Thursday, March 01, 2012

Early Spring Update

February, 2012 Mid-Fairfield Activity

We seem to be off and running for 2012. There are 22 homes currently under binder in Westport at an average list price of $1,630,700, and an additional 32 properties under contract at an average list price of $1,794,834, well above the 2011 yearly averages. Of those 54 homes, 10 are new construction. Inventory has started to rise. There are 297 homes for sale, if one discounts the 22 homes under binder. This week has seen 19 new single family properties come to market. The condo market has also started to see some movement with 4 properties that have entered escrow.

Weston is also off to a good start with 8 properties under binder and 13 under contract. The average list price for the combined properties is $745,348 as the lower end of their market continues its following. Wilton’s recent activity has also been on the entry level with the average list price of the 27 properties currently under binder or contract at $635,727.
In Fairfield closed sales year to date are off from 2011, but activity has been on the rise with 110 properties that have opened escrow since Jan. 1, compared to 70 during the same period of time last year. The average list price of these properties is $679,217 which is slightly below the average sales price of 2011. There have been some signs of higher end movement with 4 properties over $2 million currently under escrow.

In Norwalk inventory levels have remained the steadiest of all of the towns. Single Family closings for January and February were down to 36 from 53 in the previous year, but just as we have seen in the other towns escrow activity has nearly doubled compared to the same time period last year, with 99 single family homes currently under escrow. Condo sales for January and February nearly shadowed the previous year’s performance and there has been a nearly 30% increase in condo properties that have opened escrow since the beginning of the year.

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