April 2011 Market Update
April started out strong in Westport, and tailed off a bit towards the end of the month. Still escrow activity increased by 56 homes compared to April 2010, or a 53.3% increase. With inventory increasingly slowly, (368 properties in 2011 vs. 362 the previous year) relative supply of homes decreased. The median sold price of $1.25 million in April ’11 compared favorably to the 735K in 2010-a good indicator of where sales are going, that is to say that the middle of the market is now where much of the activity is taking place, as compared to early 2010 which saw more activity in the lower end of the market. Year to date the median price of properties under escrow has increased to $1.14 million, up from 900k in 2010.
The picture of the Weston market in April was slightly different. Though April saw an increase in properties opening escrow, 25 vs. 14 in 2010, Weston is still about on the same pace as in 2010 and the median sold price of homes year-to-date of 747k compared to 822 k in 2010, is a sign of the lower end of the market driving sales. On a positive note the months of housing inventory decreased by 3.4% showing a slight improvement.
April saw a jump in escrow activity similar to Weston’s but year to date Wilton is doing better than Weston with 73 properties going to escrow vs. 54 in 2010 through April 30th, and the months of inventory declined to 8.2 months vs. 11.6 months in 2010. Median price increased in April to 905k but year to date that figure is 768k, a drop from 822k in 2010, and just slightly higher than in Weston.
Fairfield’s market seems to be improving. New properties dropped somewhat in April but the overall numbers year to date are down 25.9%. April saw a nice rebound in escrowed sales from 74 to 97 in 2011 and totals through the end of April are up from 200 in 2010 to 240 in 2011, an increase of 20 per cent. The median price of homes that have closed this year went up to $640,000 in April, an almost 30% increase over the previous year. Lower priced home sales still continue to dominate sales.