As you can see, this year ending July 31 has seen significant improvement in the real estate market versus last. By all measurements- median sale price up 3%,, average sale price up 8% and per square foot sale price up 11%, we have experienced a strong turnaround year in Wilton. Our units sold are currently up 22% over last year with 163 sold through July and inventory is down 25% which obviously keeps some upward pressure on prices.
So…all good news, right? Unfortunately, if you bought your home in 2005 or 2006 or 2007, your perspective and reality may be somewhat different. When we look back at 2006 we see that our average prices in 2013 are still down 23%, our median prices are down 17% and our price per square foot prices are down 19%.
Where do we go from here? Who knows? The Federal Reserve seems committed to keeping rates low in support of the housing market and though these rates may be up over the past two months they are still near historic lows. Our economy is growing again, if somewhat slower than we hoped and employment numbers seems to be improving. It does seem that real estate is back in a growth mode, but it is likely that the climb back up the hill will be a lot slower than the ride down.
