Marion Filley's Closing Comments: October 2015
In general, the first month of the last quarter of 2015 was not promising for Wilton real estate. Sales were off 35% from the same period in 2014. The median sale for the month was down almost $45,000, or 6.7%. Only the average sale was up for the month — more than $90,000, or 13%. Inventory, as can be expected in October, was down 10% compared to September, with close to a 2% increase in average list price. However, the total inventory for Nov. 1 is up more than 33% from last year at this time.
Sales year to date are once again more than 10% below last year. The median price, while hurt by October, is still 5.6% above last year. The average sale remains fractionally (less than $3,000) under 2014. The total revenue has dropped 10.5% (almost $20,000,000) from last year. Overall, Wilton is underperforming neighboring towns except in median sale price.
It is too early to have a full sense of the effect the TRID mortgage regulations are having, but they do not seem to be slowing the process as yet. It would also appear that the Fed will enact some sort of rate increase in December. What will bring more area buyers into the market remains to be seen, but there are signs of people starting to look for next spring. As more buyers come from outside of Wilton and do almost all the research online, it is important to promote our town at every opportunity on the Web. Another winter like the last two will certainly not be helpful. The continuing decline in unit sales is a trend that needs to be reversed in order to maintain a healthy real estate market.