Some favorable trends are now developing as volume picks up and prices stabilize.
Though prices continued to trend lower in 2012, what is most important to note is that by the end of the year this trend had started to reverse with competitively priced new listings receiving multiple bids, a phenomenon which had not been seen for a number of years. It is the norm in real estate that unit sales rise before prices go up while inventory clears. We should see prices rising for 2013 according to most economists and NAR as foreclosure activity significantly decreases, mortgage rates continue to be near historic lows and buyers who have been watching from the sidelines come back into the market in full force.
What is most encouraging for our local market is the very real increase in unit activity. Though still off from the highs five years ago, a 24% increase in sales shows how strongly Wilton has outpaced Fairfield County, a testament to our town and the value it offers.
Eric Weitz, Manager
Coldwell Banker Residential Brokerage
77 Old Ridgefield Road