Closing Comments: March 2016
After a very slow start to the year, March was a very healthy end to the first quarter for the Wilton real estate market. Sales of single-family homes were up 60% compared to March 2015. This was the highest average number of sales for the same month over the last 21 years. The median sale price also rose and was up 3.6% compared to 2015 at the same time. And finally, the average sale increased $2,000. Inventory continues to rise. However, the average price of inventory fell by just under $20,000 from the previous month.
The strength of March helped the first quarter catch up to last year. While we are currently down in closings, it is important to remember that it is early in the year and it is only a difference of three sales. The median price is slightly down — 1.6%, or $14,000, year to date. Average sales price is up 3.3%, a little over $30,000.
As we end the first quarter, surrounding towns are showing mixed performance. Most have increases in the number of sales, with Redding, New Canaan and Wilton having a drop and only Ridgefield and Stamford having significant increases. However, the Wilton pipeline looks strong.
Median sales prices are also mixed, with only Ridgefield down more than 10% and Redding, Fairfield, New Canaan, and Westport having robust increases. The greatest increase in average sales price was in Redding, and that is entirely due to a $13,900,000 sale of a wonderfully unique property. Given the media’s negative take on GE, the more recent cuts in education funding and the very high inventory in many towns, it is encouraging the market is doing as well as it is. The next five months will be a good indicator of the direction of the current market.
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