Thursday, December 18, 2014

Slight uptick for November

November temperatures were a bit above normal and warmer temperatures seem to have brought out some buyers looking to purchase before the end of the year.  All of the towns that I primarily cover saw an increase in properties going to contract in November 2014 compared to the previous year, though all towns continue to lag behind the sales numbers of 2013.  Political unrest and unexpected drops in energy (i.e.,oil) prices may become the norm, and sales volume seen in 2014 resemble levels seen at the beginning of the last real estate cycle that began in 1995. Some loosening in mortgage standards may help to boost sales in 2015.  Inventory levels, while declining, are still above historic levels.

November escrow sales in Westport increased to 31 compared to 26 over the previous November.  Escrow volume year to date is down 14.6% year to date.  Inventory levels were at 13.3 months, down 15.8% over 2013, but still not at 5-6 month levels seen in more balanced markets.  The median price is up 4.3% to $1,323,204, boosted by New Construction sales and other high end properties (over $2 million) represent approximately 25% of this year's sales.

The market in Wilton has been steady. It's median sales price of $815,000 is up .9% over the previous year.  Escrowed properties year to date are down a modest 8.4%, from 239 in 2013 to 219 this year. Inventory at 11.8 months represents a 13.9% decrease.  November escrows increased one, to 17 compared to 16 in November 2013. 

Weston started the year off showing increased strength but has softened . Escrows for the year are down 24 units to 142, a drop of 14.5%.  Despite those numbers the median price did rise 3.9% to $805,000.  Inventory, though very high at 17.9 months is actually down 10.5%.  These numbers reflect the higher part of the market which still lags considerably behind levels seen at the end of the last cycle. 

Fairfield sales continued to be driven by the lower end of the market.  The current median price of $569,000 is off 1% from levels at this time last year.  Sales activity increase 3 units in November, though year to date escrow levels are off 9.2% from 697 to 633 single family homes.  The inventory of 12.2 months, is similar to Westport and Wilton levels, though it has increased 3.4%.

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