Friday, November 09, 2012
Here are the breakdown of Sales in the Mid-Fairfield Connecticut area through November 8, 2012 Price Range Westport Weston Wilton Fairfield Norwalk $0-500,000 22 21 36 283 458 $500,000-800,000 77 38 90 168 94 $800,000-1,000,000 55 26 38 47 22 $1,000,000-1,200,000 27 12 20 40 6 $1,200,000-1,500,000 53 5 13 36 12 $1,500,000-2,000,000 52 7 10 13 10 $2,000,000-2,500,000 29 1 1 10 4 $2,500,000-3,000,000 15 1 0 2 3 $3,000,000-3,500,000 7 0 0 0 2 $3,500,000+ 10 0 0 1 3 Totals 327 108 199 588 607 Includes Single Family (26*) (15*) (68*) (176*) & Condos* The majority of sales were in the lower end of each market. This is especially pronounced in Norwalk, where 458 of the 607 sales year to date, have been under $500,000 (these figures include Condominium sales). In Fairfield, 451 of the 588 sales have been under $800,000. 154 of the 327 sales in Westport, or nearly half, have been under $1,000,000. Another 'hot' area has been homes selling between $1,000,000-2,000,000, with a total of 132 homes sold in this price range. On the high end it is clear that the vast majority of sales over $2,000,000 have gone to Westport. Westport has had 61 sales over $2,000,000 and the next closest town is Fairfield with 13. In the $1,000,000-1,200,000 range Fairfield has had the most sales (40), but as a proportion of sales this price range has been strong in both Wilton & Weston. These two towns have also attracted many buyers seeking value below $1,200,000, with many buyers ending their home search in Weston & Wilton after originally looking in Westport, as well as points west (including Greenwich, Darien, New Canaan, & Westchester county).
Wednesday, November 07, 2012
October 2012 Market Update
Sales continued at an increased pace in October, and inventory levels are slowly decreasing. In Westport 45 homes went to escrow in October 2012, an increase of 164% when comparing to the previous October. On a yearly basis escrows are up 9.5%, to 334, though closed sales are still trailing 2011 by 4.2%. The median price of closed sales is now at $1,207,500, slightly off from earlier this summer indicating more activity of homes selling for under $1million. Weston continued its steady improvement. The yearly median sales price now stands at $745,000, which is $5000 less than the October 2011 level. 20 homes bindered in October compared to only 7 in October 2011. The 125 homes that have escrowed in 2012 vs. only 80 at this time last year, represent a 56.3% increase. The month's supply of inventory is now at 9.9 months vs. 30.7 months at this time last year. There have been107 closed sales year to date compared to only 90 at this time last year, a solid 18.9% improvement. Wilton's median sales price of $747,000 is a fraction higher than Weston's, indicating that historic parity between these similar towns is returning. This figure represents a decrease on a year to year basis of 9.5%. Some of this was due to the October median sales price of $650,000. As in all of the towns that I follow, homes on the lower end of the market have dominated recent sales activity. October saw a big jump in average days on the market. Yearly averages for marketing time of homes has increased to 163 days, an increase of 41.7% over the previous year. These figures are likely influenced by new measures of calculating these times instituted by the multiple listing service. Months of inventory in Wilton is now down to 8.9 months, better than Weston's 9.9. Closed sales were up in October in Wilton, and year to date there have been 185 single family home sales compared to 153 in 2011, a 20.9% increase (also slightly better than Weston's). Lastly, the largest town in Mid-Fairfield, Fairfield, saw the median sales price in October go to $578,000, a 30.6% increase over the previous October. The yearly median sale's price of $549,000 continues to make Fairfield the most affordable town of the Mid-Fairfield area. The 38 homes entering escrow in October nearly doubled the previous October's activity. Year to date 598 properties have gone to escrow in Fairfield, a very solid 29.2% increase. Closed sales were also up in October (33%), and year to date there have been 519 closed sales, an increase of 11.9% over 2011.
Labels: 2012 Fairfield County Real Estate statistics, Fairfield Ct real estate, Fairfield CT Real estate trends 2012, Home prices, Weston CT real estate, Westport CT real estate, Wilton CT real estate