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%.

10 Projects to Complete Before Thanksgiving

The Farmer's almanac is indicating that we may be having a harsh winter. Although we are now basking in warm temps and winter still seems a long way off now is a perfect time to be thinking about things that need doing around the house, according to Better Homes and Garden magazine. Replace Windows — A professional can swap out your problem windows with more efficient models that will increase your level of comfort while at the same time decrease your heating bills. This type of project only makes sense if you are planning on spending several years in the house, or if you are preparing your home for sale. It will take several years before one can expect to recoup the costs of this type of upgrade.
  Exterior Paint — Fall offers plenty of days that are warm enough to work with exterior paint, and a touch-up can help prolong the life of your siding and trim. A fresh coat of paint or sealer on any surface that will be potentially covered with snow, such as wood floors or stairs, also is a wise idea. Roof Repair — The cold of winter can aggravate even a small roof leak. Any leaks in a home's roof should be fixed in advance of the first snowfall.
  Power Washing — Having your home's exterior and windows power washed won't just make your home look sharp, it also will prevent the growth of mold and mildew that feed on grime. 
Seal Gaps & Add Insulation — Consider a home energy audit that includes a review of your home's caulking and weather stripping. Energy auditors also will likely look inside your attic. If the insulation is at or below the level of the joists, you may be able to keep your home warmer by adding more. A depth of 10 to 14 inches is generally considered optimal.
  Tune Up Furnace — Maintenance from a trained professional can keep your furnace running effectively and efficiently and prevent potentially catastrophic damage to your home from burst or frozen pipes.
  Clean, Repair, and Protect Gutters — Inspect and clean your roof's drainage system. Better still; protect your gutters with mesh guards to keep leaves and other debris from causing blockages in the first place.
  Install a Programmable Thermostat — Programmable thermostats save money without sacrificing comfort by using less energy on heating and cooling while you're away from home, asleep, or at any other specific times you select.
Repair Driveways and Walks — Small cracks and gaps in a driveway or walkway can quickly expand during winter's freezing temperatures.
  Winterize Faucets and Sprinklers — Most exterior plumbing in areas with temperatures below freezing must be winterized to prevent freezing and bursting. Winterizing more complex plumbing, such as sprinkler systems or water features, is best left to a professional.
  Fireplace Repair — Proper inspection of a fireplace is vital to ensuring its safe operation, even if it is rarely used. An experienced chimney sweep will check wood fireplaces for flammable buildup (known as creosote) and chimney blockages like bird nests.

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.

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.

January 2014 News

Despite the many obstacles posed by snow and cold the buyers seem determined to look at homes. This was evident in all of the towns in Mid-Fairfield. The two standouts in January were Wilton and Fairfield. Wilton had only 23 new properties come to market (compared to 52 in January of 2013), yet saw 23 properties go to escrow, versus only 10 properties in January 2013. Properties that had not previously sold in the fall are now coming back to the market to a fresh set of eyes. Fairfield had 66 properties go to escrow in January compared to 26 in the first month of 2013. The number of new properties coming to the market has been on the same pace as 2013. The low levels of inventory in Fairfield that are especially lacking are in the $600,000-800,000 range. New properties have been coming on the market in Weston at slightly higher levels than in 2013, but there were 16 properties that went to escrow in January compared to 10 in 2013 during that time period. Inventory levels have been rising slightly faster in Westport than in other towns. 90 new single family properties came to the market in January. However, there are currently only 10 single family homes for sale in the same $600-800k price range mentioned above. Inventory over $3 million has been growing, and now totals approximately 25% of the total number of single family homes for sale.