Some Improvement in May

Sales were slightly better in May, 2014 than they were in the previous year but as a whole year to date sales trends are mixed. In Fairfield and Wilton yearly sales are ahead of 2013, but Westport and Weston are still lagging in unit sales numbers. The median prices are on an upward trend, following more historic levels. Westport median prices through May were $1,321,409, a modest increase of 2.8%. Wilton’s median price is now $760,000 an increase of 6.7%, and Fairfield’s median price of $550,000 is up 3.9%. The largest increase was seen in Weston with an increase of 11.1%, reflecting greater numbers of sales over $1million that have taken place. Both Wilton and Weston finished 2013 with a median sales price of $712,000. Wilton has a greater number of properties at the entry level due to the fact that certain areas of Wilton are zoned at 1 acre or less, whereas Weston is 2 acre zoned except for pre-existing smaller lots. 179 closed sales have taken place in Westport through May , down 12.3%. Weston saw a 7% drop off in sales, with 72 homes having sold through May vs. 78 at the same time in 2013. Wilton had the largest drop, from 88 to 71 thus far, representing a loss of 19%. Only Fairfield, with 230 closed sales vs. 215 the previous year, has seen an increase (7%). This drop off has occurred while inventory levels have remained stable or fallen off slightly. Sales under $1million make up the lion’s share in all towns except Westport, which has seen about 2/3 of its sales over $1million.