How is the market doing in Wallingford and New Haven County? This January has been the busiest start to a new year that we’ve seen in awhile, and it looks like the spring market will be extremely busy, too.
Here is your market update for Wallingford and New Haven County:
The median list price is at $299,900. That is the median list price, not the median sales price. Inventory has been tightening and days on market are decreasing, which is great news for sellers.
Personally, I’ve noticed that January of 2017 has been the busiest start to a new year that we’ve seen in three years. If that’s any indication of how the spring market is going to be, things are looking good.
If you are looking to upgrade from your first home, now is one of the best times to do so. You will get the most house for your money because of these low interest rates. Rates are expected to rise as the year goes on, so the sooner you can buy, the better. Remember, as interest rates go up, your buying power goes down.
One of the other things I want to point out is the market action index. The market action index tells us how the market is doing by measuring what’s for sale versus what’s actually selling. Anything 30 or below means that the buyer has an advantage in the market, while anything over 30 means that sellers have the advantage. Right now, the market action index is at 29.1, so the market is fairly balanced. However, that number is heading upwards, which is good news for sellers.
If you have any other questions about the marketplace or about selling your home, give us a call or send us an email. My team and I would be happy to help you!