Fairfield County February 2022 Update

The 2022 real estate market begins where 2021 left off. Existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to put their home purchase plans on hold temporarily. 

For February, in Fairfield County,  single-family home new listings decreased 11.5 percent,  pending sales fell 12.3 percent, and inventory decreased 35.9 percent. 

2022 marks a new opportunity for many buyers to make their home purchase dreams a reality. But it won’t be without its challenges. In Fairfield County, the inventory of existing homes was at the lowest level recorded since 2003, according to SMARTMLS, and competition remains fierce. Affordability continues to decline as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.

Fairfield Country Statistics through May 2019 in Comparison to same period in 2018

2017 Update through November 2017

                                 Westport Totals Provide Mixed Picture of Success

2017 single family home sales are nearly complete.  Comparing year to date totals with 2016 equivalents, real estate activity continued throughout the course of the year, including a more active 4^th quarter in 2017 than the previous year..  Total single family home sales stand at 391 compared to 329 during the same time period in 2016, a 15% increase. 14 additional homes are also under contract.   2017’s median price of $1,325,000 represents a 2.8% increase over the $1,289,000 median price at this time last year.

Greens Farms saw a drop of single family homes from 45 in 2016 to 36 in 2017; but saw a median price increase from $1,447,500 to $1,512,500. 

Compo Beach continued to see price and volume increases, with 39 homes sold in 2017, an increase of about 14%, with the median price rising from $1,555,000 to $1,647,500.

Saugatuck Shores & Island saw a solid single family home sale’s increase from 12 in 2017 to 17 in 2017.  The median price lagged slightly from $1,132,000 to $1,167,500.

Town wide, new construction sales increased from 50 in 2016 to 67 in 2017.  

The Luxury Market: Buyers vs.Sellers

The definition of a luxury house has changed over the years, but for the sake of our purposes in Westport, we generally refer to homes selling for over $2 million as falling into that category. Of the 382 single family properties currently on the market, half of the homes are listed at $ 2 m + and 71 are asking $3 million or more, with 37% of them in the Greens Farms/Compo area.
For those readers who may be thinking of selling in the near future, here are some things to keep in mind when listing your home.
Today’s buyers have access to much more information than you may have had when you bought your home. They will likely establish a list of homes that fit their ‘must-haves’ and then try to see as many of these homes as possible.
Many of these buyers are very comfortable with an Excel spreadsheet and they will then break them down by categories beyond the basic bedrooms, baths, and square footage, into subcategories such as yard features, curb appeal, special features, privacy, sports features, lower level amenities, etc. Emotional buying is being replaced by value buying.
Many of us focus on the interior changes that we’ve made to our homes. Don’t overlook the first things that potential buyers may see. Repair any cracks in driveways or broken Belgian blocks. Power wash walkways, patios and decks, mulch the flower beds, and make sure that exterior paint looks fresh.



4 Hilandale road listed at $2,400,000

Steady as she goes...

As a nautical town, I thought that the above terminology was an apt description of our current real estate market. The current inventory of 375 single family homes would appear on the surface to be slightly above average levels. A closer look shows only 84 of these listings under $1 million. The remaining 291 properties are listed over $1million and 142 of these are over $ 2million. That last sector, in particular, represents an overabundance of inventory.
The Greens Farms/Compo active inventory currently stands at 97, with 45 homes in Greens Farms and 42 in the Compo area, representing approximately 26% of town-wide inventory. Greens Farms has 15 properties under contract and Compo has 14. The current median price of homes under contract in Greens Farms is $1,844,000 while the beach area’s median price under contract in $2.4 million.
There have been 139 overall single family sales in Westport compared to 125 at this time in 2016. The current median price of those sales is at $1,486,000 compared to $1,350,000 at this time last year. Compo sales this year are one above 2016 levels while Greens Farms sales are lagging by 7. As of the writing of this article it is still a bit early to tell whether these trends will hold.



8 Tiffany lane is listed at $3,995,000

Signs of an Early Spring Market

Activity in the first month of 2015 may be a precursor to a busy spring market.  The pattern that seems to be emerging in all Mid-Fairfield towns is one of increased activity.  All four towns that we cover saw a significant increase in the number of homes accepting offers. 

In Westport 31 homes accepted offers compared to 16 in January 2014, representing a 93.8 % increase.  At the same time the number of new properties was 17.8% lower as compared to January
2014.  The median price decreased slightly to $1,300,000 a reflection of activity in the lower end of the market towards the end of 2014.  Early activity also seems to indicate a strengthening of the market below $1,100,000, though new inventory at these levels has been relatively low.  Homes that have come on in good condition have accepted offers in less than two weeks, and in a few cases with
multiple offers.  The number of closed sales (activity from the 4th quarter of 2014) was exactly the
same as 2014 levels. 

In Weston, the median price for January was $900,000, higher than overall 2014 figures by almost 10%, though below January 2014 levels.  Though the median price is an important figure to follow,
the year end figures are what we focus on.  More important in the short run is the activity comparison year over year.  In this case the same jump in activity seen in Westport occurred at even a greater rate, with a jump of more than double the number of properties accepting offers compared to January
of 2014.  Closed sales were unchanged.

Wilton, which has seen a slight fall off in activity in the final months of the year also saw a nice upswing of 46+% of homes accepting offers, with 19 versus 13 in January of 2014.  The median sales price of $905,000 was above 2014 yearly levels.

Fairfield completed the pattern of increased accepted offers, with 66 homes accepting offers compared to 32 in January of 2014, a 106% increase!  New properties coming to the market decreased slightly to 103 compared to 114 in January 2014.  Closed sales were also up 62%, and the median price increased slightly to $569,000.  It will be interesting to see if the median price increases in Fairfield.  The more affordable end of the market has kept volumes higher in Fairfield, while higher end listings have languished. 

The New York Connection

After reading how the number of homes sold in the Hamptons grew by 48% in 2014 according to Douglas Eliman statistics, I am somewhat surprised that we have not seen more of a boost of home sales to New Yorkers looking to take advantage of our area for its proximity
to the city by train or car,  as a weekend getaway and/or summer home.

The exact numbers are difficult to calculate without going through the entire tax roll. I contacted
both the Westport Town Clerk and the Town Tax Collector to see if they would have an idea of what these numbers are, and neither of these departments were able to help me.  My own guess, and it is only a guess based on personal experience, both as a Realtor and a town resident, is that the numbers  are somewhere in the 10-15% range in Westport, and lower in surrounding towns.

On a personal level, relatives of mine purchased a home in the beach area over 50 years ago that they
have used in exactly this fashion-spending summer months walking to the beach, taking sailing lessons at The Longshore Sailing School (One of the oldest in the country), playing an occasional round of golf or tennis, or signing up for summer events organized by Parks & Rec.

The largest share of our real estate taxes go to pay for schools, but we have so much more to offer a town resident.  In addition to the aforementioned amenities, there are the town marinas, Mahackeno summer camp, Compo Beach camp, Earthplace, Westport Playhouse, local hiking areas such as Devil's Den and Trout Brook, not to mention the simple pleasure entertaining friends with a backyard bar-b-que, or during this time of year, ice skating at Longshore or sledding at Winslow park.

There isn't much happening in the Hamptons in the winter months, which is why most of the restaurants and many of the stores are closed until the summer season.

Perhaps it's better that more people haven't realized what our area offers.  The highways are already
pretty busy, and it's nice to have a slowdown on the weekends. 

Great Time to Sell and Buy

While inventory has been coming to the market slowly we are still at lower levels than we've seen in the past several years.  There have already been signs of movement in some of the new listings that have come to the market since the beginning of the year, an indication of the pent up demand and buyers that have already started to look at homes.

In the meantime, in the past month or so, there has been a shift in the mortgage market as already low rates have come down to truly historic lows. 30 year fixed loans, even Jumbo loans up to $2 million are now well below 4%-I've seen rates of 3.625% today from Skip Wasserman at Atlantic Residential for these fixed rates, and rates as low as 2.625% for 5/1 fixed Adjustable Rate Mortgages.

So what does this mean to the buyer and seller?   For the buyer this is a market where prices have recently been holding steady or even declining slightly in some markets.  Prices, therefore, are at reasonable levels.  There has been talk about the Fed raising the interest rates on mortgages at some point this year.  It's hard to say how much this increase will be, but let's just imagine what that would
mean for someone looking to purchase a home with a $800,000 mortgage (putting 20% down for a purchase of a home selling at $1 million).  At current rates the monthly cost would be $3648 per
month for a 30 year mortgage.  If the rates go back to the levels that we saw only one month ago, at 4.125%, the cost differential would be $229 per month, or $2,748 a year. Looked at in a slightly
different way, this type of change would represent a 12% increase.  Seen in a different way,
if home prices were to go up 12%, a home now selling for $800,000 would be the equivalent of a home selling for $896,000 if the rate was at 4.125%.

For the seller, the fact that rates are so low means that buyers can now afford more than they could even one month ago (see above).  This will increase the buyer pool in different price points, and should therefore may it easier to sell their homes (especially if inventory levels remain low). 

Slight uptick for November

November temperatures were a bit above normal and warmer temperatures seem to have brought out some buyers looking to purchase before the end of the year.  All of the towns that I primarily cover saw an increase in properties going to contract in November 2014 compared to the previous year, though all towns continue to lag behind the sales numbers of 2013.  Political unrest and unexpected drops in energy (i.e.,oil) prices may become the norm, and sales volume seen in 2014 resemble levels seen at the beginning of the last real estate cycle that began in 1995. Some loosening in mortgage standards may help to boost sales in 2015.  Inventory levels, while declining, are still above historic levels.

November escrow sales in Westport increased to 31 compared to 26 over the previous November.  Escrow volume year to date is down 14.6% year to date.  Inventory levels were at 13.3 months, down 15.8% over 2013, but still not at 5-6 month levels seen in more balanced markets.  The median price is up 4.3% to $1,323,204, boosted by New Construction sales and other high end properties (over $2 million) represent approximately 25% of this year's sales.

The market in Wilton has been steady. It's median sales price of $815,000 is up .9% over the previous year.  Escrowed properties year to date are down a modest 8.4%, from 239 in 2013 to 219 this year. Inventory at 11.8 months represents a 13.9% decrease.  November escrows increased one, to 17 compared to 16 in November 2013. 

Weston started the year off showing increased strength but has softened . Escrows for the year are down 24 units to 142, a drop of 14.5%.  Despite those numbers the median price did rise 3.9% to $805,000.  Inventory, though very high at 17.9 months is actually down 10.5%.  These numbers reflect the higher part of the market which still lags considerably behind levels seen at the end of the last cycle. 

Fairfield sales continued to be driven by the lower end of the market.  The current median price of $569,000 is off 1% from levels at this time last year.  Sales activity increase 3 units in November, though year to date escrow levels are off 9.2% from 697 to 633 single family homes.  The inventory of 12.2 months, is similar to Westport and Wilton levels, though it has increased 3.4%.

Summer's End

The mild weather of August was much appreciated by my family and we are a little sorry to see it's end. August began quietly but there seemed to be some momentum build up during the month. All four towns that we regularly follow in Mid-Fairfield had activity (in terms of properties going to contract) that was equal to or greater than in 2013. This was fortunate since year to date activity continues to lag that of 2013. Median prices are showing some signs of improvement, but not of the order that we were hoping for. Westport saw 48 properties going to escrow, the exact same number as in August 2013. Total number of properties going to escrow this year is now at 300 compared to 346 in 2013, representing a 13.3% drop off. The 2.9% decrease in inventory does not explain this decline. It is more symbolic of the general fall off in sales as compared to 2013. It is important to note that 2013 was seen as a breakout year, with volume reaching numbers that were similar to what we had seen some of the busier years during the last real estate cycle. It may turn out that 2013 was the anomaly, and when we compare 2015 to these 2014 numbers that we will have more consistent yearly numbers. Westport did see an increase of 8% in its median price so far this year to $1,369,500. This is still below the median prices seen at the height of the last cycle. Weston also saw its median price increase by a more modest 4.9%. It also experienced a busy August with the same numbers as in 2013. Year to date Weston is still lagging 2013 escrow numbers by 8% in terms of volume. New inventory is down 5.4% current inventory at 11.7 months. This is a decrease of 14% but still above the 6 month number that we normally see in a more balanced real estate market. Closed sales are only off 5.7% compared to 2013, though Weston's median price is still lagging where it would like to be, currently standing at $810,000. Wilton had a month of August that was stronger than Weston's, with 28 properties going to escrow. Inventory has been down 3.7% for the year and monthly inventory of properties stands at 8.4 months. Closed sales are off 12.7%, though accounting for properties that are under contract the yearly totals are at 8.2% below 2013. Wilton was the only town where the median price decreased. It is now at $800,000, 3% less than the $825,000 seen last year. Fairfield's median price of $580,000 has made progress from the most difficult years of this cycle, but it remains the most affordable of the towns that we cover. August saw a large spike in activity, with 86 properties going to contract compared to only 69 in August '13. Escrow numbers are now only off 3.3% compared to 2013, though closed sales have declined 8.2% Monthly inventory numbers are at 8.4 months. The lower end continues to drive the market.

Playing Catch Up

We continued to see positive results in July, though we are still behind 2013 figures. Wilton, which in June had seen the largest increases, saw more modest improvement in July, with 37 properties that went to escrow versus 35 the previous July. Wilton's median price in 2014 now stands at $790,000 which represents a .6% decrease compared to 2014. For the year, Wilton has seen 162 properties go to contract compared to 172 through July in 2014, or a 5.8% decrease. There have been 295 homes that have come to the market vs. 306 through July 2013. In terms of closed sales, Wilton is down 18% compared to the first 7 months of 2013, with 136 closed sales vs. 166 sales through July 2013. Wilton's close neighbor, Weston, saw a big jump in July, with 32 properties going to contract compared to only 14 in July of 2013. This 128% increase was the largest in the area, and brought year to date escrow numbers to 112 compared to 119 properties through July 2013. Closed sales have followed a similar pattern with 94 vs. 102 through July 2013, a decrease of only 7.8%. Weston's median price has also seen gains of 6.8% to $825,000. Westport has also seen it's median price increase to $1,323,204, and also saw a marked spike in escrow activity in July. 54 single family homes went to contract in July compared to 38 in July 2013 (a 42% increase), though the yearly figures are still down 13.4%. Yearly closed sales are down 16.3%, but should see a slight improvement based on recent escrow activity. The largest town in the area, Fairfield, had a solid month of July, with 110 properties going to escrow, a 22% increase. Closed sales are lagging the 2013 numbers by 6.2%. The median price has increased 3.2% to $575,000.

June Bounce Back

June saw a marked increase in homes going to escrow in all towns within the Mid-Fairfield area. The biggest winner in those terms was Wilton which saw 59 homes go to contract In June compared to 29 in June of 2013, representing an increase of 103%. Closed sales in Wilton were identical in June to the total of the previous month of June, but the number of closed sales year to date is down 12.8%. The median price for Wilton year to date however is up slightly 1.5%, to $790,000, and inventory is down year to date -3.5%. Only Fairfield with 318 sales in the first 6 months of the year is ahead of the previous year’s closings, up 7.8%. Fairfield saw a 34.3% boost in June of homes going to contract compared to the same month in ’13, and is up 10.4% year to date of homes that have gone to contract. Westport saw 67 homes go to contract in June compared to 56 in June 2013, but year to date numbers continue to lag behind. There have been 226 homes that have gone to contract compared to 260 in the first six months of 2013. Closed sales year to date have totaled 170 compared to 211 in 2013, a drop-off of 19.4%, which closely mirrored the month of June which saw closings off 20%. The silver lining is that the median sales price is $1,400,000 through June, an increase of 10.9%. These numbers may not be the most accurate reflection of market values, because approximately 15% of sales in the past 6 months have been new construction averaging over $2,000,000, and 22% of the sales have been over $2,000,000. Inventory levels in all towns are at approximately the same levels as 2013 or lower. A significant number of homes on the market have previously been on the market in the past 12 months. Some of these have either been renovated or come back to the market at lower prices and have sold. An equal or larger number are still on the market and have not sold. Buyer’s expectations of ‘move-in condition’ homes are the driving force in the market.

Some Improvement in May

Sales were slightly better in May, 2014 than they were in the previous year but as a whole year to date sales trends are mixed. In Fairfield and Wilton yearly sales are ahead of 2013, but Westport and Weston are still lagging in unit sales numbers. The median prices are on an upward trend, following more historic levels. Westport median prices through May were $1,321,409, a modest increase of 2.8%. Wilton’s median price is now $760,000 an increase of 6.7%, and Fairfield’s median price of $550,000 is up 3.9%. The largest increase was seen in Weston with an increase of 11.1%, reflecting greater numbers of sales over $1million that have taken place. Both Wilton and Weston finished 2013 with a median sales price of $712,000. Wilton has a greater number of properties at the entry level due to the fact that certain areas of Wilton are zoned at 1 acre or less, whereas Weston is 2 acre zoned except for pre-existing smaller lots. 179 closed sales have taken place in Westport through May , down 12.3%. Weston saw a 7% drop off in sales, with 72 homes having sold through May vs. 78 at the same time in 2013. Wilton had the largest drop, from 88 to 71 thus far, representing a loss of 19%. Only Fairfield, with 230 closed sales vs. 215 the previous year, has seen an increase (7%). This drop off has occurred while inventory levels have remained stable or fallen off slightly. Sales under $1million make up the lion’s share in all towns except Westport, which has seen about 2/3 of its sales over $1million.

April-A Slowdown in Activity

Did someone or something put on the brakes? We saw a slowdown in most towns in April, but Fairfield's entry level home market held firm, as did its year to date sales volume in comparison with 2013 figures. Fairfield's April figures saw a modest monthly increase compared to the previous April, 60 closed sales in April compared to 59 in 2013, but there have been 161 recorded sales in the first four months of this year compared to 148 in 2013. The median sales price in Fairfield has also seen an increase to $530,000 (compared to $512,000 through April 2013). Pending sales were also up considerably in April, with 97 single family homes going to escrow. The yearly figures for escrow properties totaled 234 at the end of April, which lowered the monthly inventory of homes to a respectable 7.2 months. Stamford, which in 2013 tracked in ways similar to Fairfield has also seen an increase in pending sales to 209 from 203 in 203. The median price has seen a 6+% increase to $615,000 year to date, with an even more significant median price increase in April, to $689,000. Closed sales year to date (through April) were down to 137 versus 165 at end of April 2013. The median price in Westport is up to $1,400,000 but pending sales were down 15% through the end of April, 91 vs. 108. Inventory levels did not change much-11 months- with a trickling of new homes coming to market in April, though yearly levels were up slightly. New Construction continues to outpace the rest of the market, which is bringing up the median price levels. We are seeing very little new construction of new homes in neighboring towns. Many of these buyers are coming from New York, or within Westport. Wilton had a nice month of April, seeing the median price for the month jump 25% to $1 million, though the year to date median of $803,000 is a much more accurate portrayal of where homes are selling. Volume figures were down slightly in April, with 36 homes going to escrow vs. 59 in April 2013, but the yearly numbers are only 2 units behind 2013 numbers, and closed sales in April were up 3 units to 16 vs. 13 in April 2013. Weston, which had been moving along very nicely in the first few months of the year after making strides in 2013, also had a slight slowdown, with only one closed sale in April. Closed sales year to date are down from 36 through April '13 to 28 in April '14. Inventory levels are at 7.4 months which is very healthy compared to the levels of a couple of years ago, and there has been a steady increase of sales of homes over $1 million.

March: In with a bang, slowed by the weather

There were some signs in March that spring was around the corner, but then Mother nature decided that it was a little premature to go in that direction. Momentum from the early part of the month was able to carry many of the towns through the month. Early signs of cold weather plus holidays (Easter/Passover and Spring breaks) will likely bring down April sales. March saw a quick run on some of the new construction in Westport. Some partially built homes went to contract, along with some pricier homes. Bonuses may have played a part in the median sold price for the Month of March increasing to $1,600,000, signficantly higher than it was a year earlier in March. The year to date figure of $1,300,000 is much closer to the year end median sales price. Sales were up slightly from the previous year's March figures, with 52 properties going to contract, though year to date figures are behind 2013 figures in Westport, and supply of new homes increased by the end of March to 271 properties. The month inventory of homes at 8.6 is practically unchanged from the previous year. These are fairly healthy figures though still above what we would expect in a pure seller's market. We continue to be in a more mixed environment. At the highest end of the spectrum larger inventories and a smaller buyer pool give buyers the edge. The opposite is true on the lower end of the spectrum. Wilton was the suprise leader in March in terms of seeing an increase in properties going to contract. 25 properties in Wilton went to contract versus only 15 in March of 2013. Much of this activity was focused on the entry level properties resulting in the median sold price decreasing to $698,000 year to date, down about 1.8%. Sales through March were 48 compared to 45 in the first 3 months of 2013, and inventory is slightly down. The month supply of inventory is now at 8.5 months a big change for the positive in Wilton. Weston also had a successful March with 13 properties going to contract, though the 29 properties under contract through March was down 2 from the previous year. The number of homes that have closed through March was identical with the first 3 months of 2013, and the median price has increased to $830,000 through March indicating that buyers have been attracted to moderately priced homes in Weston. Fairfield, which has a large inventory in entry level homes has been very hot on entry level homes. One moderately priced home in our office drew 8 offers. There were 75 properties that went to contract in March in Fairfield, up from 61 last March, and the numbers through the end of March were up to 151. A modest increase in the number of listings has resulted in inventory levels of 8.4 months in Fairfield, similar to levels in Westport and Wilton. Easton sales are up slightly. The median sales price of $523,000 is up from last year's median price of $468,000 but the lower end of the market continues to outpace larger, more expensive home sales.

It may be cold outside, but...

February 2013 Update The spring market started to take off in February. The number of properties that went to contract in February is up considerably in each of the towns. In Westport there were 53 properties that had accepted offers compared to 36 in the previous year. In Fairfield the numbers were even more impressive with the number of accepted offers more than doubling, from 40 in February 2013 to 91 last month. Weston also had an impressive increase, doubling the number of contracts in February compared to the previous year, with 18. The figures were a little less impressive in Wilton, 28 compared to 20 in the previous year, but Wilton had had a particularly brisk January. Interestingly, Wilton was the only town in February that saw an increase in the median price of properties with accepted offers, at $1,200,000 for the month, well above the February 2013 number ($670k), which was explained by the fact that 2 of the properties were listed at over $2 million, and 9 additional properties were listed at over $1million. This was partially a case of the selling off of existing properties, with buyers fearing that there might be a shortage of new inventory later in the spring. As a result, inventory supply is down in all towns to levels close to 6 months of inventory. There has been a slight increase in inventory since the beginning of the year, though many of the properties had previously been on the market. I know of many brokers who are holding back on listing new inventory until the weather improves. I expect to see a large influx of properties in April, and with an existing buyer demand, I think that buyers should be prepared to deal with multiple offer situations. In these situations buyers should be in touch with their mortgage brokers now, to be prepared to have Pre-approval letters provided at the time when offers are made. Buyers who are already familiar with the market will be prepared to make offers within one week of a property being listed if it is priced at what is perceived to be within a few percent of its fair market value. This will be particularly true of certain price ranges in different towns. In Westport, inventory below $1 million will likely be very active, as will homes listed between $1 million and 1.5 million. New construction continues to be very active, and supply is still below demand. In Wilton, Weston & Fairfield there continues to be a lack of inventory between $600,000-800,000 and I expect that well-maintained, well-priced properties in those price points will be extremely active this spring.

Price Trends 2012-2013

Westport Weston Wilton Fairfield 2013/2012 2013/2012 2013/2012 2013/2012 $0-500k 19 18 30 25 24 34 296 284 500-750k 72 64 50 43 87 88 195 159 750-1million 83 64 53 34 74 54 98 70 1000-1250 57 45 13 15 29 24 51 54 1250-1500 55 44 11 9 19 9 25 25 1500-1750 56 35 9 5 12 7 15 7 1750-2000 30 24 4 2 5 1 5 7 2000-2500 32 29 1 1 4 1 9 10 2500-3000 20 20 1 1 2 1 5 2 3-4 million 28 10 0 0 0 0 4 0 4-5 million 5 8 0 0 0 0 4 0 5 million+ 6 1 0 0 1 0 4 1 These breakdowns by price point indicate some of the recent trends in home sales within the Mid-Fairfield area. Volume sales have increased in nearly all price points. There have been significant increases of sales over $ 1 million in all towns, though proportionate to its size Fairfield has seen the least improvement. The largest increases can be seen in the range of homes selling between $1,500,000-1,750,000 in all four towns. Westport has the lion’s share of sales above $2 million, though Fairfield has made progress in the last year (primarily in Southport). Weston and Wilton have also exhibited strength in the $1,000,000-$1,500,000 price range relative to their size.

October 2013 Update

As we approach the final months of the year we can now look at year-to-date results with a greater amount of certainty. Across all of the towns that we cover it is clear that year over year sales are up by solid amounts in all towns. At the same time we have actually seen more homes coming to the market than in the previous year. The resulting greater sales have produced what might be seen as an anomaly: the number of months of inventory, that is the number of months that it would theoretically take to sell off existing inventory has dropped in all towns. Certainly not to the levels seen when the market was at its hottest in the previous 2004-2006 cycle, but to respectable levels. When inventories are in the 5 month to 8 month range we find ourselves in a more balanced market with buyers and sellers at fairly equal footing. The larger cities, such as Norwalk and Stamford currently have the lowest number of months of inventory. The very similar numbers of 4.9 months in Norwalk, and 5.4 months in Stamford, are indicative of a larger buyer pool in the median and lower price ranges, thereby increasing competition amongst buyers. With a median price of $450,000 in Norwalk, and $560,000 in Stamford these two towns represent good value in the New York metropolitan area. They often offer a foothold for first time home buyers looking to move to the suburbs. The median price in Stamford, unlike the rest of our surveyed towns and cities remained flat, but October sales were solid up to 57 from 43 in the previous year, a 33% increase. Year to date closed sales are up by 44 homes to 548, a solid 18.9% increase. Year over year sales in Norwalk have also posted solid gains, up to 529 from 434 in 2012, or a 22% jump, and the median price, though the lowest of our group at $450,000, was up 5.2%. Westport has seen the number of new homes coming to the market in 2013 increase over the 2012 numbers. It's important to keep in mind that many of these homes are not technically new home listings, since they may have been relisted at new prices, or just relisted for sale after having been on the market in the previous year. Westport has the largest number of high end listings (over 40% of the current listings are over $2,000,000), but also with the largest number of high end sales (76 out of the the 397 sales year to date). The median price is Westport is still well below all time highs in the previous cycle, despite a very robust high end market. It is currently at just below $1,300,000. The median price is growing at historical levels-4.5% in 2013. Sales numbers are also back to historical levels, though with a large proportion of high end properties housing inventory stands at 8 months, the highest in our survey group. Weston has also seen a modest increase of 4% in its median priced homes to $775,000. Year over year sales are up 35.5% to 145 homes vs. 107 at this time of year in 2012. October closed sales were down in Weston, and more homes have continued to enter the market leaving monthly inventory at 12.7 months-the highest of our survey group, though increases in October were quite small. Wilton has seen slightly higher gains of 8.3% in median prices, to $801,500, slightly above Weston levels. Closed sales of single family homes are up to 247 from 190 in 2012, a whopping 30% increase, and inventory levels are down to a very respectable 5.7 months. The town of Fairfield has also seen increases of single home sales to 605 from 526 in 2012, a robust 15% increase, even with a slight dropoff in October closed sales. The median price has come up 4.7% to $549,000. Fairfield and Stamford have similar track records though Fairfield has seen slight comparative gains in the past 12 months. Waterfront sales are still feeling the effect of recent storms and are down somewhat in all coastal towns. Taking this into account the recent sales gains are that much more impressive. We can probably expect to see some gains in beach area sales next year if no sudden storms arrive unexpectantly, and as homes are raised in areas that were more severely impacted by the storms of 2012.

Late Summer Activity-Going into Fall

It is hard to believe how quickly the summer went. Maybe it was the rainy June that brought us slowly into summer, or the blistering days of July that made us want to not think about summer, leaving us with the month of August with its mixed weather. In any case, it is now officially autumn, and kids are back in school. The beginning of September with back to school and end of summer vacations is traditionally a slow period in real estate, and there were fewer new listings coming to the market. We're now seeing some homes that came off the market in the summer coming back to the market along with a sprinkling of new inventory. We're also seeing quite a few price reductions from homes that have been on the market for some time. The activity in general continues to be moving toward more historic levels in terms of total number of sales. I often watch what's going on in new construction as an indicator of local builder confidence. Westport has the most active market for new construction in Southwest Fairfield County. Thus far in 2013 there have been 53 new homes sold in Westport, compared to 43 at this time last year, representing a 25% increase. There are also 16 new homes under contract. In addition, there are 49 new homes being marketed at this time. About half of those homes are in the early stages of development. We will most likely also see some additional inventory in the early spring for new homes. At this rate, it looks like builders are figuring that there will be an increase of new home sales for 2014. These figures also don't take into account some custom homes that do not enter the Multiple Listing service. One of the trends that we've seen the last couple of years, and continue to see, are new homes being built on smaller lots. These properties often have access to city sewer and city water, making construction easier for builders, and allowing homes to fall into more affordable price ranges. Though the numbers in August were below those seen in the very brisk spring market, almost all towns saw an increase in the number of properties that went to contract, up significantly (more than 50%) in all towns except Weston which saw its number of 23 in August 2012 fall to 21 in 2013. Year to date though, Weston has seen a 52.5% increase (year to date) of overall sales. Changes in Mortgage rates do not seem to have overly affected the number of sales. On the price side, it may have had some impact on the average sales prices. The median sales prices are just about where they were a year ago, when looking at overall statistics.