Wilton Yearend Update - 2007
The Wilton Real Estate market has really cooled off! After enjoying a decade of one of the most valued towns in Fairfield County, the tables have turned. Units Sold are off 12% from 2006 - as we all know one of the worst years for home sales in the entire county. The really bad news is this continues a trend. The 220 homes sold is down 34% from 2005! This is the largest drop in sales for a town in this area - matched only by the drop in Bridgeport.
In most surrounding towns, prices are flat to trending up. Here we find prices are flat to trending down. The high end sales really tell the story. In 2007, we had 19 homes sell for over $2 Million including one for over $3 Million (a Ridgefield Road home sold for 3.125 Million). In 2006, we saw 20 homes sell for over $2 Million including three for over $3 Million. Both down from 2005, when 21 homes sold for over $2 Million including four at over $3 Million - one of these topped the $5 Million mark.
Will 2008 be the bounce back year or will the slide continue?
WILTON Update | |||||
Year to Date Sales of Single Family Homes | |||||
As of December 31 | |||||
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| 2007 | 2006 | 07 vs 06 | 2005 | 07 vs 05 |
Closes | 220 | 250 | -12% | 333 | -34% |
Median Price | $898,000 | $939,000 | -4% | $900,000 | 0% |
Avg Selling Price | $1,092,117 | $1,120,230 | -3% | $1,086,649 | 1% |
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Prepared by the TETREAU Real Estate Group from W. Raveis Real Estate | |||||
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Or visit my web site at: www.tetreau.com
Our Business is helping friends and clients every day.....give us a call, we are glad to help! We serve Fairfield, Southport, Westport, Easton, Weston, Wilton and Trumbull.
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I think it's because more people are staying in the city or going to Rockland County, the Poconos or the Lehigh Valley instead of Fairfield County.
Jonathan - That could be a partial explanation....but Weston, Westport, Easton, Fairfield & Trumbull are all doing well. This is a huge drop for 2007......if more buyers are choosing NJ, PA or suburban NY....it should show up across the board.....any thoughts on why that trend might be showing up now? What do you think might have changed?
I didn't know if Weston and those towns are doing that well, since if I have any clients looking down there, I refer out. Maybe people aren't just into the town as much as they once were.
~Jon
I have the market updates for the surrounding towns on other posts on this blog.....but it will be interesting to see if Wilton continues on the downward slide in 2008.....it is just a mystery to me to explain.....the early indications are that 2008 is going to have a strong first half.....I am seeing and hearing about lots of activity from a lot of the Realtors in the area