Fourth quarter surged with real estate sales in Wilton
The real estate sales year for single-family homes in Wilton ended on a positive note Dec. 31, 2016, at which time a total of $195.32 million in single- family sales had accumulated, up 6.2% from $183.84 million the previous year.
However, data provided by the Mid-Fairfield Association of Realtors shows that condominium sales did not fare as well for the year in Wilton. Condo sales dropped to $9.8 million, a 9.5% decrease from $10.9 million in 2015.
The fourth quarter, the so-called first part of winter, in which sales are traditionally sluggish, picked up considerably. Single-family home sales volume stood at $47.9 million, up 59.9% from $29.9 million the previous fourth quarter, and condos came in at $1.6 million, up a whopping 144.4% from $650,000 the previous fourth quarter.
The total number of homes sold in 2016 was 223, up from 207 the year before. The average sale price was $875,894, down from $888,110, which showed weakness in asking prices despite more sales in the market in general. Also, data showed it took longer to sell a home in 2016, with an average 132 days on the market, compared with 117 in 2015.
The lowest-priced sale was $250,000. The highest- priced sale was $5.9 million.
The average list price was $914,817, nearly $1 million, according to the data.
Condo sales were up in units, at 28 units for the year compared with 26 units in 2015, but it took longer to sell those units, with an average 94 days in 2016 compared with 88 days in 2015.
What is happening is that the months surrounding presidential elections are known to present changes in the real estate market, said Peg Koellmer, president of the association and principal broker at, and owner of, Realty Seven in Wilton.
“Interest rates are starting to inch up and we had a lot of inventory with long market times,” Koeller said. “The inventory’s absorption rate was at about 19.5 per month for the spring market. Going into the last quarter we had 240 active listings. Buyers feel it’s a great time to buy because they feel they can negotiate a better deal.”
There are currently 144 active listings, much less than the last quarter. The drop in inventory represents many homeowners taking their homes off the market for the holidays in addition to those that sold during that active fourth quarter.
“I’m feeling really good about 2017. I am hopeful that with continuing job growth, stable interest rates, and more millennials reaching their prime buying years that we should be on solid footing,” Koellmer said.
Donna Williams, of William Pitt Sotheby’s, said people were more motivated at the end of the year to sell and buy.
”And people were concerned about interest rates,” Williams said.
The market responded nicely to the election cycle being over, Williams said.
“Sales were up around 3% to 4% from from 2015 to 2016. All indications are that they will continue to rise,” Williams said.