Newsflash:  sales are down in Wilton! And…….they’re also down for most of Fairfield County. I’ve got the specifics towards the end of the article in easy-to-comprehend format.

Honestly, I was slightly comforted when I realized Wilton housing sales weren’t an anomaly in the Gold Coast of Fairfield County.

How does Wilton compare with Connecticut? Let’s tackle that first.

Sales of single family homes in Connecticut is up 11.4-percent for the past 12 months, ending in July 2016. The average sales price is down 7-percent, and price per square foot is down 5.4-percent. And inventory is actually down 1.5-percent than it was for the same time frame the previous year.

That 11-percent gain in sales is healthy, especially seeing as the amount of inventory is down as well.

How does this compare with Fairfield County?

Well, we’re pretty flat. We’ve seen a slight increase of 3-percent in sales. It’s an improvement in the right direction! But inventory is still up nearly 6-percent. The average sales price in Fairfield County is down a hair more than the state is (7.7-percent versus 7-percent) and price per square foot is down just over 5-percent.

Fairfield County housing sales are rebounding slower than the state.

Why the rise in inventory in Fairfield County? It could be a host of reasons, from job leaders like General Electric moving to Boston, millennials resisting moving rural, or the general aging of the Fairfield County population and downsizing/empty nesting.

Pay attention here as I compare Wilton with Fairfield County and the State of Connecticut. (If you get lost, feel free to reach out to me!)

Wilton’s sales of single family homes over the past 12 months are down 3.2-percent (up 11.4-percent in Connecticut and up 3.1-percent in Fairfield County). The average sales price is down 10.1-percent (down 7-percent in Connecticut and down 7.7-percent in Fairfield County). The price per square foot is down 2.5-percent, just a little less than 5.4-percent for Connecticut and 5.2-percent for Fairfield County. Inventory is up, way up: 21.9-percent as opposed to Connecticut’s 1.5-percent and Fairfield County’s 6-percent.

Now let’s go a little deeper, comparing Wilton with some of its neighboring towns. These figures are all for the past 12 months, ending in July 2016, over the previous 12-month period:

Wilton

  • Number of Sales is down 3.2-percent
  • Average Sales Price is down 10.1-percent
  • Price Per Square Foot is down 2.5-percent
  • Inventory is up 21.9-percent

Darien

  • Number of Sales is down 14.6-percent
  • Average Sales Price is down .6-percent
  • Price Per Square Foot is up 2.4-percent
  • Inventory is up 29.2-percent

Fairfield

  • Number of Sales is UP 9-percent
  • Average Sales Price is down 2.9-percent
  • Price Per Square Foot is down 2.6-percent
  • Inventory is up 5.3-percent

Greenwich

  • Number of Sales is down 9.3-percent
  • Average Sales Price is down 5.5-percent
  • Price Per Square Foot is down 5.7-percent
  • Inventory is up 12.4-percent

New Canaan

  • Number of Sales is down 14.5-percent
  • Average Sales Price is down 5-percent
  • Price Per Square Foot is down 5.4-percent
  • Inventory is up 24.8-percent

Weston

  • Number of Sales is down 8.4-percent
  • Average Sales Price is down 4.8-percent
  • Price Per Square Foot is down 5.6-percent
  • Inventory is up 14.9-percent

Westport

  • Number of Sales is down 2.8-percent
  • Average Sales Price is down 7.4-percent
  • Price Per Square Foot is down 6.9-percent
  • Inventory is up 9.2-percent

As you can see, our kids may play sports against some of these neighboring towns, but we’re really all in the same boat when it comes to the housing market.

*Data courtesy of CMLS.

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Lisa Bender is a realtor with the Wilton office of William Raveis and a regular contributor to GOOD Morning Wilton. She writes about the Wilton real estate market. She can be reached at 203.246.6986 or via email.