Wilton higher-end home sales continue to lag
The Wilton real estate market had some ups and downs for the third quarter of 2019.
According to a report by Halstead Real Estate, for July, August and September 2019, closings were up 4.1 percent, with 77 closings on single-family homes compared to 74 in the same period in 2018.
The three-month average closing price for single-family homes for the third quarter of 2019 was $822,368, which was 5.9 percent lower than $874,348 from the same time last year.
First nine months
Looking at January through September 2019, property sales are up 8.5 percent from 2018.
In the first nine months of this year, 179 Wilton homes were sold, 14 more than the 165 homes sold this same time in 2018.
But the total sales volume for the third quarter of 2019 was $141,464,788, lower than $147,222,525 in 2018.
The median closing price for this time period is down from $822,500 in 2018 to $720,000 in 2019.
The majority of the 179 homes sold so far in 2019 were under $800,000:
27 homes sold under $500,000, compared to 14 in 2018, a 92.5 percent increase.
57 homes sold between $500,000-$700,000, compared to 46 in 2018, a 23.9 percent increase.
24 homes sold between $700,000-$800,000, compared to 21 in 2018, a 14.3 percent increase.
In the middle range, between $800,000-$900,000, 23 homes sold in the first nine months of 2019, compared to 29 homes in 2018.
“The most impressive results are in the lower price points with sales under $800,000, rising from 81 sales in 2018 to 108 closings this year for a 33-percent increase in year-to-date sales within the price point through nine months,” said John DiCenzo, executive director of sales for Westport and Wilton for Halstead.
There were fewer sales on higher-end homes for the first nine months of 2019.
Forty-eight homes were sold so far this year in the $900,000 to $2 million range, compared to 55 sold this same time last year.
The 48 houses sold in 2019, breaks down as:
10 in the $900,000- to $1 million- range.
15 between $1 -$1.2 million,
16 between $1.2 - $1.5 million,
Six between $1.5 - $2 million.
One over $2 million.
The 55 sold in 2018 break down as:
17 in the $900,000- to $1 million- range
17 between $1 -$1.2 million
13 between $1.2 - $1.5 million
Five between $1.5 - $2 million.
Three over $2 million.
“While the higher end has its challenges,” DiCenzo said, there are buyers present in the marketplace. “The good news is that it’s really a value market, which suggests homes that are attractively presented with broad design appeal and demonstrate a good value proposition are likely to attract buyers and sell.”
Condominium sales were down slightly for the first nine months of 2019.
There were 17 condo sales from January through September 2019, compared to 22 for the same time last year.
The average condo price in 2019 was $334,965, down 17.3 percent, compared to $405,068 from last year.
DiCenzo said he expects the trend to continue for lower-priced home sales over higher-priced ones. “That has been the trend since the recession, and it is consistent throughout the region, so we’d expect the trend to continue for both factors, at least for the near term,” he said.
Wilton is not alone in seeing a decline in sales volume for the first nine months of 2019, according to the report’s analysis of home sales in the lower Fairfield County towns of Darien, Easton, Fairfield, Greenwich, New Canaan, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton.
Collectively, the dollar volume of closings in lower Fairfield County from January through September 2019 was $3.7 billion, down 8.4 percent from the same time in 2018.
All lower Fairfield County towns had a decline in dollar volume except for the Rowayton section of Norwalk which was up 2.2 percent. Darien was down by just 0.1 percent, with Stamford, New Canaan and Ridgefield down in the 3 percent range. Wilton, Weston and Easton, were down in the 4 percent range.
The highest decline was in Westport, down 24.2 percent from 2018, followed by Redding down 17.3 percent, and Greenwich down 11.5 percent.
Halstead’s data was sourced from the Connecticut Smart MLS and Greenwich MLS.