STL TO ORIG	STL TO LAST
2010	28	$338,718	59	94.91%	96.34%
2011	45	$291,784	83	91.99%	95.35%
	60.7%	– 13.9%	40.7%	-2.92%	-0.99 %

It is encouraging to see that sales units are on the upswing, and the past 3 months each have significantly outperformed the same time period of last year. Average prices during this time have decreased by 13.9%, and initial list prices are a bit out of line with the market, evidenced by sold prices being only 91.99% of original asking price. This percentage should be up in the 94% to 95% range. This indicates that list prices are being reduced at least once, and most likely multiple times in order to attract market interest. Days on Market also has risen as buyers want to see all available choices, and often take a longer time to make a decision, and they are waiting for prices to fall on homes that they feel are overpriced.

The bottom line is that homes are selling when the prices align with the market and the time it takes to sell is increasing. Time will tell if the record low interest rate levels reached this week will jump start buyer interest.

S. Clark Kendus