August is usually one of our slowest months and this August confirmed the rule. One town that had a little more than usual activity in August was Fairfield which had 33 properties binder in recent weeks.
Recent activity has been on the lower end of the scale in Westport, Fairfield and Norwalk. Westport’s 12 current bindered homes average an asking price of $1,161,166, below the average of homes sold in Westport year to date. Fairfield’s bindered homes were just below the average sold price. In Norwalk the lower priced homes seem to be moving in August with the 25 homes currently under binder having an average list price of $419,664. This in comparison to the average 2011 home sale’s price of $611,905.
Wilton and Weston provide a slightly different picture. Bindered sales in both of those towns were above the 2011 average sales prices. In Weston the 3 homes under binder have an average listing price of $963,333 vs. an average sales price of $863,977. Wilton’s 11 binders averaged $1,049,636 vs. an average sales price of $971,219. Wilton has been the picking up some of last year’s slack and is on a sales pace that is 9% over 2010 numbers. Weston, on the other hand has seen year to date sales fall 9%. These two towns are a little like the Upper east side and Upper west side of Manhattan. They have a lot of similarities, and right now the flavor of the year is Wilton.
Pending sales, those that are under contract, paint a better picture of the early summer activity. Westport, with 42 properties under contract, had a lot of early summer activity. The larger towns of Fairfield and Norwalk have 59 and 61 pending single family home sales. Though larger than Westport numbers, Fairfield has a population about double the size of Westport, and Norwalk is about triple. Weston and Wilton, with 9 and 11 homes under escrow had a relatively slow summer, but it worth noting that the average list prices of homes under contract is $1,080,44 in Weston and $1,049,682 in Wilton. These figures are both above the average price of homes sold in 2011 in those two towns. Million dollar homes in these two towns offer a lot of value in comparison with coastal towns.
General sales are down in both Fairfield and Norwalk, with very similar percentages; -14% in Fairfield, and 15% in Norwalk. Westport and Wilton are both up 9% and Weston is down an equal amount.