Wilton real estate market continues to surge
WILTON — The town’s thriving real estate market did not let up in October, with robust sales of 47 single-family homes. This marks the fourth month in a row single-family closings surpassed the 40-mark:
July — 59
August — 57
September — 42
October — 47
Last year, Wilton registered 13 single-family closings in October. Last month’s sales were 261.5-percent higher than 2019. There are also 86 homes in the pipeline, 83 percent more than the 47 at the end of October 2019.
“The pipeline strength of pending sales, which is nearly double from a year ago, suggests that the market will remain strong through the end of the year,” said John DiCenzo, executive director of sales, Westport & Wilton, for Halstead Real Estate, who supplied the sales figures.
“The move to phase 2 in managing COVID, will likely fuel additional interest in our markets,” he said last week. “We’ve brought five properties to market this week, and the interest has been intense, with multiple offers in a couple of instances.”
October’s performance brings year-to-date single-family closings to 312, up 62.5 percent from 192 sales during the first 10 months of 2019.
With only 125 homes on the market at the end of October, inventory was at its lowest point in 15 years, DiCenzo said. There were 210 homes for sale at the same time last year.
The average closing price declined slightly from the end of the third quarter although it is still higher than in 2019. It was $876,150 at the end of October, up 12 percent over the average closing price of $782,269 for the first 10 months of 2019.
The average closing price at the end of the third quarter was $893,677.
Condos are also doing well. There have been 32 sales January through October, compared to 18 at the same time last year. That is an increase of 77 percent.
Prices are also increasing. The average closing price for a condo at the end of October was $415,281, up 22 percent from $339,967 at the same time last year.
Asked if he thought rising coronavirus cases here and in area towns would make it more difficult for agents to bring buyers to see houses, DiCenzo was sanguine.
“Based on the past six months, it can be managed,” he said. “We’ve had safety protocols in place since March and in my experience there’s been tremendous compliance and cooperation among Realtors.
“As in other industries, the practitioners have learned how to facilitate a showing within the COVID environment.”