Friday, August 17, 2012

July 2012 Market Update

Westport saw a continuation of recent trends with 37 homes going to escrow vs. 31 in July of 2011. Closed sales are still slightly off 2011 numbers but catching up. There have been 230 closed sales of single family homes with a median sales price of $1,250,000. The number of new properties coming to the market has slowed, though current inventory is still above typical levels. The condo market slowed somewhat in July, with only one property going to contract, but closed sales are exactly even with 2011 numbers, and inventory levels are now at 5 months supply, which is at or below typical levels. The median price of Westport condos is now at $645,000, a 15.4% increase over last year’s numbers. Weston continues to slowly improve. July saw 13 properties going to contract vs. only 8 in July of 2011, and pending sales should bring yield an increase in volume over 2011. The median sold price of $726,000 is off only 3% vs. 2011 but is still well behind levels seen in 2010 and 2009. Current inventory now stands at 12.2 months, a drop-off of 26% from 2011, so indications are that Weston is turning the corner. Wilton levels are still running slightly ahead of Weston. The Median price year to date is $772,000, and inventory levels are at 9 months. Closed sales are actually 25% ahead of 2011 and July saw a big jump in sales, 35 compared to 15 in 2011. Easton has also seen a nice bump in closed sales in 2011, up 68%, with 54 closed sales. The year to date median sold price of $575,000 makes Easton an attractive buy. Inventory levels have dropped 32% compared to last year but are still at nearly 11 months. Fairfield’s pace has been very consistent. The Median price is practically identical to 2011 levels, as is inventory. With a 5.5% increase of single family home sales, and a 20% jump in July sales, Fairfield should end the year in good stead. Condo sales are also outpacing 2011 levels and inventory is now at 7.4 months, an indication that the market is evening out. Though we are still in a seller’s market demand in lower price ranges has led to multiple offers, and has also led to decreased marketing times for condos in Fairfield. The largest of Mid-Fairfield’s constituencies, Norwalk, also seems to be following a pattern similar to Fairfield’s. Closed sales are up 9.7%, and July saw a 68% spike in sales. Many of these sales are in the lower end of the market. With a median sales price of $421,000, home buyers who could previously only afford condos can now participate in single family home purchases (though many of these homes on the lower end of the scale may require updating). Although the median price is still far from historic highs with lower inventory levels (currently at 7.4 months), we shouldn’t be surprised if the median price begins to rise.

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