There were a few bright spots in the latest real estate reports. The median price for January 2018 was up 16%, to $787,500 from $680,000 in January 2017. Also, the number of new listings was down 12% in the three months ending January 2018 over the three months ending in January 2017.
We’re seeing the spring market ramping up, as traditionally happens after Super Bowl Sunday. Lots of fresh—and some repeat—listings are coming on, many priced to accurately reflect the current market temperature and being snatched up quickly.
It should be an interesting spring to see what unfolds in the local real estate market with the new tax law as well as potentially rising interest rates and looming inflation.
Here are some statistics for the three months ending January 2018, over the three months ending January 2017:
- There were 12 unit sales in January, down 20% from 15 in January 2017. This is the lowest unit sales have been since 11 in February 2017.
- The sales-to-list price ratio moved up to 96% from 93% in December.
- The three-month median price this month is $636,250, the same as last month. Price per square foot in January was $212, down from $222 in December and down from $281 in January 2017.
- Days on market of 202 in January was up slightly from 184 in December and up substantially from 107 in January of 2017. This is the highest days on market has been since February 2017.
Another way to look at things? Look at the changes from the perspective of the buyers, and from the perspective of the sellers, for the three months ending January 2018, and the percent change from January 2017:
Changes Favoring Buyers
Unit Sales 48 (-7.7%)
Median Sale Price $636,250 (-13.1%)
Market Time (Days) 185 (25.9%)
Price per Sq Ft for Sold $215 (-21.7%)
Sales to List Price Ratio 95.0% (-1.0%)
Went To Contract 34 (-26.1%)
Changes Favoring Sellers
New Listings 57 (-12.3%)
*Data courtesy of SMARTMLS. Listing and sales information comes from various sources and may not always be accurate. No representation or warranty is made as to the accuracy of this information.
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.