Wallingford’s Real Estate Outlook in the New Year
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One of the most active areas in our real estate market these days is the single-family marketplace and today, there are fewer homes available than buyers are willing to buy. This poses a significant challenge, of course, for the myriad buyers looking to lock in the still historically low interest rates and great prices, while sellers continue to enjoy an edge.
Wallingford Real Estate Market Needs More Single-Family Homes
Right now, we have approximately 156 single-family homes available for sale whereas just a few weeks go that number was significantly higher at 190. This clearly indicates the constant activity going on in our area despite some of the recent setbacks that Mother Nature caused us to endure collectively as a region.
List Price and List-to-Sale Ratios Are Strengthening
Our average list price is right around $289,000 in the Wallingford real estate environment with the average number of Days on Market hovering at about 278 days. Interesting to note is that in terms of price decrease from the time a home was listed to the time it was sold, has gone down for the most part – to the tune of 24% as opposed to 34% in 2012.
Wallingford Continues to Trend Upward Toward a Seller’s Market
With this New Year, other changes also seem to continue appearing on the horizon; our Market Action Index is trending upward, indicating movement toward a stronger seller-centric marketplace. With 30 being the mean, anything above that level points to a seller’s market and anything below begins to indicate a buyer-controlled environment. Right now we are at 15.4 with the MAI trending upward.
The Time to Sell Is Now
For homeowners and homebuyers, this means that the market is ripe for activity – particularly for new listings. If you have been waiting and watching before deciding to put your home up for sale, now is the time to do it. With a significant advantage over buyers since there are fewer and fewer desirable homes available to them, there is a lot of room for negotiation. In fact, well-priced homes in great locations that are in good condition are typically selling in fewer than 30 days. That’s well below the average DOM for our area.
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For an honest estimate of what buyers in today’s real estate environment can be expected to offer on your home – we invite you to contact us. Our strong team will share expert opinions, based on years of experience, extensive research and of course our straightforward and no-nonsense approach to doing business.
We look forward to helping make your goals become a reality today!
