Friday, August 05, 2011

Mid-Fairfield Waterfront Property Update*

This report is focused upon properties in Westport and Fairfield that are within the areas generally considered to be the ‘beach’ area. A distinction needs to be made between properties that are either direct waterfront on Long Island Sound, have direct LI Sound views, or are located on a body of water giving direct access to the Sound with a dock on the property,and those that are within walking distance of the beach, or have distant water views. Westport has two separate beach areas, the Compo Beach area, which is generally considered to be south of Greens Farms road to the Sound between Compo Road south and Hillspoint road, and Saugautuck Shores, which includes those properties on the peninsula off Duck Pond Road.

For Fairfield, I am not including the general Southport area, but will include direct waterfront property within Southport that have direct water views or docks. The beach area in Fairfield consists of properties located south of Oldfield Road east of Sasco Hill Road. Lakefront properties are not included in this overview.

Direct waterfront property sales in Westport have remained on the same pace in 2011 as in 2010. However, 2011 has seen the average sales price (year to date) increase from $1,913,750 in 2010 to $3,577,313 in 2011, an 87% jump. In the Compo Beach area sales are slightly off from 2010 levels in terms of units (3 fewer units sold thus far in 2011) but the average sales price is up 12% to $2,177,222. The 6 pending sales (under contract) average $2,582,833, so we
may see an increase in average sales prices in the Compo beach area before the end of the year. In Saugatuck Shores the sales pace has been very consistent with 2010, but again average sales prices have increased significantly to $2,605,902.

In Fairfield there has been a marked increase of sales in the general beach area, up about 50% from 2010 totals through July, however the sales averages have fallen about 10% to $1,142,177. This reflects a greater number of sales below $1,000,000, which is also mirroring activity in the rest of Fairfield. Sales of direct waterfront homes were down in the first two quarters in Fairfield , as were average prices, but there are currently 8 direct waterfront properties in the beach area under escrow or contract, averaging approximately $1,900,000, so end of the year direct waterfront totals are likely to surpass 2010 totals.

General inventories in both Fairfield and Westport have decreased since the height of the Spring market, but pockets of inventory in direct waterfront has increased since the start of summer.

*Based on Consolidated Multiple listing system information

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