Lower-priced homes dominate Wilton market
As has been the trend throughout 2019, the real estate market is better for lower-priced homes in Wilton, while higher-priced ones are meeting with sales resistance.
The same is the case with home sales in other towns across lower Fairfield County.
While the local real estate market continues to combat the effects of the 2007 recession, John DiCenzo, executive director of sales for Westport and Wilton for Halstead Real Estate, says he remains “bullish” on the future at all real estate price points.
“While I don’t see any immediate change in the dynamic of the marketplace, given the proximity to New York, we’ll see a recovery sometime,” he said.
Closings are up
For the first 11 months of 2019, closings in Wilton were up 7.9 percent from this same period last year, according to a report by Halstead Real Estate.
There were 205 closings from January through November 2019, compared to 190 in 2018.
But the total sales volume for the first 11 months of 2019 was down 7.8 percent, from $163,968,113 in 2019, compared to $177,826,025 in 2018.
The average closing price for single-family homes for the first 11 months of 2019 was $768,735, which was 12.6 percent lower than $879,182 for the same period in 2018.
The majority of the 205 homes sold in Wilton for the first 11 months of 2019 were in the lower price range, under $800,000.
Home sales under $800,000 for the first 11 months of 2019 broke down as follows:
36 homes sold under $500,000, compared to 20 in 2018, an 80-percent increase.
66 homes sold between $500,000-$700,000, compared to 53 in 2018, a 24.5-percent increase.
27 homes sold between $700,000-$800,000, compared to 23 in 2018, a 17.4-percent increase.
In the middle range, between $800,000-$900,000, 24 homes sold in the first nine months of 2019, compared to 34 homes in 2018, a 29.4-percent decrease.
“The emphasis remains on lower price points in terms of strength. In Wilton, there were double-digit increases in sales under $800,000,” DiCenzo said.
There were fewer sales on higher-end homes in Wilton for the first 11 months of 2019.
A total of 52 homes were sold in the $900,000 to $2 million range, compared to 60 sold this same time last year.
Of the 52 houses sold in 2019, there were:
13 between $900,000-$1 million (compared to 18 in 2018).
15 between $1-$1.2 million (compared to 18 in 2018).
17 between $1.2-$1.5 million (compared to 14 in 2018).
Six between $1.5-$2 million (compared to six in 2018)
One over $2 million (compared to four in 2018).
Condominium sales were also down in Wilton for the first 11 months of 2019.
There were 19 condo sales so far in 2019, compared to 27 for the same time last year.
The average condo price for 2019 was $335,653, compared to $399,315 this same time last year, down 15.9 percent.
Lower Fairfield County
There was a decline in sales volume for the first 11 months of 2019, in lower Fairfield County towns Darien, Easton, Fairfield, Greenwich, New Canaan, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton, according to Halstead’s report.
The dollar volume of closings in lower Fairfield County from January through November 2019 was $3.68 billion (3,962 home sales), compared to $3.97 billion (4,005 home sales) from the same time in 2018.
Seeing an increase in home sales for 2019: Darien (up 9.4 percent), Fairfield (up 3.8 percent), New Canaan (up 13.0 percent), Stamford (up 5.0 percent), and Wilton (up 7.9 percent).
Seven towns had a decline in home sales: Easton (down 0.9 percent), Greenwich (down 10.0 percent), Norwalk (down 7.1 percent), Redding (down 5.9 percent), Ridgefield (down 2.0 percent), Weston (down 2.0 percent), and Westport (down 16.1 percent).
Sales in the Rowayton section of Norwalk are bucking the trend and rising steadily. There have been 73 home sales there so far this year, compared to 64 last year, a 14.1-percent increase. The median closing price has increased 26.5%, up from $962,500 in 2018 to $1,217,500 in 2019.
As in Wilton, higher-end homes in much of lower Fairfield County are meeting with sales resistance.
For the first 11 months of 2019, there were 300 homes sold in lower Fairfield County in the $2 million range, compared to 383 for the same time period in 2018.
For homes between $1 million and $2 million, there were 1,079 homes sold in the first 11 months of 2019, compared to 1,274 for the same time period in 2018.
“While all the lower Fairfield County towns do not move in lockstep, they tend to be the same with the lower-priced homes outperforming higher end ones,” DiCenzo said.
On a positive note, DiCenzo said the real estate pipeline (accepted offers and sales contracts) is on the rise.
As of Oct. 31, Wilton had 47 pending sales in the pipeline, compared to 26 for the same time in 2018.
Collectively, the pipeline is up not only for Wilton but for Easton, Fairfield, Norwalk, Redding, Ridgefield and Westport, according to DiCenzo. As of Oct. 31, there were 438 pending sales in the pipeline for those seven towns compared to 382 in 2018.
“There is more energy going into the market now than last year,” he said.
Halstead’s data was sourced from the Connecticut Smart MLS and Greenwich MLS.