While the real estate market has remained pretty flat, there are subtle changes happening that are best viewed by analyzing year-over-year sales. So I’ve compared Wilton with neighboring towns, Fairfield County and the state of Connecticut.
Check out the chart at the end of the article, and feel free to reach out if you have any specific questions.
While Wilton has been pretty flat, there was a blip of hope in January–a whopping 180% increase in single-family home sales (14 sales, up from 5 in January of 2016). However, the median price in January was $732,000, down 37.4% from $1,170,000 last year. The three-month median price of $770,000 in January was down a little from $800,000 in December but up slightly from $720,000 in January of 2016.
Days on market of 106 in January was down considerably from 158 in December and down slightly from 125 in January of 2016. This is the lowest days on market has been since August of 2016.
As has been the case for a while, Fairfield County housing sales are rebounding slower than the state, for a host of reasons: GE pulling up stakes, millennials and their tendency to resist moving rural, and 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 the past three months, ending in January 2017, over the three months ending January 2016 is up 54.5% (up 9.7% in Connecticut and up 7.9% in Fairfield County).
The median sales price in Wilton is up 6.9% to $770,000 (up 2.2% in Connecticut to $235,000 and up 5.9% in Fairfield County to $434,000).
The inventory is UP 13.6% in Wilton (down 8.7% in Connecticut and down 6.4% in Fairfield County)—a big difference in the inventory.
The price-per-sq.-ft. sold over the past three months is up 8.5% to $297 (up 1.1% to $186 for Connecticut and up .7% to $282 for Fairfield County). This actually is surprising, given the abundance of inventory.
Now let’s compare Wilton with some of its neighbors. These figures are all a three-month average, ending January 2017 versus the three months ending January 2016.
Wilton
-Number of sales is up 54.5% (Category Leader!)
-Median sales price is up 6.9% to $770,000 (Category leader!)
-Inventory is up 13.6%, to a 9.1 months supply (Category Leader, unfortunately!)
-Price per square foot for sold is up 8.5% to $297 (Category Leader!)
Ridgefield
-Number of sales is up 3%
-Median sales price is up 5.6% to $610,000
-Inventory is down 6.9%, to 7.4 months of supply
-Price per square foot is down 5.7% to $222
Weston
-Number of sales is up 7.1%
-Median sales price is down 11% to $780,000
-Inventory is down 10.3% to 8.8 months of supply
-Price per square foot for sold is down 4.2% to $246
Darien
-Number of sales is up 17%
-Median sales price is down 4.3% to $1,395,000
-Inventory is up 9.6%, to 6.9 months of supply
-Price per square foot for sold is down 15.4%, to $487
New Canaan
-Number of sales is up 9.5%
-Median sales price is down 17% to $1,332,500
-Inventory is up 2.4%, to 16.2 months of supply
-Price per square foot for sold is down 8%, to $394
Westport
-Number of Sales is up 2.9%
-Median Sales Price is down 13.1% to $1,281,193
-Inventory is up .7% to 9.6 months of supply
-Price per square foot for sold is down 8.3% to $380
Fairfield
-Number of sales is down 13%
-Median sales price is down 7.1%, to $580,000
-Inventory is down 10.1%, to 6.9 months of supply
-Price per square foot for sold is down .5% to $299
*Data courtesy of William Raveis Real Estate. (Click to enlarge chart below.)
(Headlines are based on comparisons between this month and the same month last year unless otherwise stated.)
All information supplied by William Raveis.
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.