Tuesday, December 01, 2015

A Final Push As We Approach Year's End

The pattern of 4th quarter escrow increases continued in November, moving the yearly volume close to or above 2014 sales levels, with the exception of Wilton. Wilton has had 191 closed sales through November, compared to 217 at this time last year-a 12% decrease. However, November was a good month for Wilton,  with 21 homes going to contract compared to only 10 in November, 2014.   The median price in Wilton has also progressed positively, though modestly, with an increase of 0.6% to  $820,000.  It is worth noting that Wilton did have a very good 2014, so in terms of comparison this year may be more typical for Wilton than last.

Weston, Wilton’s neighbor to the east, has had a 2015 that closely resembles 2014, with 142 closed sales compared to 141.  14 homes went to contract in November (compared to 8 in November ’14).  It appears that Weston’s final 2015 trending sales will be superior to ’14 . The overall picture is a bit more mixed. It’s median sale’s price, year to date, has dipped 6.5% to $815,000, and housing inventory in Weston continues to remain high at 13.9 months.

Westport continues to play catch-up in terms of sales, and a strong November will likely mean that year-end sales will be equal to ’14. There have been 355 closed sales compared to 360 in ’14.   34 homes went to contract in November (compared to 24 in 2014).  Here again we see housing inventories well above normal levels-currently at 13. 3months.  In a balanced market we would expect to see inventory levels at 6 months or less.

Even in Fairfield, with the highest number of closed sales, inventory levels remain at higher than optimum levels-currently at 8.1 months.  Higher end homes are the main culprits for these higher inventory levels.  Entry level homes continue to trade rapidly in Fairfield, and November saw 87 homes go to contract (a 135% jump over November, 2014).  723 homes have cleared title in Fairfield this year, an increase of almost 120 homes. It’s median sale’s price of $578,000 reflects the preponderance of home sales on the lower end of the real estate spectrum.

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