Local Data Shows Positive Real Estate Growth

It’s been a tough five years for the real estate market, ever since the market peaked in 2005, staggered for a couple years, and then finally crashed in 2008. Signs of life in real estate have been watched for, eagerly, ever since. 

 Good news: there have been signs of improvement around Wilton, Weston, Easton, and Redding, and local real estate agents are optimistic.

“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. Just in the last week, we’ve seen a bit of a revival,” she said.

“Things are just starting now. Now we’re starting to see the activity. The signs are that we are going to have a better year than 2010,” said Ira Stone, the manager of Redding’s office.

Erik Weitz, manager of Wilton’s , predicted better sales as well.

“Last year, [for houses valued at] 1.8 million and up, only one sold,” Weitz said. “This year, three houses [have sold] already,” he said.

“More are predicted to sell in the next month,” Weitz said.

But speculation is nothing without the numbers to back it up, so here they are.

• Easton*:

2011 (Jan 1 to April 20): 14 housing units sold; average selling price: $689,000

2010: 79 units; average: $638,000

2009: 54 units; average: $599,000

2005: 105 units; average $885,000

• Weston*:

2011 (Jan 1 to April 19): 28 units; average: $807,000

2010: 120 units; average: $935,000

2009: 92 units; average: $936,000

2005: 188 units; average: $1,127,077

• Redding*:

2011 (Jan 1 to April 19): 19 units; average: $583,000

2010: 75 units; average: $708,000

2009: 69 units; average: $664,500

2005: 149 units; average: $827,000

• Wilton**:

2011 (Jan 1 to April 20): 40 units; average: $934,000

2010: 165 units; average: $876,611

2010 (January 1 through April 20): 34 units; average: $827,000

2009: 136 units; average: $915,137

2009 (Jan 1 through April 20): 22 units; average: $925,409

2005: 333 units; average: $1,086,648

2005 (Jan 1 through April 20): 64 units, average: $1,203, 293

Closing prices, as indicated by the above data, are slowly creeping up. Year-to-date sales in Wilton are ahead of previous years' sales within the same time period. Realtors view this as particularly promising, as the sales climb has occurred in spite of an extremely harsh winter.

“When the sun comes out, the flowers are blooming, buyers will pick up,” said Koellmer.

Stone has a maxim that echoes Koellmer’s statement.

“We’ve always seen our market gets hotter as the weather that gets hotter, as a general rule,” said Stone, who has been in the real estate market since 1981.

However, there’s still a touch of caution which lingers like dust from the economic collapse of three years ago. 

“It’s not going to be a quick turnaround. Sellers are being very reasonable right now, but it is distinctly a buyer’s market,” said Koellmer.

The next tidbit shouldn’t come as any surprise: all offices interviewed said the most popular type of house sold is the colonial. Koellmer said the staple New England house is seen as a safe buy.

“When times are tight, [buyers] are going to go for a conservative purchase.”

*Information obtained from Coldwell Banker’s office in Redding

**Information obtained from Realty Seven.