Saturday, July 03, 2010

2010 mid-year Real Estate statistics

Mid-Fairfield Real Estate Statistics*
January-June 2010
The area of Mid-Fairfield county includes the towns of Westport, Weston, Wilton and Fairfield. Since the majority of sales historically occur during the first 6 months of a calendar year, the results of this period are a telling indication of what the year will bring.

The improvement seen in the first quarter of 2010 continued in the second quarter in all 4 towns that are included in this survey. Past experience has shown that the town of Westport is the leading indicator of values. Projected 2010 Westport sales (including properties under contract) has already well surpassed 2009 closed sales. Year to date sales are 141 sales vs. 87 at this time last year, or an increase of 61%. The 221 properties that are currently under escrow represents a 95% increase over the same period last year. The median sold price increased 1.3% over the same time period last year. Most sought after price range is $1,350,000 and below.

The town of Weston has seen the largest improvement in the past year. Its closed sales are up 93.3% year to date, with 58 closed sales vs. 30 last year. The 75 properties under escrow represents a jump of 117%, and the number of new properties for sale has decreased 5.5% over the same time last year. The decrease in the median price of 5.5% is an indication of activity in the lower end of the Weston market, at $899,000 and below.

The town of Fairfield is the largest and most diverse in terms of demographics and housing stock. The number of closed sales has climbed from 180 to 292 over the same period last year, or an increase of 62.2%. The number of properties under escrow has also increased, from 236 to 390, or an increase of 65.3%. The median price decrease of 6.3% may be reflective of the number of entry level sales, which can be attributed in part to government first time home buyer incentives. The most sought after price range in Fairfield has been $899,000 and below, with a preponderance of sales below $600,000.

Wilton has also seen a nice increase in sales compared with 2009, up 54.5%, with 85 closed sales vs. 55 in 2009 ytd. Wilton and Weston have similar demographics, though Wilton has a more diverse housing stock. A comparison of the average sales prices between those towns is practically identical in 2010. The number of properties under escrow, an increase of 57.6% though sizeable, is below that of Weston, indicating that current activity in Weston is greater.

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