Closing Comments June 24
The number of houses sold in May 2013 was a sign of the strength in the Wilton market. There were a total of 36 transactions, which outpaced 2012 by almost 40%. We also surpassed the 19-year average for May sales last year; this year was a 56% increase from the average number of sales. The median sale price, however, was more than 6% below 2012. While a single month’s performance is not indicative of a trend, there are signs of specific indicators in the market. The average sale, at $816,422, is a 4% increase over last year. Inventory, at 161, is the lowest June 1 inventory in several years while the average price is higher than any year since 2010.
The number of houses sold in Wilton year-to-date has increased by one-third from 2012 to 2013. At the same time, the median price is down to $712,000 (May sales had a significant impact). The average price is up 3.2% and now stands at $813,923. Total revenue continues to climb and at $71,625,185 is now 37.7% above last year.
Behind the numbers there are some developing trends. It is important to note that we are moving from the period in the spring market where new listings predominate to a time where there are more price reductions. After the surprisingly large number of sales under $700,000 in 2012, we are seeing this trend accelerate with almost 35% more in the first five months of 2013 versus 2012. The average house had four bedrooms and four total baths (includes half-baths) in both 2012 and 2013 through May, square footage is down to an overall average of just over 3,000 in 2013 — 250 less square feet than 2012. Low inventory in prices under $1,000,000 (especially under $700,000) may start to slow the number of houses sold. The combination of recent volatility in mortgage rates and the stock market — as well as ongoing appraisal issues — make it very hard to predict the future of the market.