Broker: Wilton real estate market is ‘exploding’
WILTON — As the month of July comes to a close, the number of real estate sales in Wilton continues to swell and grow.
There were 53 single-family home sales for the month of July, by late afternoon on July 31, (with possibly more to come by the end of the day), compared to 32 in 2019, a 66-percent increase.
June was also a banner month for home sales, with 34, compared to 23 in June 2019.
“June is the first month this year where the numbers have exploded,” said John DiCenzo, executive director of sales for Westport and Wilton for Halstead Real Estate.
The housing surge comes amidst the coronavirus pandemic, where New Yorkers are seeking to escape from the city into the suburbs of Connecticut, where they can get more privacy and space.
“In the past, people were shifting to cities and urban areas, but now suburbs appear to be back in favor,” DiCenzo said.
The first five months of 2020 started out slowly for the Wilton real estate market. There were fewer single-family home sales in February, March, April and May than there were for those same months in 2019. Only January had more sales, with 19 in 2020 compared to 12 in 2019.
This last day of July is especially busy in Wilton. “This week has been a very busy week of closings, so we’ll have to see where the dust settles at the end of the day before we have our final numbers for the month,” DiCenzo said.
Where there once was a glut of Wilton homes in a stagnant market over the past few years, the current increase in sales means housing inventory is shorter in supply.
There were 172 active home listings in July 2020, compared to 227 in 2019, 255 in 2018 and 237 in 2017. “That’s a significant correction downward,” DiCenzo said.
With more homes being scooped up, the real estate pipeline of homes under binder or contract is booming. At the end of July there were 119 homes in the pipeline awaiting closing.
Contributing to the market’s success is Wilton’s stock of well-priced, appealing homes, combined with attractive low mortgage interest rates, according to DiCenzo. Buyers are also interested in houses with swimming pools, and Wilton has a number of them.
With such a busy demand, it’s not surprising to see a lot of houses going for full asking price with an occasional bidding war between potential buyers.
“We had one house that was so popular we had an accepted offer on it before we could even take photographs of it,” DiCenzo said.
Home sale information was provided by Connecticut Smart MLS.