While the amount of housing inventory in Wilton is still swelling, the number of new listings is actually down and the number of sales is up for June. Yes, the difference is marginal, but I’ll take it!
Unit sales in the three months ending in June was up 7-percent over the same period in 2015. And, at 36, the unit sales in June were the highest they’ve been since June 2014. The sales-to-list-price ratio is 96-percent, down a touch from May, but overall up from the same period last year.
Because of the difficulty in pricing homes spot on from the start, we continue to see significant price reductions before buyers make their move. This explains the long market time of 127 days (up from 90 in May, but flat from June 2015). Accurately pricing homes from the outset reduces the necessity of price reductions and the amount of time on the market. This is easier said than done as none of us is fortunate enough to possess the elusive crystal ball.
The single-family median price for June ($837,450) is down 10.8-percent from $939,000 in June 2015. The three-month median price of $845,000 was down from $870,000 in May and down marginally from June 2015. Price-per-square-foot was $264, down from $287 in May and $278 in June 2015.
These declining home prices go hand in hand with our abundant housing inventory. We are at the highest months of supply in four years. Although the number of new listings were down a touch from last year, overall inventory is up 20-percent over June 2015, and 4-percent over May 2016. Months of housing supply is 16.1, up from 12.9 in June 2015. On a year-over-year basis, months of supply has been rising for six months.
Let’s cross our fingers that the decline in new listings suggests a possible turn of tide for the housing supply.
Some Market Highlights for June 2016:
- Summer signals a bit of a slow down in market activity
- Fairfield County year-to-date sales are up 6-percent, and the average sales price is down 8-percent
- Fairfield County inventory is up 3.5-percent for the three months ended June 2016 over June 2015
- Median price in Ridgefield is up 23.5-percent to $815,000
- Inventory in Ridgefield in June was 396, up nearly 25-percent over last year
- Price per square foot in Fairfield is down by 13.8-percent