A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 29 homes listed for sale – 12 Active listings and 17 Active Under Contract listings – in Wallingford PA and Nether Providence Township on June 9, 2021 with an average asking price of $465,014.

The U.S. median home price continued to post double-digit appreciation in May and reached a record high of $380,000, realtor.com® reports. But the rate of price growth has shown signs of slowing for the second time in 13 months (15.2% year-over-year in May compared to 17.2% annually in April), realtor.com®’s Monthly Housing Trends Report shows.

Prices have been rising due to high buyer demand and a lack of inventory. Inventories are less than half the total number of homes for sale on the market compared to a year ago.

“Home buyers looking to lock in still-low mortgage rates face fierce competition for fewer homes for sale than last year’s historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month,” said Danielle Hale, realtor.com®’s chief economist. “The good news is that price momentum may be beginning to cool off.”

“While still in double-digits, May was the first non-weather related slowing in price appreciation since April 2020,” Hale added. “And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall.”

Larger metros may post a slowdown sooner than other markets. The largest metros, for example, reported lower annual price gains than the national rate and also had some of the largest numbers of new homes added to the market, realtor.com® reported. The nation’s 50 largest metros had a 12.4% increase in new listings compared to a year ago. The largest gains were in Buffalo, N.Y. (up 64.3%); Philadelphia (up 52.5%); and Washington, D.C. (up 48.9%).

Overall, among the 50 largest U.S. metros, the largest list price increases in May occurred in Austin, Texas (+32.2%); Riverside, Calif. (+21.5%); and Las Vegas (+18.5%).

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Wallingford Market Snapshot – 29 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$465,014	$475,000	$139,000	$870,000	24

Single Home Market Snapshot – 21 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$531,343	$515,000	$199,500	$870,000	19

Townhouse Market Snapshot – 2 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$309,000	$317,200	$309,000	$324,500	9

Condo Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$297,900	$297,900	$297,900	$297,900	23

Twin Home Market Snapshot – 5 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$278,980	$300,000	$139,900	$370,000	15

*DOM =  Days On Market

8 Wallingford PA homes went under contract 

4 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

58 homes are Under Contract at this time

4 Wallingford PA homes sold last week

Wallingford Homes Sold June 1, 2021 To June 6, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
7 Bullens Lane	SNG	4	2.1	$640,000	06/01/21	6
706 Pine Ridge Road	SNG	4	2.2	$516,000	06/01/21	8
411 Plush Mill Road	SNG	4	2.1	$590,000	06/01/21	212
100 Quaint Road	SNG	4	2.0	$520,000	06/04/21	6
AVERAGE				$566,500		58

1 home sold with a Seller Assist:

– 411 Plush Mill Road – $25,000

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 28 homes listed for sale – 15 Active listings and 13 Active Under Contract listings – in Wallingford PA and Nether Providence Township on June 1, 2021 with an average asking price of $470,221.

Home sellers are expecting more than list price when they go to sell. And there’s good reason why they believe that: Over half of homes – 51% – are selling for more than the asking price, a record high, according to new research data from the real estate brokerage Redfin. A year ago, 26% of homes were selling for above asking price.

“The fact that homes keep selling for more and more above asking prices goes to show that many more people want a home than there are homes for sale,” says Daryl Fairweather, Redfin’s chief economist. “I don’t see, that changing until mortgage rates increase, which will likely happen later this year. But until then, the housing market will remain red-hot.”

Over the past 30 days 57%, 12 of 21, Wallingford homes have sold for over asking price.

Just how high above asking price must buyers go? With bidding wars common, some buyers are bidding up homes to extremes. In Marin County, Calif., a bidding war for a 1,305-square-foot home with a single bathroom, listed for $1.298 million, fetched 18 offers that pushed the asking price 58% higher to $2.057 million.

More home buyers are waiving appraisals so that the sale doesn’t fall through. In April, 19% of homes had their appraised value come in below the contract price, according to data from CoreLogic. Over the two previous years, 8% of homes were appraised for lower than the contract price

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Wallingford Market Snapshot – 28 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$470,221	$474,950	$139,000	$870,000	31

Single Home Market Snapshot – 21 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$532,552	$515,000	$199,500	$870,000	37

Townhouse Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$309,000	$309,000	$309,000	$309,000	1

Condo Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$297,900	$297,900	$297,900	$297,900	10

Twin Home Market Snapshot – 5 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$274,960	$300,000	$139,900	$349,900	12

*DOM =  Days On Market

7 Wallingford PA homes went under contract 

4 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

1 listing expired

54 homes are Under Contract at this time

4 Wallingford PA homes sold last week

Wallingford Homes Sold May 24, 2021 To May 30, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
800 Avondale Road #3J	CONDO	3	2.0	$179,900	05/24/21	53
1000 Putnam Blvd #107	CONDO	2	2.1	$228,000	05/25/21	30
816 Maple Road	TWIN	3	1.1	$265,000	05/27/21	7
603 Rockbourne Mills Court	TOWN	3	2.1	$385,000	05/27/21	29
AVERAGE				$264,475		30

1 home sold with a Seller Assist:

– 816 Maple Road – $1,500

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 28 homes listed for sale – 17 Active listings and 11 Active Under Contract listings – in Wallingford PA and Nether Providence Township on May 25, 2021 with an average asking price of $481,350.

Homes are selling in record time at an average of 43 days – 20 days fewer than a year ago, according to realtor.com®’s latest Monthly Housing Trends Report. The market is experiencing Intense buyer competition, though inventory opened up slightly in April as more sellers started to list their homes. New listings, however, are still nearly 26% below pre-pandemic levels, the report shows.

In Wallingford the market is even hotter. Of the 38 homes that have settled over the past 3 months they spent an average of just 13 days on the market.

As buyer demand remains high, listing prices soared 17.2% annually to a new high of $375,000, according to realtor.com®. “When compared to pre-pandemic levels, it is very clear we are still not on par with the number of sellers we saw in 2017 through 2019, which is helping to drive one of the most competitive seller’s markets of all time,” says Danielle Hale, realtor.com®’s chief economist. “Home prices are continuing to surge and sales are occurring nearly three weeks faster than a normal spring home buying season.”

Hale predicts that more homeowners will list their homes over the coming months. But with 554,000 fewer homes on the market in April than a year ago and buyer demand at all-time highs, home prices will likely continue to reach new highs. Hale says prices likely will reach their peak in July or August.

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Wallingford Market Snapshot – 28 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$481,350	$497,400	$139,000	$870,000	28

Single Home Market Snapshot – 21 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$547,952	$534,900	$199,500	$870,000	34

Townhouse Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$509,000	$509,000	$509,000	$509,000	4

Condo Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$192,267	$139,900	$139,000	$297,900	10

Twin Home Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$295,000	$300,000	$260,000	$325,000	13

*DOM =  Days On Market

6 Wallingford PA homes went under contract 

6 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

51 homes are Under Contract at this time

4 Wallingford PA homes sold last week

Wallingford Homes Sold May 17, 2021 To May 23, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
606 School Lane	SNG	3	1.1	$400,000	05/17/21	6
6 Medbury Lane	SNG	3	1.0	$320,000	05/18/21	6
428 New Jersey Avenue	TWIN	2	1.0	$154,000	05/20/21	5
119 Brent Drive	SNG	4	3.0	$572,000	05/21/21	7
AVERAGE				$361,500		6

1 home sold with a Seller Assist:

– 119 Brent Drive – $5,000

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 24 homes listed for sale – 16 Active listings and 8 Active Under Contract listings – in Wallingford PA and Nether Providence Township on May 17, 2021 with an average asking price of $481,404.

Home buyers are facing relentless competition in the housing market, driven by low mortgage rates and inventory. According to the latest REALTORS® Confidence Index, based on real estate transactions nationwide in March, practitioners report an average of five offers on their most recent listing.

In a separate report by Redfin published in April, 72% of the brokerage’s agents faced competition when submitting an offer for their clients – up from 66.7% in March. “Bidding wars are intensifying,” says Kristin Lopez, a Redfin real estate pro in Boise, Idaho. “In March, we were seeing three or four offers on a home. Now, we’re sometimes seeing more than 20.”

What’s more, bidding wars are the most common reason house hunters who have been searching for at least three months haven’t been able to buy a home. Forty-five percent of longtime house hunters say they continue to lose out in bidding wars, which is higher than those who say they can’t find an affordable home (32%), according to a recent analysis from the National Association of Home Builders.

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Wallingford Market Snapshot – 24 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$484,404	$484,950	$139,000	$890,000	29

Single Home Market Snapshot – 17 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$577,471	$534,900	$199,500	$890,000	37

Townhouse Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$240,000	$240,000	$240,000	$240,000	5

Condo Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$195,633	$150,000	$139,000	$297,900	8

Twin Home Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$303,267	$289,900	$289,900	$330,000	10

*DOM =  Days On Market

8 Wallingford PA homes went under contract 

6 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

48 homes are Under Contract at this time

7 Wallingford PA homes sold last week

Wallingford Homes Sold May 10, 2021 To May 16, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
9 Ryanard Lane	SNG	3	1.1	$315,000	05/11/21	5
700 Avondale Road #PH8	CONDO	1	1.0	$143,000	05/12/21	4
635 Niblick Lane Lane	TOWN	2	2.1	$279,900	05/13/21	7
318A Saybrook Lane	CONDO	2	1.0	$755,000	05/13/21	4
304 E Rose Valley Road	SNG	3	2.1	$680,000	05/13/21	21
1138 Putnam Blvd	TOWN	2	2.1	$242,000	05/14/21	1
407 Trenton Court	TWIN	2	1.0	$135,000	05/14/21	7
AVERAGE				$276,271		7

4 homes sold with a Seller Assist:

– 635 Niblick Lane – $3,000

– 304 E Rose Valley Road – $1,000

– 1138 Putnam Blvd – $7,000

– 407 Trenton Court – $5,000

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 20 homes listed for sale – 10 Active listings and 10 Active Under Contract listings – in Wallingford PA and Nether Providence Township on May 11, 2021 with an average asking price of $520,510.

The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS®. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.

New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn’t occurred in more than 15 years, CNBC reports.

However, that doesn’t necessarily mean existing homes are more expensive, economists say.

“On a per-square-foot basis, within comparable markets, a new home is still priced higher than an existing home,” Robert Dietz, chief economist at the National Association of Home Builders, told CNBC.

Available housing in the existing-home sector lately may be skewing toward the higher price brackets. For example, the number of existing homes that sold in March priced between $100,000 and $250,000 fell by 10% compared with a year earlier. On the other hand, the number of homes priced between $750,000 and $1 million that sold increased by 82% compared with a year earlier, according to NAR data.

New-home construction is increasingly drawing more first-time home buyers, and some builders are starting to build slightly more entry-level homes to meet demand. First-time buyers were responsible for 43% of new-home sales in February, according to the National Association of Home Builders, higher than the 31% of existing-home sales first-time buyers purchased.

Regardless, the higher price tags for existing or new homes haven’t deterred home buyers.

“Consumers are facing much higher home prices, rising mortgage rates, and falling affordability; however, buyers are still actively in the market,” said Lawrence Yun, chief economist at the National Association of REALTORS®.

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Wallingford Market Snapshot – 20 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$520.510	$504,950	$139,000	$999,500	35

Single Home Market Snapshot – 14 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$633,729	$625,500	$209,500	$999,500	46

Townhouse Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$311,667	$250,000	$240,000	$445,000	5

Condo Market Snapshot – 2 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$139,900	$139,000	$139,000	$139,000	13

Twin Home Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$325,000	$325,000	$325,000	$325,000	13

*DOM =  Days On Market

5 Wallingford PA homes went under contract 

2 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

50 homes are Under Contract at this time

5 Wallingford PA homes sold last week

Wallingford Homes Sold May 3, 2021 To May 9, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
28 Mallard Mill Run	TOWN	3	3.1	$380,000	05/04/21	0
709 Blakeley Road	SNG	3	2.0	$363,000	05/06/21	4
105 Wisteria Lane	SNG	5	4.1	$800,000	05/06/21	27
603 Morris Lane	SNG	4	2.0	$385,000	05/07/21	6
209 Hidden Acres Lane	SNG	4	2.2	$755,000	05/07/21	4
AVERAGE				$536,600		8

No homes sold with a Seller Assist:

Wallingford PA Real Estate – Wallingford, PA 19086