Friday, October 01, 2010

2010 Mid-Fairfield Real Estate Statistics thru Sept. 30

We continued to work our way back to sales that are more in line with statistical averages in the 3rd quarter but results were less sanguine than previously seen in the first half of the year. There was a marked slowdown in real estate activity in late April, May and June which coincided with the debt crisis in Greece, Spain and Portugal, and the oil spill in the Gulf.

Fortunately we appear to have gotten through those crises, and the stock market saw its strongest September gain since 1939. Questions still remain for some about the U.S. economy, and real estate buyers are still expressing some of that uncertainty, even though the latest Case-Schiller index indicated a rise in prices for the New York Metro area.

Westport sales of single family homes through Sept.30 totaled 269 vs. 174 in 2009, an increase of 54%. An additional 61 homes are currently under escrow. The monthly supply of inventory dropped from 16.4 months to 9.6 months, which is a reflection of sales of existing inventory. Actual inventory levels are down slightly from 2009 levels. The average sales price increased 1% to $1,393,604.

Weston sales continued to increase in the whole, from 63 in 2009 to 88 thus far in 2010, an increase of 40%. An additional 20 properties are under escrow. Average sales figures increased over 3% to $952,698, still lagging considerably averages that were seen before the turn in real estate prices. Two thirds of the activity has been below $1 million.

Wilton, with many similarities to its neighbor Weston, has been relatively less successful in terms of sales, with the smallest percentage increase (12.7%) in year to date sales activity: 127 closed sales compared to 102 in 2009 at this time. It also saw a slight drop ($20,000) in the average sales price to $885,340. There are an additional 24 properties under escrow.

Fairfield sales figures are also showing a positive balance sheet, with a 35% increase over year to date 2009 sales, with 468 single family homes sales recorded, and an additional 94 properties under escrow. However, the average sales price decreased 4% to $690,267. The bulk of sales (67%+) were under $700,000.

The highest compliment my clients can give me is the referral of their friends, family and business associates.

Statistical data compiled from Consolidated Multiple Listing Service

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