Friday, October 24, 2014

Current State of New Construction in Mid-Fairfield

I usually speak about Westport as the locomotive that drives Mid-Fairfield.  This is particularly true of the new construction segment of the market.  There were 53 new homes that have sold in the past 12 months in Westport at a median price of approximately $2,600,000.  In addition, there are currently 22 additional properties which are under contract and under construction (in various phases of completion).  These figures are based on Multiple Listing Service figures.  There is also a smaller number of homes either being built from scratch from the aftereffects of Sandy, or simply custom built homes that do not enter into those figures. 
There are now 69 active single family homes proposed as new construction in Westport. If we take the homes sold and those under contract and consider that figure, 75, to represent a year's worth of new homes sold, then we currently have close to a year's supply of inventory.  There is clearly an affinity by many buyers for new construction, and based on the median price, is attracting many well-heeled buyers.
 Based on the CMLS figures, there were only 14 new spec homes built in Greenwich in the past 12 months. While not privy to Greenwich MLS figures, I would not be surprised if these are fairly accurate figures for spec homes, as the once 'closed' Greenwich market
has opened up considerably to the Consolidated Multiple Listing Service for its homes, including
new construction.  Also worth noting is that there are currently 20 new spec homes listing for sale
in Greenwich, so it appears that the builders are returning to that market. The median asking price of
those homes is $4.5 million.
Fairfield has also had an active market with 45 new homes sold in the past 12 months and an additional 12 homes under contract.  The median price for those sold homes was approximately $999,000.There are currently 62 new homes being offered, which would be approximately equal to a year's worth of inventory, but with a median asking price of about $1,170,000 is less likely that this
market would be affected by economic downturns than say the Westport or Greenwich markets, since
there is a much larger buyer pool for these homes.
Weston & Wilton had a very modest number of new construction offerings, with only 3 having sold in Weston and 6 in Wilton.  The median prices of those homes was similar, $1,399,000 in Weston and $1,350,000 in Wilton.  The builders who work in these towns also seem to be optimistic with
10 new homes being offered in Wilton and 8 in Weston.

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