Friday, March 11, 2016

Slowly Picking Up Speed

Westport has seen a pick up in sales of New Construction, some of which have been sitting for several months.  That is a key factor behind the median price increasing to $1,538,500 year to date.  Closed sales (an indicator of late autumn activity) is also up with 44 closed sales thus far compared to 35 last year at the end of February.   In terms of recent activity there were 30 homes that went to contract in February compared to 20 in 2015.  Combined with January activity there have now been 53 properties that have gone to contract compared to 34 last year, a pickup of 55.9%.  Inventory is still at higher than one would hope for, but the still large number of new homes that may be under construction and will stay on the market for many months until completed, tend to make these numbers more difficult to use as a good indicator.

Market activity in Weston has been slower to pick up steam, but it appears that February may have signaled the start of the spring market.  The 24 properties that went to contract was 64% higher than in 2015.  The median price however, from early sales is at a very low $538,000. That will likely change very quickly in the next few months, but does point to the activity in the lower end of the market in Weston. 

Wilton also had a low median price in February, but year to date is at $861,000, unchanged from last year.  Contract signing were at 28, up from 24 in February 2015.  Inventory remains higher than in a balanced market.

High performing Fairfield continues where it left off in 2015.  There have been 130 properties that have gone to contract thus far, compared to 78 last year, a whopping 66.7% increase. The 7.4 month inventory is the best in mid-Fairfield. The median price of $625,000 is up 12.1%.

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