Not a watermark year for local real estate
The year 2017 closed out with 229 single-family homes sold in Wilton, up from 224 units the previous year, but down from a recent high of 259 units in 2013.
Data from Realty Seven shows the average sale price for the year was $825,002, down from $876,158 the previous year.
Total sales volume for homes fell 3.8%, from $196,259,375 in 2016 to $188,925,468 in 2017.
Days on market to sell was longer, too, at 143 days compared with 132 days the year before, and the most days on the market in recent years.
The single busiest price range was $600,000 to $699,999, with 41 units selling. The second busiest range was $700,000 to $799,999, with 33 units selling.
Just behind, with 32 units sold, was the $1 million-to-$1.49 million range.
The upper limit of the market, homes valued at $1.75 million to more than $2 million, had the lowest number, with a total of eight sold.
The lowest sale price was $215,000. The highest was $2.85 million.
The number of single-family homes on the market now is 121. The number last year at this time was 149. This is an 18.8% decrease from last year to this year.
Condominiums for the year sold 24 units, down from 28 units the year before, at an average sale price of $352,246, down a bit from $352,962 the year before. Days on the market was 109 days, up from 94 days the previous year.
The bulk of the condominiums sold, 15 units, were in the $200,000-to-$399,000 price range. Only one sold in the $500,000 to $599,000 range, but three sold for $600,000 or more.
The total sales volume for condominiums in 2017 was $8,453,900, down 14.5% from $9,882,939 the previous year.
For the fourth quarter, single-family homes sold 48 units, down from 51 a year earlier. Average sale price was $735,063, down from $940,339 a year earlier.
Also in the fourth quarter, three condominium units were sold, down from four a year earlier. The average sale price was $353,667, down from $397,222 a year earlier.
Agent Ninfa Valella of Coldwell Banker said she is cautiously optimistic for 2018.
“I think the lower price points will sell for sure,” she said, referring to homes priced at less than $900,000.
“You have to look specifically at where the erosion is taking place. It’s in the higher end of the market, where there is high inventory and limited sales,” Valella said.
Some of the larger homes built in the 1980s have also hit hard sales times, but there is limited inventory in the lower price ranges that more buyers would snap up, she said.
If a home is going to sell, it has to be priced well and has to look good, she said.
“Overall it was an even year,” she said, summing up.
Donna Williams of William Pitt Sotheby’s also had a read on the market, that single-family home sales are up in number but down in average sales price for the year end 2017.
“These are ‘value driven’ sales that are moving the market. Wilton has been strong up to the million-dollar mark, and we expect 2018 to be stronger still as prices and the local economy seem to have stabilized.
The midterm election may play a role in consumer confidence as Connecticut elects a new governor,” Williams said.
Going forward, there are mixed predictions for the housing market, said Steven Glazer, professor of economics at Norwalk Community College.
The new tax plan, the biggest since 1986, could also have an impact.
“I have a feeling that the decreased home values will continue this year, especially in Wilton and other locales with higher home values, given the combined lower demand along with the expected increase in supply resulting from individuals wanting to reside in lower-tax states,” Glazer said.
Peg Koellmer of Realty Seven saw it differently.
“This remains a buyer’s market and until inventory starts to decrease we cannot expect any significant increase in sales prices. At this point, all eyes are on the state and national budgets and tax reform. There is no reason that we shouldn’t have an additional uptick in units sold in 2018. Mortgage rates are still low and Wilton is a great place to live,” Koellmer said.