Surprisingly hot spring in some parts

Activity in the marketplace under $1 million continues to advance at a rapid pace.  Weston continues to be the standout in that regard.  32 properties went to contract in Weston in March compared to 11 in 2014 representing an increase of more than 190 per cent.  Year to date there have been 46 properties that have gone to contract versus 26 in the first quarter of 2014 in Weston.  At the same time the median price in Weston compared to the first quarter of 2014 decreased by 21 % to $655,000.  In other words, the majority of activity has been on homes under $800,000.  There have only been 93 new properties that have come to the market in the first quarter compared to 103 in the first quarter of 2014.  Based on current activity there is 5.8 month of inventory. 

Wilton to has also had a hot spring market. March saw 37 properties go to contract, an increase of 105% over March 2014.  Year to date there have been 61 properties that have gone to contract compared to 41 in the first quarter of 2014.  Contrary to Weston, however, median prices are on
the rise in Wilton.  The median price of homes that have sold this year are up 25.4% to $875,000,
compared to $698,000 in the first quarter of 2014.  Wilton has however, seen an increase in new properties coming to the market, up 10.8%.  Closed sales are also down a bit, with 29 closed sales in the first quarter compared to 34 in the first quarter of 2014, representing a 14.7% drop.

Westport's median price has seen a slight decrease of 3.8% to $1,250,000. March contracts were down slightly (-6.5%) to 43 compared to March 2014.  First quarter results also saw a drop off,
77 vs. 87 in '14, or 11.5%.  Closed sales are also down slightly (-3.2%) to 61 (vs. 63) in the first
quarter.  Recent activity in April has been more brisk and these figures will likely be positive for
the month of April.

Fairfield continues to be the steadiest of the towns, with a median price increase of 2.8%.
Contracts in March were up to 101 compared to 60 in March, 2014.  Interest rates are helping to
drive the entry level buyers.  First quarter results are up 31.6% to 179 units under contract.  Closed sales are also up, 11.9% to 113 units in the first quarter.

There have been some recent indications that properties in the $1million-$2 million levels have been more active as have some of the higher end properties over $3 million.