Thursday, June 09, 2011

Mid Fairfield Activity January-May 2011

For the most part home sales in Mid Fairfield are at very similar levels to 2010. The only exception is Westport which is about 25% ahead of 2010 sales at the same time period. There have been 128 single family homes sold in Westport thus far, with an average sales price of $1,401,283. 102 sales were recorded last year through May at an average sales price of $1,344,227. That translates into an increase in sales of approximately 15% over 2010. In the past month only 84 new properties have come to the market vs. 114 last year in May, or a decrease of 23.7%. There are an additional 106 properties under escrow at an average listing price of $1,222,915. The differential between average sales prices year to date, vs. those in escrow point to recent activity just above and below $1,000,000.

Weston and Wilton have been on the same pace as 2010. The figures are strikingly similar in their consistency. Year to date there have been 44 sales in Weston vs. 46 in 2010, and 57 sales in Wilton vs. 58 in 2010. The average sales numbers were $838,067 in Weston and $912,363 in Wilton. The latter represents a marked upward trend in Wilton, which had average sales in the same time period last year averaging $834,578. Wilton also has a larger number of properties under escrow, with 47 vs. only 26 in Weston (although Weston does a population that is about 40% smaller than Wilton’s). Of special note is that the properties under escrow in Wilton are listed at an average of $1,048,919, a big jump over last year’s averages. Weston also saw an increase in the average listing price of properties currently under escrow at $902,373. In the latest trend, in the month of May both Weston and Wilton saw market inventory increases of approximately 21%.

Fairfield also saw an increase of inventory of about 22% in May (68 new listings vs. 39 in May,2010). Sales activity slowed to 196 in the first 5 months of 2011 vs. 212 in 2010. However, the average sales price rose from $649,173 thru May, 2010 to $705,979 in 2011. There are 145 properties currently under escrow in Fairfield at an average listing price of $721,911.