Big Jump in Activity in March, 2012

The month of March saw a significant increase in activity in all towns. In Westport new properties for sale increased by 27, a 9.6% increase. There have been 66 closed sales of single family homes, up 5 from 2011 figures, and representing an increase of 8.2%. There have been 104 properties that have gone to escrow thus far, representing a 5.8% increase.

The month’s supply of inventory, based on the current sales pattern, actually decreased by .1 months, equivalent to a drop of .7%. The median sales price of $1,277,500 was $77,500 higher than the same number at this time in 2011, marking a 6.8% increase.

The condo market in Westport saw the median sales price, year-to-date, increase 19.9% to $662,000. The number of new properties coming to the market has decreased 22.7%. The number of properties going to escrow is on the same pace as in 2011, but the current inventory now represents 5.1 months vs. 6.5 months at the end of the first quarter in 2011.

In Weston the first quarter median sales price was $625,000. At this time in 2011 it stood at $730,000. This represents a 14.4% decrease. New properties entering the market since January 1 have totaled 121 vs. 119 during the first quarter of 2011, virtually unchanged. However, this now represents 11 months of inventory vs. 20.7 month of inventory after the first quarter of 2011. The reason for this is that Weston saw a huge jump in properties entering escrow during the first three months of the year, and especially March, with 40 vs. 19-more than doubling the first quarter 2011 results!

Wilton, which has been trending above Weston for the past couple of years, had a first quarter median price of $699,000 vs. $732,000 for the same time period in 2011, a drop of 4.6%. New properties on the market increased by 5.6%, but Wilton also experienced a big jump in properties going to escrow, 64 vs. 41 last year, a 56.1% increase. The inventory levels have remained fairly stable in Wilton,
dipping to 9 months vs. 10.9 months in 2011.

Fairfield’s median price for the first quarter of 2012 was $500,000, down $22,000 from the 1st quarter of 2011. Fairfield has seen 212 properties entering escrow through the first quarter. This represents a 64.3% increase from the first quarter of 2011. The strength of the market remains in the area falling just above and below the median price. There is currently only 6.5 months of inventory vs. 9.8 after the first quarter of 2011, a drop of 33.9%.

Fairfield’s condo market has seen a 21.3% drop in the median price for the 1st quarter of 2012, now standing at $342,000. The number of properties in Inventory has dropped a little over 10%. Here again there was a big jump in properties going to binder and contract, with 29 year to date, as compared to only 12 at this time last year-a 141% increase! Current inventory now represents 6.9 months of condo inventory.

Norwalk has seen a slight dip in the median price of single family homes, now standing at $385,000. Home sales jumped significantly in March with 178 homes going to escrow. There were only 112 single family homes that entered escrow in the first quarter of 2011. Current inventory is at 6.5 months vs. 11 months after the first quarter of 2011.

The condo market in Norwalk also saw a nice increase, with 71 properties entering escrow in the first quarter of 2012 vs. 52 in the first quarter of 2011. Most of that jump occurred in March with 32 properties going to escrow. The median price of condos that entered escrow was $297,000. This was $37,000 higher than the median sales price, year to date, and the number of new condo properties coming to market dropped 27.2%. Current inventory now stands at 9.2 months, much more manageable than the 13.9 month inventory after the first quarter of 2011, a decrease of 34%.