Closing Comments: February 2016
For the second straight month, the Wilton real estate market was limited to five single-family sales. It was 55% fewer than in February 2014. The drop of $232,000 in the median sale (29.7%) is a concern and will need to be watched as we move forward. The average price mirrored the median, with a drop of $271,000 (31.4%). Meanwhile, the inventory rose to 176 — a 10-year high equaled only by March 1, 2012.
The two-month total of 10 sales is 47% lower than in 2015 and the second lowest two-month total, trailing only 2009. The encouraging numbers at this point are in the median and average levels. The median level is slightly ahead of 2015. The average is approximately $16,500 (2%) ahead of last year. Not surprisingly, the total revenue is down more than 46%.
While it appears that overall sales in the state were up for the first few weeks of 2016, local sales have suffered and some are wondering “where all the buyers have gone.” It is possible that various factors (the new mortgage rules, the media coverage of the GE departure and the general economic atmosphere) have slowed the sales process and we will not get an accurate sense of the market for a couple more months. In general, there continues to be attractive value in the inventory and rates continue to be positive. Looking forward to the pipeline, there are 22 pending sales, most of which should close in the next 45 days. They range from $524,000 to $1,849,000. That being said, a few properties have been pending for more than six months, which is not customary.
(Click to enlarge)