April 2012 Mid-Fairfield Connecticut Trends

The general feeling that I am sensing is that things are picking up, and this is confirmed by the number of properties going to binder in all of the towns that I write about. The 82 new properties hitting the market in Westport was 30 less than April 2011, but year to date we are slightly ahead of 2011 with 370 listings, which is an increase of 1.9%. 61 properties went to escrow in April compared to only 37 in April 2011. Year to date we are 16.7% ahead of 2011. The median price has been holding very steady at approximately $1,210,000. The next couple of months will likely be key to our year end sales. I am expecting listings to continue to hit the market through May, with a trickling in June and beyond. Sales continue to be price sensitive. All of the mid-Fairfield towns had fewer closings in the first four months of 2012, but all 5 have seen increased activity in 2012. Weston had another strong month in April with 43 properties going to binder, compared to only 29 in April 2011. The lower end of the market has been dominating sales. Wilton also saw a increase of properties entering escrow with 39 compared to 18 in 2011. Year to date there have been 84 properties bindered compared to 54 at the end of April, 2011. The median sales price has also been trending downward, much as in Weston. These numbers may change dramatically in the next few months. Closed sales year to date in Fairfield were closest of all of the towns to 2011 levels. The $450,000-600,000 price range has been very hot in Fairfield. Number of properties going under binder has been impressive thus far, with 126 properties in April (vs. 58 in 2011). The numbers through April are just as dramatic, 277 properties under binder through April 30th compared to 172 in 2011, a 61% increase! The median price in Fairfield year to date is running at $500,000. Much like in Weston and Wilton, properties over $1,500,000 have been languishing in Fairfield. Norwalk inventory of single family homes is down slightly from 2011. Norwalk also experienced a slow-down of closings in the first 4 months, reflective of languid autumn sales. With a new year comes renewed hope. Escrows up are 52.4% (there were 75 more sales in April 2012 than in ’11), so we look to be ahead of 2011 sales. The median price is also trending downward in Norwalk. On the condo end of Norwalk, inventory levels have dropped dramatically, down 31.8%. Closed sales were off for the first 4 months-49 vs. 61 of April ’11, but escrows have increased by 33 year to date, so final sales numbers look to be better than 2011, though it is still a little early to say that definitively. The median condo sales price has dipped a little over 10% from $280,000 at this time last year to $250,000 in 2012.