Fairfield Update through July 31, 2019

The pattern that we saw emerging with the three W's repeats itself here in the largest of the mid-Fairfield towns,  Fairfield.  The active listing numbers continue to be higher than levels seen before this phase of the real estate cycle, in part because of higher numbers of high end listings which take considerably longer to sell.  With 55 current active listings over $ 2 million and 11 that have sold through the first 7 months of this year, we are likely to see inflated levels for high end homes  for some time to come. 

Younger home buyers continue to seek smaller lots closer to amenities.  This has adversely affected homes in Greenfield Hills, which generally take longer to sell than homes closer to the center of Fairfield (closer to train. schools and restaurants) and the beach area.

The 461 current active single family listings are top heavy under $1 million with 293 currently being offered, representing 63.5% of the homes on the market.  The current median list price of all homes currently for sale in $849,000.  The actual median sales price through the 31st of July has been $556,500, a decrease of 8 % when compared to the same period in 2018.  The median number tends to be skewed in Fairfield because of the large number of 'affordable' homes.  There are now 115 homes listed between $ 1 million and 2 million (24.9% of offerings) representing
tremendous value in terms of condition, style and square footage, as well as extra amenities (pools, tennis courts, home theaters, etc.).

Total sales are up 8 percent (471 compared to 440) compared to the first 7 months of 2018,  Activity has picked up in the past couple of weeks, with last minute purchases driven by the nearing of the school year, as well as those selling their homes looking to either downsize or move into a different style or area of town.

Wilton July 2019 Update

There are currently 200 active single family listings in Wilton with a median list price of $839,000.  These are distributed with 72.5% under $1 million (145); 23.5% listed between $ 1 million to 2 million (47) ; and 4% (8) listed over $ 2 million.  There are 39 properties that currently have accepted offers or have gone to contract.

Sales of single family homes through July 31, 2019 have numbered 134, a 17.5 percent increase over sales during the same time period in 2018.  The median price thus far in 2019 has been $725,000 which is a $70,000 drop from last year, representing a decrease of 8 per cent. The 2018 median price
through July 31 was $795,000. 

There have been 105 sales under $ 1 million representing 78% of the total sales.  28 sales were recorded for homes listed between $ 1 million to $2 million, representing 21% of the closed sales and there has only been 1 sale over $ 2 million. 

Weston Market Update July 2019

As previously noted in the Westport update,  higher than typical inventory levels were seen in Weston as well, with a current active inventory totaling 155 single family homes. 107 of these homes are listed for under $1 million; 43 are listed between $1 million to 2 million, and 5 are listed for over $2 million.  The median list price of active listings is $848,500.

Through July 31, 2019 there were 94 homes that have sold with a median sales price of $665,000.
In terms of total sales that compared with 93 during the same time period of last year, a statistically equal amount.  The median price is down $25,000 or 4 percent, which mirrors the amount in Westport on a percentage basis.

There were 72 sales that were below $1 million, representing 77% of the sales.  Sales between $1 million to $ 2 million totalled 20, representing 21% of the total sales and there was one sale for over $2 million.  These number breakdowns were almost identical to the first 7 months of 2018, though there were no sales over $2 million in 2018 through July 31.

Westport Market Update July 2019

We are continuing to see market inventory slightly above traditional levels for this time of year.  There are currently 357 single family homes actively available in Westport.  The breakdown of these active listings is: 109 homes listed under $1 million; 128 homes listed between $1 million-2 million; and, 120 homes listed for sale above $2 million.

There are currently 68 additional properties that have accepted offers and/or are under contract.  The breakdown is: 31 homes listed for under $1 million; 20 homes listed between $ 1 million to $2 million; and 17  properties listed for over $ 2 million.  These numbers are indicating two recent trends.  The first is a sell off in properties under $ 1 million at a rate higher than seen earlier in the year.  The second is an uptick in sales of more expensive homes (over $ 2 million).

There were 192 single family home sales through July 2019, which represented a 22% decrease compared to the first seven months of 2018.  The median price of these homes was $1,195,000, which represented a modest 4.2% decrease over the 2018 figure.  40% of the sales (77) were homes
that sold for under $ 1 million.  As mentioned above, recently sales activity seem to indicate that home sales under $ 1 million are increasing as a proportion of the total home sales.  The 90 homes that sold between $ 1 million- 2 million represented 46.8% of the market.  Recent activity in this
price range has decreased.  High end home sales (over $ 2 million) have totaled 27 through July,
representing only 14% of the total sales.  The 17 properties mentioned above that have accepted offers will increase these percentages going forward.

Looking back on 2018 sales through July (245) with a median price of $1,248,000 we saw a sales
breakdown as follows:
Under $ 1 million                               80 sales   32.4% of market
$1 million - 2 million                       120 sales    49%   of market
$ 2 million +                                       48 sales    19.6% of market