2012 Mid Year Report

The pace of sales for the first six months of 2012 was similar to the same time period in the previous year, however, within the different towns, and different sub-sectors of the market there have been some subtle changes. In Westport the actual number of closings of single family homes through June 30th, 2012, was 168 compared to 184 in the previous year, a drop of 8.6%. However there are 230 properties that have gone to contract compared to 213 through June 30, 2011, an increase of 8%, basically offsetting the shortage of closings compared to 2011. That is to say that I expect that those sales figures will even out when the escrowed properties change title. The median sales price in Westport was $1,250,000, an increase of 9.2%, which was an indication of both higher numbers of sales on the higher end of the spectrum, as well as a limited inventory of ‘good’, i.e., move-in ready properties, which has boosted prices in the median range of the marketplace. 105 of the 168 single family homes that have passed title were sold for over $1,000,000. Homes requiring more updating on the lower end of the Westport marketplace have been more negatively impacted pricewise. New, and newer constructed homes have dominated the sales of properties in the high end (Over $2,000,000). Waterfront homes have moved more slowly in the high end, with increased inventory in neighboring markets. There has been an increase in showing activity in the past 6 weeks or so, as the weather has improved. Condo sales in Westport have seen an increase in the median sales price (currently $645,000), up 13.8%. Condo inventory has dropped over 20% year to date. There were 15 sales compared to 16 the previous year. Demand is strong, and the average marketing time has dropped by over 25%. Weston sales are down 11.7 year over year, but with a 29.8% increase in escrows that should translate into a sales rate that will outpace 2011. Closed sales are up by 17.6% in Wilton, and properties that have gone to contract are up by nearly 50%, so end of the year figures should go up considerably from 2011, though condo sales in Wilton are down slightly from last year, even though inventory has decreased. Fairfield’s numbers look similar to 2011 at first glance with sales up 3.1%, but with a 37% increase in properties in escrow, final sales numbers should be excellent. The median price has taken a hit though, with the current median price being $533,000. The lower end of the market has continued to dominate in Fairfield, though there has been a recent increase in high end activity. The condo market has also followed similar lines, with increased sales numbers, and a dropping median price ($312,000 year to date).