Thursday, June 07, 2012

May 2012 Update

Continued Strength and Vibrancy Although closed sales are lagging on a year to year basis all signs continue to point to 2012 as being an improvement on 2011, with increased numbers of homes and condos under escrow in all mid-Fairfield towns. In Westport there were 64 single family properties that went to escrow in May compared to only 43 in 2011. The median sold price rose slightly in May to $1,260,000, which was 5.9% higher than May 2011. The total inventory is running at levels almost identical to 2011. Condo sales in Westport have been running at levels almost identical to 2011, but properties under contract are up 18.5% and condo inventory is down 15.6%. With 5.2 months of inventory based on the current inventory level it looks like there is a shift in the condo marketplace. There have been instances of multiple offers for well-priced move-in condition properties. Weston contract sales are running behind 2011 levels, but with the number of properties currently under contract more than making up the difference in this shortfall, Weston’s market is positioned to have increased sales this year. May’s median price of $750,000 was identical to May 2011. Inventory levels are still high compared to historic levels, resulting in longer marketing times for homes to go to contract. The picture in Wilton shadows its neighbor, Weston, though with slightly more favorable results. Closed single family home sales in Wilton were up 11.9% over 2011 numbers. Homes under contract are up almost 60% compared to last year. The lower end of the market is dominating sales with the median price dipping slightly (-3.3%) year to date. Closed sales in the Wilton Condo market are down year to date from 11 in 2011 to 6 thus far in 2012. Three properties went to contract in May. Competition from low priced homes may be siphoning some of the potential buyers. Single family closed sales in Fairfield have been identical to 2011 numbers, but we are still seeing vibrant activity with 108 new escrows in May representing a 61% increase. May also saw a slight uptick in the median sales price of closed sales, though it is still down marginally (-3.3%) when compared to last year at this time. Inventory numbers are slightly higher. Fairfield condos have seen a big jump in activity year to date (+55.6%), but the median price of condos has decreased about 25%. Norwalk has seen closed sales of single family homes in May ahead of the levels achieved in the same month last year, though year to date the total is slightly behind 2011 levels. There were 109 properties that went to binder in May representing a 109% increase. The year-end numbers are still on pace to be ahead of 2011, and the median price is $1000 higher than last year. Condo sales in Norwalk were up slightly in May, and escrows are up 22.6% year to date, with closed sales off 12.2%. It is still looking like yearly totals will be an improvement over 2011 levels, but the current median sales price is down 10.8%. May did show signs of improvement in the median price, which increased by 5.5% to $256,000.

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