Friday, August 14, 2015

Multiple Offers

              This charming farmhouse colonial in Greens Farms had not
                            been on the market in over 25 years. It had originally been a caretaker's  cottage
                             that was expanded the expanded by the current owners. It features 4 bedrooms,
                                     3 fireplaces, 2.5 baths,  a sunken sunroom, dining room, office and family room on a beautiful flat acre, with a deck, patio and hot tub.
                         The house went on the market late on a Saturday afternoon, and by
          Sunday evening there were 3 offers over the asking price.
            The very organized owner had prepared the house for sale
           starting the previous year and the house had worked with
              the experienced team at Show to Sell to make it look its best.




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Wednesday, August 12, 2015

A Hot July

As the weather improved we continued to see improvement over what had been a late spring market. The number of homes that have gone to contract have increased in all the Mid-Fairfield towns, though the coastal towns showed more activity than our landlocked neighbors.

Westport had 29 homes go to contract in July, a 74.4% jump over the previous July. On a year to date basis there has been a more modest 5.8% increase in properties that have gone to contract.  Year to date sales through July stood at 220 single family homes compared to 216 the previous year at this time-a 1.9% increase.  Inventory levels at 8 months have decreased, but are not at levels one would
expect in an active market.  These levels are somewhat influenced by new construction and other high end properties on the market which are selling more slowly than properties below $1.5 million.
The median price is currently at $1,295,500 ( off 2%) through July, but some higher priced sales should see those levels rise.

Weston continues to have a solid though not spectacular year.  The median price now stands at 852k compared to 820k at this time last year.  Homes that have gone to contract are up 6% and inventory has been dropping, though at 11 months it is still too high.  The high end is weighing on those figures.  In terms of sales, the 94 homes sold through July was the exact same number as through July 2014.

Wilton has seen a big jump in median sale's price to $870,000, compared to $790,000 last year, and homes going to escrow have increased 3.4% to 152, but sales have been lagging, with 125 through July compared to 136 through July, 2014.  Inventory levels fall into the middle range of 8.7 months.

Fairfield entry levels sales continue to go strong.  With 458 sales compared to 392 through July 2014,
Fairfield has been an active market.  Homes going to escrow have jumped 24% with 534 through July.  The median price is holding steady at $575,000 compared to $573k last year.  High end sales have also been lagging in Fairfield.

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Sunday, August 09, 2015

National Housing Market Remains Strong

Whether to buy or sell may not seem as black or white following recent housing indicators, which offered contradictory points of view, but Jonathan Smoke, chief economist at® says the residential real estate market continues to show strong signs of health in July. According to®’s ‘Advance Read of July Trends’, which draws on residential inventory and demand trends...

Here is more of the article:

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Tuesday, July 14, 2015

At The Halfway Mark

Nationwide there has been a marked uptick in sales, and certain towns in Connecticut have started to see a similar trend.  Mid-Fairfield seems to be less 'hot' than some other areas.

Westport had a solid month of June with 64 properties going to contract compared to 49 in the previous year. This is something we had sensed might come since we had a spring market that started later than usual this year due to a harsh winter, and late spring.  There have been 206 properties that have gone to contract through June, compared to 203 during the same time period in 2014, which represents an increase of 1.5%. Closed sales, however stood at 158 through June (single family homes) compared to 173 through June, 2014.  A 'heavy' inventory of new homes and homes over $2 million may be having an effect on the overall Westport market.

Weston has been a town that has seen a 'bounce back' year, and June saw that trend continuing.  94 properties going to contract vs. 79 in June of 2014 bears testament to the continuing improvement.
Year to date there have been 72 closed sales, an increase of 14.3%.  The median price of $851,000
represents a 2.5% increase.

Wilton has also had a solid year.  The median price of $865,000 is slightly above that of its neighbor, Weston, but June saw a 10.9% jump to $950,000.  June sales were up, 48 vs. 35 in June, 2014, but closed sales are down 98 compared to 109 through June 2014.  The +/- differential indicates a very similar result to 2014.  

Fairfield continues to have a hot/cold market.  On the hot side are homes under $700,000. 200 of the 367 sales recorded through June sold for under $600,000.  This goes a long way in explaining the year to date median price of $560,000, ( a decrease by the way of 2.6%). This entry level range is the 'hot' part of the market.   However, as a whole, only 15 homes have sold so far this year over $1,500,000 in Fairfield. That is a strikingly low number for a town of this size.  This compares to 70 in Westport, and 68 in New Canaan, both with less than half the population of Fairfield.  Sales in Greenfield Hill have been soft, with a median price in that area hovering slightly above $1 million. There have been 39 sales on the 'Hill' through June 30th.  There are currently 130 homes actively listed for sale in Greenfield Hill.

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Tuesday, June 23, 2015

165 Bayberry Lane Sunday, June 28th 2-4 p.m.

Please join me at this beautiful new home to experience an exceptional home on a beautiful lot.


Recently completed new home by highly regarded local builder with a reputation
for excellence. Fine craftsmanship, meticulous details and the highest quality
 materials show throughout this exquisite home. Perfectly sited on 1.2 level
 acres, this cedar shingle and stone construction is finished on all 4 levels with 
6 bedrooms, 6 full and 3 half baths. The centerpiece of this home is the Grand
 Family Room with its’ magnificent two story high ceilings, stone fireplace and
 large scenic windows that pour in the light. Pairing Intelligent design with
 aesthetic architecture, this Nantucket Style home is timeless in design
 blending traditional styles with today’s emerging trends. Room for pool
 and sports court.


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Sunday, June 07, 2015

Heating Up in May

In the month of May Weston had 35 properties go to contract compared to 15 in May 2014. In addition the median price in Weston has increased over 7% year to date to $850,000. Year to date 84 properties have gone to contract compared to 51 through the end of May 2014. Based on the current activity projected inventory is down over 60 per cent. 

Wilton also saw an increase of homes going to contract in May, with 55 homes accepting offers compared to 24 in the previous May. Year to date numbers in Wilton are slightly below Weston in percentage terms (up 38.4%), with 119 homes going to contract compared to 86 at this time last year. The median price in Wilton has also increased 9% to $829,000.

Fairfield had the smallest increase in May (up 112%) with 155 properties going to contract compared to 73, but this is still a considerable jump. For the year those numbers are up 41% putting it just below Weston in comparable sales volume increase. The median price has increased only 1.2% in Fairfield to only $556,000. It remains a target for first time home buyers and those looking to downsize in a beach community.

Westport also had good numbers in May with 76 properties going to contract compared to 33 in May 2014. Year to date ecrows stand at 174 compared to 154 at the end of May 2014. The median price in Westport has gone down by 5.4% to $1,250,000. These numbers are likely to shift as some more expensive homes change title. 

Fairfield and Weston have both seen closed sales that have been higher than in 2014. Weston is currently up 20.5% and Fairfield has seen an increase of 13.9%. Wilton’s closed sales are down 8.5% and Westport’s are off 20.5%. These sales figures in the early months of the year often represent activity from the end of the previous year. Based on the number of homes `currently under contract, and the large number of closings that typically take place in the summer months, we should be seeing a change in closed sale numbers shortly.
The current story of closed sales might indicate to the casual viewer that we are running behind 2014, but based on this month's activity it is likely that we will catch up to 2014 by summer's end.  Whether the final year end results will equal 2014 will depend somewhat on the post-summer activity.  Based on the number of buyers that continue to look through sources like Listingbook, Zillow, Trulia, etc.
I would expect that there will be a relatively strong autumn market based on the delay of the typical spring market and the fact that May has been such a strong month.
Another element to watch are the slowly rising interest rates, to see if buyers will react to these numbers.

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Friday, May 15, 2015

April 2015 Sees Advances

April 2015 saw frigid temperatures for most of the month, but statistically it was a hot month. The biggest winner for the month was the town of Fairfield with 137 homes going to escrow. an increase of 114 per cent over the previous April.  To give a sense of what this means, this number is greater than sales in a town like Weston for an entire year.   Of course Fairfield is approximately 5 times bigger than Weston, but even in those terms it is impressive. Year to date Fairfield has 38% more contracts than at this time last year.  Closed sales are up 8.7%, but those numbers should jump in the coming months.  The median price is running at $550,000 so most of these sales are at an entry level.

Westport also had a good month, seeing 54 properties going to contract (versus 34 in April 2014), yet year to date Westport is slightly behind 2014. The median price is also lagging behind 2014 numbers, now sitting at $1,250,000, a decrease of 7.4%.

April was another good month for Weston.  Monthly escrows were up 87% and closed sales thus far are almost 18% above 2014 levels.  The median price has increased modestly (2.9%) to $799,000, but there have been some breakthroughs on higher end inventory.  Year to date escrows are up 47.6% so Weston has definitely turned the corner from the slowdown of a few years ago.

Wilton continues to be a solid performer.  37 properties went to contract in April compared to 21 in April 2014, and for the year Wilton is up almost 23% on contracts, though closed sales are running 14% behind last year.

May has started off even hotter (in real estate and real terms) than April.  Many feel that this is the result of colder winter weather.  We will have to see what kind of legs this spring market has.

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