Saturday, May 07, 2016

April Showers Bring More Sales

Despite less than ideal weather conditions, all of the towns in Mid-Fairfield saw increased activity in April. 

Westport led the way in April with increase of homes going to contract up 105%.  On a yearly basis 151 single family homes have gone to contract, up 54%.  From the perspective of the Median Sales Price, it currently stands at $1,397,500, an increase of 11.8%.  Closed sales are up 96 compared to 86 at the end of April 2015.  This is an increase of 17.1%.  In terms of new listings coming to the market, April actually saw a decrease compared to April, 2015.  However, year to date the number of homes on the market is up 16%.  Early indications in May are showing increased new listings.  Given the wet weather that we’ve had it is likely that we will have a later than normal spring market.

Wilton also saw an impressive jump in April sales activity.  43 homes went to contract compared to 22 in April, 2015.  That’s a 96% increase!  Year to date there have been 86 homes that have gone to contract compared to 59 last year at this time.  That represents a 46% increase. The median price has remained relatively flat.  Currently standing at $875,000, this is an increase of 1.7%.  New listings were also down in April in Wilton, though for the year they are up 8%.  Closed sales are up slightly 46 vs. 43 through April 2015.

Weston has been lagging its neighbor to its west, Wilton, in 2016.  The median price of $749,000 is about 16% lower than Wilton.  Weston did have a good April with 24 homes going to contract compared to 16 in April, 2015.  On a yearly basis homes going to contract is up nearly 11%.  New homes coming to the market was also down in April, but for the year are up nearly 16%.  Closed sales are up slightly from 33 to 34 this year. 

Fairfield saw all of the same tendencies as its neighbors.  New listings were down in April, but up 8% so far for the year.  Pending sales were up in April, and for the year are up 40%, though closed sales are only up 8% through April.  The median price has been slowing gain ground in Fairfield, up 6.2% for the year to $582,000. 

Multiple offer situations are on the increase for new listings that are well priced and in excellent condition.  Mortgage rates remain near historic lows.

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