October emphasized the danger of making presumptions from a single month’s performance in the real estate market. After the major downturn in September closings, October sales jumped to 17 versus 11 in 2011. More impressively, that is the largest number of October sales since 2005. The balance of the equation is the continuing lower levels for median and average sales. The median price was $175,000 below October 2011, or 21%. The average price was over $261,000, or 24%, lower, even with the first $2,000,000-plus sale of the year included. Inventory dropped to 167 with an average price of $1,223,269.
With October sales, Wilton is running close to 20% (30 houses) ahead of last year — well ahead of surrounding towns. Median and average performance is not as good, running, respectively, 9% and 16% below last year at this time. Total revenue, largely due to the volume of October sales, is once again ahead of last year, but by a very small margin.