Thursday, March 11, 2010

Ides of March Update 2010

We are continuing to get a clearer picture of this 2010 Spring Market. Well-priced listings are selling well below average market times, and there are occasional multiple offer situations such as one recently in Weston, which will sell for nearly $50,000 over its asking price.

A quick overview of the situation in Westport, Weston, Wilton and Fairfield shows that the monthly supply of inventory in all of these towns is down dramatically, with a decrease of 65.6% in Westport. There has been a slight increase in new listings, but this is due to the fact that the likelihood a home selling has increased.

The Closed sales year to date compared to 2009 at this same time have also increased in a very
impressive way. Westport is up 100%, Weston +133.3%, Wilton +85.7%, and Fairfield +110.8%.

In addition, the most recent activity represented by homes that have gone to contract has also made a steady upswing. Figures for the towns are: Westport +187%, Weston +337.5%, Wilton+184.6%, and Fairfield +106.5%.

The large jumps in both Weston and Wilton are somewhat reflective of lower sales in those towns in 2009.

The number of days on market has also decreased in all 4 towns, especially in Westport with a decrease of 45.6%, nearly halving the time it is taking to sell a home. The higher end of the market has made some impressive steps in Westport, while Weston, Wilton and Fairfield have seen much slower activity in the higher end.