Tuesday, May 28, 2013

April 2013-a Hot Month

Not literally, but there was a sense in April that with low inventories prevailing it was time to act. The numbers continued to show strength. Closed sales in the month of April were up in every town, with Weston seeing a big jump relative to the previous year, though the numbers were solid everywhere. All towns are ahead of their 2012 numbers, though closed sales in Wilton for the month of April were exactly the same as in 2012, with 13 closed sales of single family homes. I always focus my attention on the sales going to contract in the month, the clearest indication of current activity. There again we see strong numbers everywhere. Weston and Wilton saw some big increases in April. Weston had 31 homes go to contract versus only 12 in April, 2012, and Wilton had 46 versus 24 the previous year. Westport had 52 properties vs. 45 in April 2012, and Fairfield 91 vs. 81 in '12. Stamford numbers continue to track along similar lines to Fairfield, with the lower end of the market seeing the majority of the sales. The 89 homes going to escrow in April compared to 63 in the previous year. Inventory in North Stamford continues to be relatively low, though movement has been slow as well. There continue to be situations with multiple offers for new inventory especially those that are seen as excellent value, and several new homes being sold before completion. Marketing times have been fairly steady, but Weston & Wilton have seen a marked increase in Marketing time, with April days on market in Weston going from 132 in April 2012 to 255 days in 2013, and Wilton seeing even longer marketing averages from 150 days in April 2012 to 282 days in April 2013. Sales in the beach areas along Long Island Sound are moving slowly, though typically these areas pick up activity in the warmer months. It is still premature to know whether they will be affected by the storm events of the previous year. Early indicators in May show a trickling of new inventory. I would expect to see this continuing through May and June.

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