Saturday, May 07, 2016
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.