Wilton’s real estate market is slow but steady during pandemic
WILTON — The real estate market in Wilton is treading water and hasn’t taken a sharp dive so far during the coronavirus pandemic.
Over the past three months, Wilton real estate sales were down just slightly from last year. From January through April 2020, there were 53 home closings, compared to 56 for the same time in 2019, a 5.4-percent decrease, according to a market report by Halstead Real Estate.
The total sales volume for single-family homes in Wilton for the first four months of 2020 was $41,239,500, compared to $42,871,900 in 2019, a 3.81-percent decrease.
For the month of April 2020, there were 14 single-family home sales in Wilton, compared to 15 for the same time in 2019.
The average sales price, however, was up slightly. It was $778,102 from January through April 2020, up 3.4 percent from $752,625 for that same time last year.
As has been the trend, lower-priced homes dominated Wilton real estate sales for the first four months of 2020. Of the 53 homes sold, more than half went for under $800,000.
There were nine sales under $500,000, 12 between $500,000-$700,000, and 12 between $700,000-$800,00.
In the mid range, seven homes sold in the $800,000-$900,000 range, and four sold between $900,000-$1-million.
On the upper end, four homes sold between $1-$1.2 million, three between $1.2-$1.5 million, and two homes sold from $1.5-$2 million. There were no sales over $2 million.
Condo sales saw a slight increase. There were five condo sales from January through April 2020, with an average price of $263,3000. For that same period in 2019, there were three condo sales, with an average price of $241,633.
Lower Fairfield County
The market was better in a number of lower Fairfield County towns in the first four months of 2020.
Darien was up 24.6 percent, Easton was up 2.9 percent, New Canaan was up 17.5 percent, Redding was up 31.0 percent, Ridgefield was up 19.7 percent, Weston was up 5.4 percent, and Westport was up 41.5 percent.
Fairfield was down 10.1 percent, joining Wilton with sales lagging from the same time last year.
“Sales results in many towns are quite strong, though pending sales are tempered by the effects of COVID-19,” according to John DiCenzo, executive director of sales for Westport and Wilton at Halstead Real Estate.
The results vary by town, he said, which is typical as towns don’t move in lockstep.
“Despite Wilton’s small decline in sales, the 12 towns in lower Fairfield County are up 15.3 percent in sales through April 30. Most of that energy was generated before COVID took hold. Since then, the rate of sales has slowed down,” he said.
Brokers have adapted to quarantining and social distancing and virtual showings are now the first step in viewing property in many cases. “There has also been a high level of cooperation within the brokerage community to embrace the safety protocols that are needed, which has really helped,” DiCenzo said.
His office is getting showings on their listings and has registered several new listings in the past three weeks. “Sellers are sticking with the market, Wilton has 129 active single-family home listings and only 14 have temporarily withdrawn since March 1. Inventory is low and that seems to be creating a sense of urgency with buyers,” he said.
The most immediate impact is on the rental market, at least locally, DiCenzo said, which may be influenced by New Yorkers seeking a country refuge while the pandemic continues.
“Wilton rentals in April closed at 13 this year versus three last year. Since March 1, in Wilton, 21 rentals have closed versus 10 in the same period in 2019,” DiCenzo said. “As the state opens up, many are expecting the market to also ramp up.”