Friday, December 07, 2018

Updated Sales Figures through December 7, 2018 -A Reflection of the Stock Market?

At the end of  January 1, 2018 the Dow Jones stood at $24,824, a phenomenal standard at the time.  It went at high as 26,773 just two months ago, on October 3rd.  That is a nearly 9 per cent difference between the high and low point.

As of today, the median price of single family homes in Westport  is down 8.6% for the year, a remarkably similar figure to the figure just cited. Clearly the new tax laws which limit mortgage and real estate taxes deductions has impacted the Northeast, especially in towns with many high end homes . The 2017 median price in Westport was $1,320,000 compared to $1,220,000 this year.  The volume of sales in Westport has declined approximately 5% since the beginning of the year.  Year to date totals of 2018 are currently at 391 versus 411 at the same time last year. Active listings stand at 292 single family homes, and there are 36 properties under contract (or binder). End of the year statistics will be impacted by the number of closings that take place before the year's end.  Stay tuned in early January for those figures.

Westport's sister town of Weston has had a slightly more challenging year in terms of pricing.  The median price at this time in 2017 was $771,000 versus $699,000 through today in 2018.  That is a 9.4% difference.  In terms of volume, though, there have actually been 2 more sales year to date compared with last year, 156 versus 154.  The actives currently stand at 137, with an additional 24 properties that are under contract/binder. 

Wilton experienced a flip performance compared to its neighbor, Weston.  The median price went from $747,000 in 2017 to $797,000 currently, a 6.7% increase.  Other the other hand, Wilton saw a decrease in sales volume of 10%, from 217 single family sales at this time last year to 195  as of today.  There are 23 properties under contract and 169 active listings.

The town of Fairfield also experienced mixed signals.  The median price jumped from $508,000 at this time last year, to $630,000 currently, a gain of 24 percentage points.  The sales volume, however, went from 747 single family homes last year to 699 as of today, a drop of 6.4%.  Fairfield currently has 368 active listings and 91 properties under contract. 

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