2018 Mid-Fairfield Yearly Real Estate Totals

The 4^th quarter saw a slowdown in activity.  Sales did not keep pace with the first 3 quarters of the year.  Values of higher end sales continued to be more impacted than those in lower end homes.  Thisfollows the previous thesis that I previously put forward regarding the impact of the new tax laws affecting the limits in deductions of real estate taxes and mortgages.

In Westport, there were 433 single family home sales in 2018 compared with 410 in the previous year representing a decrease of approximately 5.5 %. More significantly, the median price decreased from $1,314,000 in 2017 to $1,220,000 in 2018, a 9.2% drop.  There were 72 properties that sold for over $2 million. There were 143 sales of  single family homes for under $1 million. 

Weston values decreased slightly more than those in Westport, dropping 10 per cent to a median price of $702,000 compared to $780,000 in 2017.  Sales numbers were less impacted with a differential of only 6 homes, from 173 in 2017 to 167 this past year, only a 3.4% difference. The total of sales under $800,000 was 101. There were 9 properties that sold for over $1.5 million in 2018.  Two of these were over $2 million.

Wilton’s median price actually increased in 2018 to $780,000, from $727,000 in 2017.  However, the sales volume decreased from 229 to 206 single family homes sales, a 7.2% decrease. The total of sales under $800,000 was 109.  There were ten sales of properties over $1.5 million.  4 of these were over $2 million.

Fairfield also had positive results in terms of its median price, increasing from $599,000 in 2017 to $630.000 in 2018.  Single family home sales were down in 2018 to 730 from 781 in 2017, a 6.5% decrease.  There were 585 sales under $1 million.  Sales of homes sold for over $2 million totaled 29.

Mid Fairfield Update Through October, 2018

It should be interesting to see how the results of tomorrow's elections will affect the real estate market.   Results in the area have been mixed. Volume has been down slightly over the past 12 months, but it appears that prices have held steady, and listing inventory has been tightening. In Westport,  sales were down less than 1% through October,  with 354 single family sales compared to 359 through the same time period in 2017, while the median price has increased  16.67% to $1,370,000.  Weston had the same number of sales, 138, in the first 10  months of 2017 and 2018, but the median price decreased  by 22% to $661,000.  Wilton saw the reverse effect of its neighbor to the east, with 179 sales in 2018 compared to 193 in 2017, but the median price increasing by 26.56% to $965,000.  The latter number is somewhat skewed by one sale of $8,000,000-the highest sales price ever recorded in Wilton. Fairfield, the most affordable of the towns, also saw a slight decrease in sales volume (5%) from 672 single family sales to 641, but the median sales price increased 13.88% to  $640,000. For additional data points please see the links below: Westport: WestportMarketreportback3monthNov.1,2018.pdf Weston: Westonmarketactivityreportback3monthNov.1,2018.pdf Wilton: WiltonMarketActivityNovember1,2018.pdf Fairfield: FairfieldMarketareareportback3monthsNov.1,2018.pdf