It’s time for buying and selling real estate. So what might Wilton’s real estate future look like?
In April, I wrote an article and the relators I spoke to were optimistic for 2011:
“'The Wilton real estate market is going through a gradual stabilization,’ said Peg Koellmer, the owner of in Wilton. '[The number of] units sold have come up slightly, prices are starting to stabilize… We’ve seen a bit of a revival,’ she said.”
In comparison, one Wilton.patch commenter, “CR,” recently:
“My home has been on the market for 7 months. It is priced painfully low, yet prices continue to drop due to short sales, high taxes for services provided, poor commute to NYC. We have lost at least 3 sales for sure because out of town buyers went to a neighboring town with lower taxes. The fact that Wilton is a wonderful community with quality people is difficult to measure. I feel fortunate to be able to raise my children in Wilton.”
However, Halstead’s quarter one market report stated that Wilton real estate was starting to show a come back.
“The number of sales rose 45 percent over the past year in Wilton, the largest increase in activity for any area in this report. The number of transactions of at least $1 million doubled from a year ago, helping to bring the average price 20% higher to $933,928. At $767,500, the median price for Wilton was just 2 percent higher than a year ago.” Source
There’s also the national picture to consider.
Using Census Data, the New York Times reported that the new home ownership trend was down to 1998 levels at 66.4 percent. In comparison, just a few years before the economic downturn happened, the same data shows home ownership peaking just above 69 percent.
That doesn’t seem like much until you consider that home ownership levels are slow to grow: in 1965, home ownership in America was at 63 percent.
And today, Standard and Poor’s Case-Shiller Home Price Index released data which indicates that the housing markets in 20 major cities throughout the country have fallen to a new low point since the recession began.
Another factor to consider: the younger generation isn’t gung-ho about getting their own homes. They’re getting married later and leave the familial nest later, too. Already, school enrollment is and other neighboring towns such as , and .
So, since this is the first installment of this column, here’s the idea: you sound off on the topic of what’s presented. The point of this column is to select a comment (or two) on wilton.patch, expand upon its central idea, and then open up various other areas of debate within that statement. All readers are encouraged to participate.
What do you think of the current state of Wilton’s real estate? Have you or anyone you know have had success or trouble buying or selling a home in Wilton? Will Wilton continue to rebound, or will property sold begin to fall in line with the Standard and Poor’s Case-Shiller report? Sound off in the comments.