Wilton real estate still seems to be sluggish, but the bright spot is the reduction in new listings. So, while inventory (14.2 months) is still higher than last August (12.4), it seems to have peaked earlier in the summer months.

And while there’s plenty of inventory, the days on market was down 14-percent this August. It was 100 days, versus 116 last August.

And yet another sign that things soon may be looking up:  sales were up slightly over last August—8-percent higher! There were 27 sales this August, compared with 25 last year.

We are talking baby steps here–a little less inventory than earlier in the summer, a few more sales, but here’s to hoping this is the beginning of a trend of slowing new inventory, fewer days on market and buyers waking up to the real deals out there.

“Buyers make out in markets like this,” Bill Raveis, chairman/chief executive officer of William Raveis Real Estate, said at a recent Wilton office meeting. I agree.

Hindsight is 20/20, but it seems like this is an opportune time to take advantage of such a soft market. Rates are low, there’s an abundance of great homes, and values, on the market, and there’s some hesitation on the part of buyers because of the uncertainty with the upcoming election.

Here are a few more details for the number crunchers out there:

  • The three-month median price of $750,000 is down a little from July ($774,750) and a full $125,000 from last August ($875,000).
  • Price per square foot in August 2016 was $269, versus $266 in July 2016 and $294 in August 2015.
  • Sales in Weston are up 114-percent to 30
  • Sales in Ridgefield were 44, up 38-percent from last August
  • Days on market in Fairfield is down by 26-percent
  • Sales in Fairfield County for the past 12 months are up 4-percent, median price is down 5-percent, inventory is up 5-percent, and price per square foot is down 6-percent.

I’m thinking that in a few years, homeowners may realize that the fall of 2016 was the time to take a dive into purchasing that new home.

*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.