Real estate sales rise in third quarter
The third quarter was the charm for the Wilton real estate market, which perked up in unit sales compared to the same quarter a year earlier, although dollar volume was lower.
Single-family home sales rose to 74 units in the third quarter, up 12.1% from 66 units the previous third quarter. However, dollar volume was off by 4% in the quarter, to a sales volume of $147.49 million, from $153.64 million the same quarter a year earlier, according to data from Halstead Real Estate in Wilton.
Typically, an imbalance of unit sales to dollar sales means fewer high-end homes were sold and more homes sold from the lower and middle ranges of the market.
Condominium sales had a mixed quarter, with fewer unit sales but much higher dollar volume. Dollar volume was up 20.5%, at $8.9 million, compared to $7.4 million the previous third quarter. Unit sales of condos were six units, compared to 10 a year earlier.
The houses and condos spent fewer days on the market, according to the data. Houses took 123 days to sell, compared to 203 days a year earlier, and condos took 85 days to sell, faster than 129 days a year earlier.
The market was more in favor of sellers, too, compared to a year earlier, according to the data. Home sellers captured 93.9% of their list price, compared with 92.9% a year earlier, and condo sellers got 94% of their asking price, compared with 93.3% a year earlier.
The median sales price for single-family homes in the quarter was $824,500, up 9.5% from $753,000.
The median sales price for condos sold in the quarter was $411,000, up 24.5% from $330,000 a year earlier.
Inventory is also up slightly. There were 219 homes on the market as of Sept. 30, up from 215 a year earlier, and there were 17 condos on sale, up from 11 a year earlier.
Severe weather in March and April may have set the market back at a critical time for seasonal sales, said John DiCenzo, executive director of sales for Westport and Wilton at Halstead.
“Most towns in the area are following Wilton’s pattern of recovery, which suggests
that this is at least a contributing factor,” he said.
Going forward, Wilton is a value market, he said.
“Homes that are updated, in good locations, offer appeal to a wide range of buyers and that are priced to the market will move quickly. The pending inventory of sales at Oct. 1 was at 30 transactions and
a year ago at this time there were 31 pending sales. So the rate of sales is comparable and suggests that we’ll have a
similar experience in the fourth quarter this year,” he said.
Year-to-date, 165 single-family homes have sold, down 8.8% from 181 the previous same period. Condo sales were up year-to-date, 9.5% at 23 units compared with 21 units the previous same period.