This time of year usually signals a slow-down in new listings and a lull in market activity. Summer 2016 is no exception to that rule.
The bright side on the housing front is a decrease in inventory. It peaked last month at 16.1 months of inventory, over 15 months in July. The number of single family homes on the market is down 6-percent from June, but it’s still up nearly 12-percent over July 2015 (when there was 13 months of inventory).
New listings slowed considerably in July (30 as opposed to 53 in June, and also down from 36 in July 2015). There’s nothing remarkable to report in the sales department or the sales/list price ratio department; both were relatively flat.
And although inventory is down, so is the median price of single-family homes. It’s been falling for four months and is at its lowest since February 2016. That median price in July 2016 is down to $685,000, down 22.2-percent from $880,000 in July of 2015.
The three-month single-family median price in July ($774,750) was down from June ($845,000) and from July of 2015 ($871,250). This is not surprising, as home sales seem to be primarily happening in the under $800,000 price range. Home sales in the over $1 million price range continue to be sluggish.
Price per square foot in July was $266. This is up from $264 in June but down from $307 in July of 2015.
We’ve got fingers crossed that inventory continues to decrease and that we will begin to see more activity in the higher end of the housing market.
- August is a slow time in general in Wilton, and that also translates to a slow down in real estate.
- Days on market in July was 97, unchanged from the same month last year.
- Inventory in Ridgefield in July was 371. This is up 24.1-percent from 299 last July.
- Months of supply in Ridgefield is up by 20.3-percent.
- The past three-months of new listings in Fairfield are down 20.9-percent to 397.
- Fairfield County’s year-to-date sales are up 0.5-percent, and the average sales price is down 7.3-percent
- Fairfield County inventory is up 0.9-percent for the three months ended July 2016 over July 2015
*Data courtesy of CMLS.
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.