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

There are 27 homes listed for sale – 13 Active listings and 14 Active Under Contract listings – in Wallingford PA and Nether Providence Township on April 6, 2021 with an average asking price of $520,496.

The interest rate for the 30-year fixed-rate mortgage rose slightly this week to an average of 3.18%, inching even higher from its sub 3% average just a month ago. Still, by historical standards, mortgage rates remain low, and some buyers are in a rush to complete their home purchases ahead of any further increases.

“Although mortgage rates remain low, we are beginning to see a pullback by those looking to enter the housing market,” says Sam Khater, Freddie Mac’s chief economist. “In fact, homebuyer demand has gone from 25% above pre-COVID-19 levels at the start of the year, when mortgage rates hit record lows, to 8% above pre-COVID-19 levels today.”

Purchase demand, as reflected in mortgage applications, is also falling compared to late May and early June of 2020, when mortgage rates were at the same level, Khater says. “This is confirmation that while purchase demand remains strong, the marginal buyer is feeling the affordability squeeze resulting from the increases in mortgage rates and home prices we’ve experienced in recent months,” Khater adds.

Still, competition remains strong in the housing market as bidding wars grow more common. The National Association of REALTORS® released its Pending Home Sales Index on Wednesday, attributing a decrease in contract signings mostly to the lack of inventory and not lower buyer demand. Housing activity is expected to remain strong in 2021, but mortgage rates likely will continue to rise. However, they will remain at historical lows near 3.5%, according to NAR’s Economists’ Outlook blog.

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Wallingford Market Snapshot – 27 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$520,496	$462,000	$145,000	$999,900	28

Single Home Market Snapshot – 20 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$609,390	$569,500	$214,400	$999,900	24

Condo Market Snapshot – 4 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$215,200	$208,450	$145,000	$298,900	25

Townhouse Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$334,933	$325,000	$279,900	$399,900	58

*DOM =  Days On Market

4 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No listings were withdrawn from the market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

36 homes are Under Contract at this time

3 Wallingford PA homes sold last week

Wallingford Homes Sold March 29, 2021 To April 4, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
907 Putnam Blvd	TOWN	2	2.1	$225,000	03/31/21	5
307A Saybrook Lane	CONDO	2	1.0	$137,900	04/01/21	6
981 Putnam Blvd	TOWN	3	2.1	$232,000	04/01/21	5
AVERAGE				$198,300		5

Wallingford PA Real Estate – Wallingford, PA 19086

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

There are 26 homes listed for sale – 15 Active listings and 11 Active Under Contract listings – in Wallingford PA and Nether Providence Township on March 30, 2021 with an average asking price of $508,765.

Between rising home prices and shortages of homes for sale, the market has been difficult for buyers, with those trying to buy for the first time particularly feeling the effects. A don’t-give-up mindset may be key for first-time home buyers.

Forty-three percent of more than 800 prospective home buyers recently surveyed by realtor.com® say they’ve been searching for a home for more than a year. One-third of respondents say they’ve been in the market searching for a home between six and 12 months.

“Americans, even millennials who many thought would never buy, have a strong preference for homeownership for the same reasons many generations before them have—to invest in a place of their own and in their communities, and to build a solid financial foundation for themselves and their families,” says George Ratiu, realtor.com® senior economist. “However, today’s first-time home buyers face unprecedented challenges brought on by a lack of available homes for sale and double-digit price growth. They are resilient, though, with many in the market searching for their home for more than a year.”

With housing inventories at all-time lows and list prices rising rapidly, first-time home buyers are finding it challenging to close on a home. Thirty-four percent of respondents said they are unable to find a home within their budget.

Still, first-time buyers comprised 31% of existing-home sales in February, down only slightly from 32% a year earlier, according to the National Association of REALTORS®’ latest existing-home sales report.

Here are additional highlights from realtor.com®’s survey:

The top reasons first-time home buyers want to buy: “I want to be a homeowner” at 59%; “I want to live in a space that I can invest in improving” at 33%; “The need for more space” at 31%; and “I want to build equity” at 22%.

What factors are delaying home purchases: Not enough money for a down payment (44%) and unable to find a home within their budget (34%).

Top factors in a home search: Location (38%); quiet location (33%); large backyard (32%); and garage (29%). Also, 43% indicated they wanted a move-in-ready home, while only 11% said they were willing to purchase a fixer-upper.

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Wallingford Market Snapshot – 26 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$508,765	$430,950	$149,900	$999,900	37

Single Home Market Snapshot – 19 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$597,758	$539,000	$214,400	$999,900	24

Condo Market Snapshot – 4 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$216,425	$208,450	$149,900	$298,900	20

Townhouse Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$334,933	$325,000	$279,900	$399,900	55

*DOM =  Days On Market

10 Wallingford PA homes went under contract 

3 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

34 homes are Under Contract at this time

No Wallingford PA homes sold last week

Wallingford Homes Sold March 22, 2021 To March 28, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
– No Homes Sold –
AVERAGE

Wallingford PA Real Estate – Wallingford, PA 19086

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

There are 26 homes listed for sale – 16 Active listings and 10 Active Under Contract listings – in Wallingford PA and Nether Providence Township on March 23, 2021 with an average asking price of $519,150.

Following months of sharp gains, existing-home sales reversed course in February, falling 6.6%, the National Association of REALTORS® reported Monday. However, the dip—precipitated by a persistent inventory crunch that’s getting worse—isn’t necessarily a significant drag on the real estate market, says NAR Chief Economist Lawrence Yun. “The market is still outperforming pre-pandemic levels,” he says.

Despite the supply challenges, all four major regions of the U.S. posted year-over-year sales gains in February, according to NAR. Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—fell to an annual rate of 6.22 million in February. Sales are still up 9.1% compared to a year ago.

Yun cautions that a slowdown in sales growth over the coming months is possible as home prices and rising mortgage rates chip away at housing affordability. “I still expect this year’s sales to be ahead of last year’s, and with more COVID-19 vaccinations being distributed and available to larger shares of the population, the nation is on the cusp of returning to a sense of normalcy,” Yun says. “Many Americans have been saving money, and there’s a strong possibility that once the country fully reopens, those reserves will be unleashed on the economy.”

Here’s a closer look at key indicators from NAR’s latest housing report.

• Home prices: The median existing-home price for all housing types was $313,000 last month, a 15.8% jump compared to a year earlier. Prices rose in every major region of the U.S. annually, led by a 20.6% and 20.5% gain in the West and Northeast, respectively. The Midwest saw a 14.2% increase, and the South posted a 13.6% increase in annual prices.
• Housing inventory: The number of homes for sale continued to decrease in February, down nearly 30% compared to a year earlier. Unsold inventory now sits at just a two-month supply at the current sales pace.
• Days on the market: Seventy-four percent of homes sold in February were on the market for less than a month. Properties typically stayed on the market for 20 days in February, down from 36 days a year prior.
• First-time buyers: First-time buyers comprised 31% of sales in February, down slightly from 32% a year earlier.
• All-cash buyers: All-cash sales accounted for 22% of transactions in February, up from 20% a year ago. Individual investors and second-home buyers accounted for the biggest bulk of all-cash sales and purchased 17% of existing homes in February.

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Wallingford Market Snapshot – 26 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$519,150	$468,500	$149,900	$999,900	32

Single Home Market Snapshot – 20 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$595,120	$557,000	$214,400	$999,900	31

Condo Market Snapshot – 4 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$216,425	$208,400	$149,900	$298,900	16

Townhouse Market Snapshot – 2 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$364,900	$364,900	$329,900	$399,900	73

*DOM =  Days On Market

5 Wallingford PA homes went under contract 

6 new listings came onto the market 

No listings were withdrawn from the market

1 listing was temporarily taken off the market

1 listing expired

28 homes are Under Contract at this time

No Wallingford PA homes sold last week

Wallingford Homes Sold March 15, 2021 To March 21, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
– No Homes Sold –
AVERAGE

Wallingford PA Real Estate – Wallingford, PA 19086