Market Statistics Through August, 2007

Fairfield County, and more specifically the Mid-Fairfield area towns, are not following the national averages. An overview of market statistics shows extremely strong results in both single family and condominiums. To get a better idea of what the activity has been we have compared the results of the past 3 years, 2005-2007, through the month of August.

Only Wilton, amongst the 5 towns, has not had increased activity year to date in the category of single family homes, compared with 2006.

2007 Jan. Feb. Mar. Ap. May June July August TOTAL

Wpt SF 14 7 29 48 51 64 38 44 295
Condo 2 0 2 4 5 5 4 3 25

Weston 5 5 9 17 16 21 22 19 114

Ffld SF 40 49 64 67 70 107 95 88 580
Condo 10 8 9 7 16 10 10 18 86

Nwk Sf 35 40 57 48 54 63 64 61 422
Condo 26 38 40 45 57 51 38 32 327

Wilton 15 10 12 24 20 37 27 25 170
Condo 1 1 1 4 1 6 3 4 21

2006
Wpt Sf 23 34 40 27 37 44 38 47 290
Condo 5 1 5 2 3 5 0 4 25

Weston 4 4 11 9 13 27 20 13 101

Ffld SF 37 38 67 35 53 105 67 74 476
Condo 3 5 12 5 16 14 14 16 85

Nwk SF 36 42 67 53 84 73 71 78 504
Condo 30 27 53 38 53 72 56 56 385

Wilton SF 13 11 22 23 19 43 43 29 203
Condo 2 1 2 1 3 3 2 0 14

2005
Wpt SF 27 27 14 50 47 44 61 56 326
Condo 2 2 2 1 5 3 2 3 20

Weston 11 7 13 8 21 25 25 24 134

Ffld SF 63 43 37 52 70 126 114 96 601
Condo 12 12 9 13 13 21 8 19 107

Nwlk Sf 55 41 67 77 80 90 102 107 619
Condo 38 27 46 37 45 70 52 78 393

Wilton 21 16 11 25 25 49 34 49 230
Condo 1 3 1 4 4 1 4 6 24

New Construction Update

Earlier this year we noted that the new construction inventory represented slightly more than the equivalent of the previous year's sales of new homes. Year to date there have been a total of 53 new homes sold (including those that are currently under contract) in Westport. This compares favorably with 2006 results.

There are currently 58 homes that have already been built that are currently on the market, plus an additional 12 homes that have not yet broken ground. Between now and the remainder of this year I would expect that a number of these homes with go under contract. There continues to be activity in this sector. For example, a new home that had only been marketed for 2 months at $3,395,000 just accepted an offer in the last couple of days, and there have been numerous showings of new homes under this price point.

Based on the homes that have already sold this year, 2008 will most likely have a one year's inventory of homes for sale in Westport. There are currently 10 homes for sale which were built in 2006. It will be important to watch and see what happens to these homes. Many of these, are in the range over $3,000,000. To this point some of these have been reduced, but not dramatically.

Sales to date have generally been within 5% of the final asking price. The strength in the market for new construction has been under $3,000,000. The average price for new construction has been increasing beyond the average for the market. We will update these figures at year's end to see how this year compares to 2006.