Wednesday, August 12, 2015

A Hot July

As the weather improved we continued to see improvement over what had been a late spring market. The number of homes that have gone to contract have increased in all the Mid-Fairfield towns, though the coastal towns showed more activity than our landlocked neighbors.

Westport had 29 homes go to contract in July, a 74.4% jump over the previous July. On a year to date basis there has been a more modest 5.8% increase in properties that have gone to contract.  Year to date sales through July stood at 220 single family homes compared to 216 the previous year at this time-a 1.9% increase.  Inventory levels at 8 months have decreased, but are not at levels one would
expect in an active market.  These levels are somewhat influenced by new construction and other high end properties on the market which are selling more slowly than properties below $1.5 million.
The median price is currently at $1,295,500 ( off 2%) through July, but some higher priced sales should see those levels rise.

Weston continues to have a solid though not spectacular year.  The median price now stands at 852k compared to 820k at this time last year.  Homes that have gone to contract are up 6% and inventory has been dropping, though at 11 months it is still too high.  The high end is weighing on those figures.  In terms of sales, the 94 homes sold through July was the exact same number as through July 2014.

Wilton has seen a big jump in median sale's price to $870,000, compared to $790,000 last year, and homes going to escrow have increased 3.4% to 152, but sales have been lagging, with 125 through July compared to 136 through July, 2014.  Inventory levels fall into the middle range of 8.7 months.

Fairfield entry levels sales continue to go strong.  With 458 sales compared to 392 through July 2014,
Fairfield has been an active market.  Homes going to escrow have jumped 24% with 534 through July.  The median price is holding steady at $575,000 compared to $573k last year.  High end sales have also been lagging in Fairfield.

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