Wallingford Quarterly Review

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

4th Quarter 2011 Wallingford PA Homes Sales Post 50% Gain Over 2010

Sales of Wallingford PA homes have recorded a strong showing in the 4th quarter of 2011 when compared to the same period of last year.

In a reversal of the trend for the previous three quarters, the average price of Wallingford PA homes for the period of October through December, showed a healthy 14% increase over the same time last year. The trend has been declining prices relative to the past year.

The median price in the 4th quarter 2011 registered at $318,225 vs $238,000 in 2010. The median sale price rose substantially compared to last year, when 6 of the 17 sales were under $200,000, whereas in 2011, only 5 of the 34 sales recorded were under $200,000.

Another encouraging sign is that the Days On Market was down 22% from last year.

Interest rates remained at record low levels, setting another low mark at the end of the year, and local activity remained strong through the end of the year. There were 7 homes sold in October 2011, 17 in November 2011, and a surprising number – 10 – sold in December 2011. A good finish to the year just past.

Home prices ranged from a low of $38,000 to a high mark of $715,000 for the quarter.

WALLINGFORD 4th QUARTER 2011 vs 4th QUARTER 2010

	*SALES*	*AVERAGE*	DOM	*STL TO ORIG*	*STL TO LAST*
2010	17	$285,244	192	91.41%	96.23%
2011	34	$324,532	151	89.54%	95.16%
	50.0%	14.0%	-22.0%	-1.87%	-0.99 %

Looking at the data initial asking prices continue being out of line with the market, evidenced by sold prices being only 89.54% of original asking price. Most homes are being reduced at least once, and most likely multiple times in order to attract market interest. Remember – by missing the mark on the initial asking price, a home will likely need to play “catch up” with the market, and the end result is a lower selling price.

Details of Wallingford PA homes sold in the 4th quarter 2011 and Wallingford PA townhouses and condos sold in the 4th quarter 2011.

Wallingford PA Real Estate – Wallingford, PA 19086

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.

Wallingford PA Homes Sales – A Strong 4th Quarter 2011

Wallingford Home Sales On The Rise In 3rd Quarter 2011

S. Clark Kendus