Mixed results for real estate at mid-year
At mid-year, single-family home sales in Wilton stood at 114 units, at an average sale price of $864,274. This compares to 101 units and an average sale price of $902,955 for the first six months of 2016, according to data supplied by the Mid-Fairfield Board of Realtors/Realty 7.
The average-days on the market was 149, up from 129 a year earlier, meaning it took an average of three weeks longer to sell a home. Dollar volume was up 8%, to $98.5 million from $91.2 million, a bright spot.
But single-family home sales were down in the second quarter, at 70 units with an average sale price of $821,662, down from 75 units at an average sale price of $888,506 the previous second quarter. That means most of the buying activity was in the previously reported first quarter, during which pent-up demand from the presidential election year was at play. The average days on the market in the second quarter was 142, up from 130 a year earlier. Dollar volume was down 13.7%, at $57.5 million from $66.6 million.
Mid-year, condominium sales were down, with 11 units sold at an average sale price of $366,091, compared with 16 units at an average $354,691 the previous six-month period a year earlier. The average days on the market was 132, up from 101. Dollar volume was down 29%, at $4 million from $5.7 million.
Condominium sales were also down in the second quarter, and sold at the lowest prices since 2011. Nine units were sold, at an average sale price of $362,444, which was down from 11 units at an average sale price of $374,096 the previous second quarter. The average days on the market was 117, up from 100 a year earlier. Dollar volume was down 20.7%, at $3.2 million from $4.1 million.
The reason the condo sales were down is that there is not enough inventory on the market, said Ninfa Valella, agent of Coldwell Banker in Wilton.
But she is glad the home sales are up.
“The home sales are up, which is fantastic, about 13% above last year, with homes under a million doing really well, and very little inventory in the $600,000 to $799,000 price range,” Valella said. “There is only about a 3.8 month supply on hand, which is a healthy number, so we’re lacking inventory in that price range.”
For the rest of the summer, Valella predicts steady sales in the category less than $1 million.
There may be another possible reason condo sales are down compared with single-family homes. That would be because homes have become more a value proposition in comparison to condominiums with common charges, said agent Donna Williams of William Pitt Sotheby’s in Wilton.
“There are many pending properties still waiting to close,” she said, reflecting on prospects for the rest of the summer. “And the monthly index of properties on the market is at a three-year low, so it’s becoming a good time to sell.”