April-A Slowdown in Activity

Did someone or something put on the brakes? We saw a slowdown in most towns in April, but Fairfield's entry level home market held firm, as did its year to date sales volume in comparison with 2013 figures. Fairfield's April figures saw a modest monthly increase compared to the previous April, 60 closed sales in April compared to 59 in 2013, but there have been 161 recorded sales in the first four months of this year compared to 148 in 2013. The median sales price in Fairfield has also seen an increase to $530,000 (compared to $512,000 through April 2013). Pending sales were also up considerably in April, with 97 single family homes going to escrow. The yearly figures for escrow properties totaled 234 at the end of April, which lowered the monthly inventory of homes to a respectable 7.2 months. Stamford, which in 2013 tracked in ways similar to Fairfield has also seen an increase in pending sales to 209 from 203 in 203. The median price has seen a 6+% increase to $615,000 year to date, with an even more significant median price increase in April, to $689,000. Closed sales year to date (through April) were down to 137 versus 165 at end of April 2013. The median price in Westport is up to $1,400,000 but pending sales were down 15% through the end of April, 91 vs. 108. Inventory levels did not change much-11 months- with a trickling of new homes coming to market in April, though yearly levels were up slightly. New Construction continues to outpace the rest of the market, which is bringing up the median price levels. We are seeing very little new construction of new homes in neighboring towns. Many of these buyers are coming from New York, or within Westport. Wilton had a nice month of April, seeing the median price for the month jump 25% to $1 million, though the year to date median of $803,000 is a much more accurate portrayal of where homes are selling. Volume figures were down slightly in April, with 36 homes going to escrow vs. 59 in April 2013, but the yearly numbers are only 2 units behind 2013 numbers, and closed sales in April were up 3 units to 16 vs. 13 in April 2013. Weston, which had been moving along very nicely in the first few months of the year after making strides in 2013, also had a slight slowdown, with only one closed sale in April. Closed sales year to date are down from 36 through April '13 to 28 in April '14. Inventory levels are at 7.4 months which is very healthy compared to the levels of a couple of years ago, and there has been a steady increase of sales of homes over $1 million.