Here, September has gone by and we are heading to the new month and the new quarter. As we are closing the third quarter, I thought it is nice to wrap up Q3 market report on real estate.
Here is what is really happening in Wilton real estate market. While number of sales were going up , Median prices were down and months of inventory continues to rise.
Since there are a lot of listings on the market, buyers have many more options to choose from. Also due to current hurricane weather, the Market thinks that the Fed could hold off on rate hikes for another year at least. The threat of a raise in interest rates has those reluctant buyers staying hesitant to purchase. However, It is still definitely a buyer’s market. If you are looking for a home to buy, now is amazing!
The good news for sellers is that since Westport’s sales and prices are increasing, that will also be knocking on Wilton's doors shortly. There seems to be an increase in activity lately. Hopefully this will lead to increased sales for the end of 2017. Due to the stock market doing so well, we hopefully can anticipate increased activity over the next years.
Enjoy the charts and graphs!!!!!!
Median closing price in September 2017 was $750,000 while year to date September 2016 was $840,000 (11% down compared to 2016.) But we had good months like February, July and August where the median sale price was up 50% in Feb , 5% up in July and 20% up in August this year compared to each month in 2016.
Number of Sales were increased remarkably. It was 173 up to date September in 2016 units while 181 units were sold up to date September in 2017. Average Price per square foot for listed is $250 in 2017 while it was $257 in YTD September in 2016. So please ask for professional advice from your local agent to get right appraisal for your property as it looks like homes that are priced for the market are moving quickly. And I will be always available to answer any of your questions !
This market information is presented by Dagny's Real Estate based upon data provided by SmartMLS.