Saturday, April 02, 2016
Pick up in March
Sales year to date seem to be on a pace similar to 2015, but March activity was up in all towns. That being said, in Fairfield, Weston & Wilton the majority of the activity was for homes under $1 million. Only Westport had a majority of recent homes binder for over $1million. This explains the jump in the median price in Westport to $1,395,000 through the month of March. This represents an increase in the median price of 11.6%. Closed sales for the year in Westport are identical to 2015, with 61 single family closings ytd. Year to date there have been 111 properties go to contract compared to 63 in the previous year, a 76.2% jump.
However, part of the underlying story is the increase in new properties that have come to the market. In Westport there have been 296 new single family homes come to the market in 2016, an increase of 29.3%. Weston’s numbers percentage-wise are similar, with 119 new properties compared to 93 at this time in 2015, a 28% increase. The numbers in Wilton are also similar-167 vs. 133, a 25.6% increase. Fairfield numbers are a little more modest, an 18.2% increase, with 441 new listings compared to 373 in the first three months of 2015.
The median price trajectory has been increasing, but some of these figures may be deceptive. In Weston, for example, the $745,000 median price is 13.7% higher than figures through the first 3 months of 2015, but below the 2015 median which was above $815,000. Wilton’s median price is up only 5% compared to the median of March 2015, but at $919,000 is above the median price for the entire 2015 season. Fairfield’s upward trend to $635,000, an increase of 16.5% may be a better indicator of prices on the lower end of the market creeping upwards, though still well behind its neighbors overall. The overall numbers are much greater in Fairfield than in the neighboring towns. The 115 closed sales, for example is nearly double that of Westport. However, signed contracts in Fairfield have jumped from 137 at this time last year to 238, a huge 73.7% jump. The relative affordability and inventory of lower priced homes is driving these numbers.
Signed contracts are also up in Westport, Weston and Wilton. In Westport up from 63 to 111, a 76.2% jump. In Weston, up from 30 to 46, a 53.3% boost, and in Wilton, the largest increase of all, from 37 to 69 signed contracts, an 84% increase. This recent spate of contract signing suggests that months of inventory have decreased, but this will depend on the number of new listings coming to the market in April and following months.
Friday, April 01, 2016
Public Open House 26 Rices Lane, Westport Sunday April 3rd 2-4 p.m.
26 Rice's Lane
Public Open House
Sunday, April 3rd 2-4 p.m.
Perfectly maintained, painted and pre-inspected. Move right into this beautiful 5 bedroom 5 bath Colonial on a coveted Old Hill cul-de-sac. Private acre with pool, great outside spaces, and screened in porch. Desirable first floor plan with 2 fireplaces, open kitchen, large family room and study. Spacious master suite, with 3 additional bedrooms and 2 baths. Flexible space over garage with additional bedroom, bath and living area. Finished basement with playroom, exercise, and bath. 3 car GarageTek. Easy access to town, highways, trains. Walking distance to new YMCA.
Great Value In New Construction Just Reduced
142 Compo Road North New Construction $1,899,000
Beautiful shingle style Colonial finished on 4 levels with room for pool. Just reduced $100,000. Great Value. Open floor plan, 2 fireplaces, over 5000 SF including 605 SF in lower level. Spacious gourmet kitchen open to family room with French doors to mahogany deck, formal living room, dining room, mudroom and full bath complete the first floor. 2nd floor with gorgeous Master suite plus 4 additional bedrooms and 2 full baths. 3rd floor loft/office and lower level playroom or gym. Custom millwork, detailed ceilings & built-ins enhance the flow & open floor plan. 3 car garage. Tremendous value. Close to town, restaurants and shopping.
Monday, March 14, 2016
New Construction Just reduced $50,000
Friday, March 11, 2016
Slowly Picking Up Speed
Westport has seen a pick up in sales of New Construction, some of which have been sitting for several months. That is a key factor behind the median price increasing to $1,538,500 year to date. Closed sales (an indicator of late autumn activity) is also up with 44 closed sales thus far compared to 35 last year at the end of February. In terms of recent activity there were 30 homes that went to contract in February compared to 20 in 2015. Combined with January activity there have now been 53 properties that have gone to contract compared to 34 last year, a pickup of 55.9%. Inventory is still at higher than one would hope for, but the still large number of new homes that may be under construction and will stay on the market for many months until completed, tend to make these numbers more difficult to use as a good indicator.
Market activity in Weston has been slower to pick up steam, but it appears that February may have signaled the start of the spring market. The 24 properties that went to contract was 64% higher than in 2015. The median price however, from early sales is at a very low $538,000. That will likely change very quickly in the next few months, but does point to the activity in the lower end of the market in Weston.
Wilton also had a low median price in February, but year to date is at $861,000, unchanged from last year. Contract signing were at 28, up from 24 in February 2015. Inventory remains higher than in a balanced market.
High performing Fairfield continues where it left off in 2015. There have been 130 properties that have gone to contract thus far, compared to 78 last year, a whopping 66.7% increase. The 7.4 month inventory is the best in mid-Fairfield. The median price of $625,000 is up 12.1%.