Are prices really on the rise in Fairfield County?
Let's just take a look at Wilton.If we look at the Average Sales Prices from 2002-2012 we definitely see that the market seems to be recovering in Wilton. Prices seem to be on the way up again. But is looking just at the Average Sales Price deceptive?
In the first quarter of 2012 there have been 28 homes sold in Wilton. The average sold price is $788,360. However if you look closely you will see that 8 of those homes that were sold were over $1M. How much does that skew the average sales price? As it turns out - quite a bit!
The average sales price of homes for sale UNDER $1M in Wilton is $592,100. And in the past three years the average sales prices of homes for sale under $1M in Wilton has been declining (there is a slight rise this quarter though!). In fact, of the surrounding towns Wilton's prices fare the best without the million dollar market.
Take a look at these charts that compare the average sold prices and the total number sold in Wilton with and without the million dollar market - you will see that one really has to look closely before jumping to conclusions that we are in a full recovery just yet!