Tuesday, July 14, 2015

At The Halfway Mark

Nationwide there has been a marked uptick in sales, and certain towns in Connecticut have started to see a similar trend.  Mid-Fairfield seems to be less 'hot' than some other areas.

Westport had a solid month of June with 64 properties going to contract compared to 49 in the previous year. This is something we had sensed might come since we had a spring market that started later than usual this year due to a harsh winter, and late spring.  There have been 206 properties that have gone to contract through June, compared to 203 during the same time period in 2014, which represents an increase of 1.5%. Closed sales, however stood at 158 through June (single family homes) compared to 173 through June, 2014.  A 'heavy' inventory of new homes and homes over $2 million may be having an effect on the overall Westport market.

Weston has been a town that has seen a 'bounce back' year, and June saw that trend continuing.  94 properties going to contract vs. 79 in June of 2014 bears testament to the continuing improvement.
Year to date there have been 72 closed sales, an increase of 14.3%.  The median price of $851,000
represents a 2.5% increase.

Wilton has also had a solid year.  The median price of $865,000 is slightly above that of its neighbor, Weston, but June saw a 10.9% jump to $950,000.  June sales were up, 48 vs. 35 in June, 2014, but closed sales are down 98 compared to 109 through June 2014.  The +/- differential indicates a very similar result to 2014.  

Fairfield continues to have a hot/cold market.  On the hot side are homes under $700,000. 200 of the 367 sales recorded through June sold for under $600,000.  This goes a long way in explaining the year to date median price of $560,000, ( a decrease by the way of 2.6%). This entry level range is the 'hot' part of the market.   However, as a whole, only 15 homes have sold so far this year over $1,500,000 in Fairfield. That is a strikingly low number for a town of this size.  This compares to 70 in Westport, and 68 in New Canaan, both with less than half the population of Fairfield.  Sales in Greenfield Hill have been soft, with a median price in that area hovering slightly above $1 million. There have been 39 sales on the 'Hill' through June 30th.  There are currently 130 homes actively listed for sale in Greenfield Hill.

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