Real estate reports are in for August. The results are a mixed bag, as median prices were up, but unit sales were down.
The good news is that there seems to be a lot of local activity in the post-Labor Day weeks. Crossed fingers that this translates to accepted offers and increased closes for the end of 2017. This same period last year was excruciatingly slow during the uncertainty of the election season.
Recent chatter is that the recent back-to-back hurricanes may keep the interest rates low. The Fed was due for one more hike in 2017, but these storms may give them a reason to keep them as is. This would not necessarily spur a flurry of local activity, as rates have been low for so long, but it definitely wouldn’t hurt the market. The threat of a raise in interest rates seems to push a few reluctant buyers into the pool.
Here are some facts and figures regarding the Wilton market for August 2017. Although median prices were up by nearly 20% over last year, unit sales were down 26% to 20, as compared with 27 in August 2016. New listings were up a third over August 2016.
Sales/list price ratio in August stayed relatively flat over July.
Median closing price in August was the highest its been since February of this year, $902,500. This is a big leap up from $755,000 in August of last year. The three-month median price of $797,000 in August was up from $780,000 in July and from $750,000 in August of 2016.
Price per square foot in August was $231, down from $241 in July and down from $246 in August of 2016.
Days on market of 90 in August was down from 125 in July and down from 100 in August of 2016. This is the lowest days on market has been since July 2014. Homes that are priced for the market are moving quickly, and those that aren’t priced for the market are sitting—not selling or eventually taking price reductions until they do.
*Data courtesy of SMARTMLS-CM.
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.