The Wilton real estate market appears to be continuing on the same trend established early in the year. Our total units sold year to date are up 28%, average and median selling prices are up about 10% as is average price per square foot at $275. We also continue to have relatively low inventory and though September2013 was a bit less active than September 2012, homes that are new to the market and in good condition are selling quickly.
The biggest difference between now and the bottom of the market 2 years ago is not simply price. It is the existence of real buyers. Our prices may now have recovered only a third of the loss incurred during the real estate “crash”, but when homes are priced well buyers come to life, multiple bids are common and deals are transacted. That is a much different scenario from 2 years ago when the only way you knew you were priced right was when investors showed interest, not families. The family buyer was largely absent whether the result of employment uncertainty, the deflationary mentality of being afraid to commit because you simply don't know how low prices could go, or the inability to secure a mortgage.
Our story now is more optimistic. Household formation continues to outstrip supply and the banks are absolutely writing mortgages for verifiably qualified people. As I've said before, the ride up the hill may take a little longer than the ride down – but at least we’re making progress.