As we take a look at how our single-family homes on the market have been performing lately, the news is good. The big news is that our home sales have not only outperformed our expectations, they have surpassed them by far. In fact, when looking at the relationship of inventory as to sales, we are seeing home sales that have exceeded our new inventory coming on the market over the past couple weeks.
The median selling price is currently $279,000 with an average price per square foot of $172. Our days on market are not as telling as the rest of numbers, with the average DOM currently registered at 212 for the Wallingford area.
Fairly High Percentage of Properties With Price Reductions
One statistic that many consumers do not tend to hear about is the percentage of properties with price reductions. At the moment we have 38% homes that experience some form of price lowering from the time they were listed to now. The reason this is relevant and useful to you is that this number points to the number of properties that may or may not have been priced appropriately to begin with.
Consider this: a great home in a great location that is situated among other similar homes but priced way over the rest – simply will not generate enough attention, if any at all. As a buyer, this means you should exercise savvy in your judgment when looking at properties. For sellers this is a huge wake up call to those that may be expecting more than their home is realistically going to yield.
Market Action Index Showing Wallingford Buyers Still Have the Edge
Our current Market Action Index is at 12.7, indicating a buyer-centric market for the time being. However, this trend is moving upward toward a seller-controlled environment as we approach 30 (a MAI above 30 implies sellers’ advantage while below 30 marks a buyer-controlled climate).
What Does This All Mean To You as a Consumer?
It means that now is just about the best time to buy. There’s no telling how the Presidential election will impact the housing market so right now, as we are sitting in a fairly certain market with reasonable prices, record setting low interest rates and buyers out there seeking competitively priced properties, it only makes sense to reach out and grab the opportunity!
If you would like a more detailed look at how we are doing in our marketplace, or if you want to explore buying or selling your home, contact us today for a customized consultation where we can assess your needs and get started on making your goals become a reality.
