Price Trends 2012-2013

Westport Weston Wilton Fairfield 2013/2012 2013/2012 2013/2012 2013/2012 $0-500k 19 18 30 25 24 34 296 284 500-750k 72 64 50 43 87 88 195 159 750-1million 83 64 53 34 74 54 98 70 1000-1250 57 45 13 15 29 24 51 54 1250-1500 55 44 11 9 19 9 25 25 1500-1750 56 35 9 5 12 7 15 7 1750-2000 30 24 4 2 5 1 5 7 2000-2500 32 29 1 1 4 1 9 10 2500-3000 20 20 1 1 2 1 5 2 3-4 million 28 10 0 0 0 0 4 0 4-5 million 5 8 0 0 0 0 4 0 5 million+ 6 1 0 0 1 0 4 1 These breakdowns by price point indicate some of the recent trends in home sales within the Mid-Fairfield area. Volume sales have increased in nearly all price points. There have been significant increases of sales over $ 1 million in all towns, though proportionate to its size Fairfield has seen the least improvement. The largest increases can be seen in the range of homes selling between $1,500,000-1,750,000 in all four towns. Westport has the lion’s share of sales above $2 million, though Fairfield has made progress in the last year (primarily in Southport). Weston and Wilton have also exhibited strength in the $1,000,000-$1,500,000 price range relative to their size.

November 2013

Results for November were somewhat inconsistent across Mid-Fairfield. Fairfield and Weston showed increased activity, while Westport showed a slight slowdown for the month. All in all, home sales have increased year to date in all towns that we cover, and values have also increased. Fairfield saw a nice boost in November activity, with 69 homes going to contract in the month versus on 39 in November 2012. This represents an increase of over 75%. Closed sales for 2013 are up to 664 compared to 577 in the previous year. This 15% volume increase also comes with an increase in the median home price in Fairfield to $575,000 from $550,000 in 2012. This 4.7% increase is in line with statistical long term averages. Weston also saw a busy November, with 15 properties going to contract compared to only 7 in November 2012. Sales year to date are up to 155 from 121 at this time last November, and the median price has also increased 3.3% to $775,000. Values are still lagging but there have definitely been a lot more positive signs in 2013 than in 2012. Westport remains the hottest town in terms of median home values, but November saw a slight slowdown with only 23 closed sales compared to 32 in the previous November, though homes going to contract increased in November to 37 compared to 33 in 2012. Closed sales are up to 422 through November compared to 331 in 2012. The median home price year to date is $1,300,000. November saw a big jump in median price values, a sign of higher end homes turning over before the winter months, as some buyers are taking advantage of good value and seller flexibility. Buyer demand remains solid, and inventory in several sought after price points remains under represented.