Monday, December 16, 2013

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.

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