Sunday, February 08, 2015

Signs of an Early Spring Market

Activity in the first month of 2015 may be a precursor to a busy spring market.  The pattern that seems to be emerging in all Mid-Fairfield towns is one of increased activity.  All four towns that we cover saw a significant increase in the number of homes accepting offers. 

In Westport 31 homes accepted offers compared to 16 in January 2014, representing a 93.8 % increase.  At the same time the number of new properties was 17.8% lower as compared to January
2014.  The median price decreased slightly to $1,300,000 a reflection of activity in the lower end of the market towards the end of 2014.  Early activity also seems to indicate a strengthening of the market below $1,100,000, though new inventory at these levels has been relatively low.  Homes that have come on in good condition have accepted offers in less than two weeks, and in a few cases with
multiple offers.  The number of closed sales (activity from the 4th quarter of 2014) was exactly the
same as 2014 levels. 

In Weston, the median price for January was $900,000, higher than overall 2014 figures by almost 10%, though below January 2014 levels.  Though the median price is an important figure to follow,
the year end figures are what we focus on.  More important in the short run is the activity comparison year over year.  In this case the same jump in activity seen in Westport occurred at even a greater rate, with a jump of more than double the number of properties accepting offers compared to January
of 2014.  Closed sales were unchanged.

Wilton, which has seen a slight fall off in activity in the final months of the year also saw a nice upswing of 46+% of homes accepting offers, with 19 versus 13 in January of 2014.  The median sales price of $905,000 was above 2014 yearly levels.

Fairfield completed the pattern of increased accepted offers, with 66 homes accepting offers compared to 32 in January of 2014, a 106% increase!  New properties coming to the market decreased slightly to 103 compared to 114 in January 2014.  Closed sales were also up 62%, and the median price increased slightly to $569,000.  It will be interesting to see if the median price increases in Fairfield.  The more affordable end of the market has kept volumes higher in Fairfield, while higher end listings have languished. 

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