Musings about Beautiful Connecticut

I grew up on the South Shore of Long Island, a flat expanse of land that was an outwash plain from glaciers, leaving hilly areas with their rock carried by the glaciers further north.  These flat plains  lent themselves to suburban development after World War II.  Unfortunately in the process of quickly developing what had been farm land, there was very little of the old 'farm' feel by the 1950s.  The jewel of the South Shore, was (and remains) the beaches and in particular Jones Beach-still one of the largest and purest example of sandy beach to be found anywhere in the Northeast, and for that matter still ranks among the best beaches in the United States.

It seemed that each town or village had a small park with a pond that served as an inspiration for those looking for a little bit of nature.  There was a patch of woods that I remember playing in with my buddies. Probably less than an acre.

Now, as I travel throughout this area, I marvel at the beautiful rolling countryside, with many protected nature reserves.  When the weather gets a little warmer I'll hike in Trout Brook,  Brett Woods, or Devil's den.  Here are a few images that I've taken in Easton and Fairfield recently.

By the Numbers...Breakdown of Sales

Here are the breakdown of Sales in the Mid-Fairfield Connecticut area through November 8, 2012 Price Range Westport Weston Wilton Fairfield Norwalk $0-500,000 22 21 36 283 458 $500,000-800,000 77 38 90 168 94 $800,000-1,000,000 55 26 38 47 22 $1,000,000-1,200,000 27 12 20 40 6 $1,200,000-1,500,000 53 5 13 36 12 $1,500,000-2,000,000 52 7 10 13 10 $2,000,000-2,500,000 29 1 1 10 4 $2,500,000-3,000,000 15 1 0 2 3 $3,000,000-3,500,000 7 0 0 0 2 $3,500,000+ 10 0 0 1 3 Totals 327 108 199 588 607 Includes Single Family (26*) (15*) (68*) (176*) & Condos* The majority of sales were in the lower end of each market. This is especially pronounced in Norwalk, where 458 of the 607 sales year to date, have been under $500,000 (these figures include Condominium sales). In Fairfield, 451 of the 588 sales have been under $800,000. 154 of the 327 sales in Westport, or nearly half, have been under $1,000,000. Another 'hot' area has been homes selling between $1,000,000-2,000,000, with a total of 132 homes sold in this price range. On the high end it is clear that the vast majority of sales over $2,000,000 have gone to Westport. Westport has had 61 sales over $2,000,000 and the next closest town is Fairfield with 13. In the $1,000,000-1,200,000 range Fairfield has had the most sales (40), but as a proportion of sales this price range has been strong in both Wilton & Weston. These two towns have also attracted many buyers seeking value below $1,200,000, with many buyers ending their home search in Weston & Wilton after originally looking in Westport, as well as points west (including Greenwich, Darien, New Canaan, & Westchester county).

Springtime & Yearly Lists

There are always a certain number of items that need attending to in a home on a yearly basis, or more regularly. We all overlook certain things that we need to do in our lives but in order to get everything done in our ever busier lives I’ve found that it is helpful to keep a list of those items both in a written form (as a reminder) as well as on my time-management program (which I also sync. with my phone). Here are some of the ones that I tend to overlook,but really should be done, and most of these items should be done about 6 weeks from now:

• Change the filters on your heating and air conditioning unit (if your have a forced air system), at least once every 3 months. I mark the filters with the date in case I forget when I last put them on). I like to do it on the first day of each quarter. Some heating folks will tell you to do it more often. Look at the filter itself to see how dirty it is . If it’s very dirty after 3 months try every 2 months.
• Have your heating and cooling inspected every year. This is kind of like rotating the tires on your car. The more often you do it the more likely that the system will last longer.
• Close the shut off valve in basement by October 15th to avoid frost issues, and potential water damage. They can be turned back on in April.
• Do a yearly visual inspection on the exterior of the house after the winter months to see if there has been any damaged sustained to the roof, gutters, and walkways. Start to schedule repairs in the early spring to avoid the summer rush when it is more difficult to find repair people.
• Schedule the annual service inspection of the heating system in late spring-the heating companies tend to be too busy in the winter to do servicing then. You can also take advantage of the time to call the A/C service providers to do their inspection a few weeks later, in late May usually works, do have everything in good working order before the providers get swamped in the summer months
• Spring is a good time to start fertilizing and seeding your lawn.
• If you tend to get bees or wasps late spring is also a good time to schedule the exterminator to come by. While he’s there have him check that there aren’t termites or other unwanted bugs or other creatures that might have infiltrated the house in the winter months
• If you’re on well water spring is also a good time to have the pump checked, and you might want to check out the water itself. Your water treatment specialist can do this for you, or you can also take a sample and have it checked at Brooks Labs in Norwalk.
• Open the covers of your heating ducts and take a vacuum hose to get out dust and other debris.
• Open your dryer exhaust at least once a year and clean out excess lint which could make drying your clothes more difficult and be a potential fire hazard
• If you make changes to your home, or buy new furniture or paintings take some digital photos and retain them somewhere online where they could be produced if there is a theft or damage to the house.

2011 Mid-Fairfield Single Family Home Statistics

Westport Weston Wilton Fairfield Norwalk

Homes bindered 11 2 11 22 23
Homes Under Contract 31 11 12 52 52
Sold 2011 340 103 176 521 433
Marketing time 100days 114 116 110 118
Sold 2010 347 118 163 595 505
Average Sales Price '11 $1,340,636 838,488 958,406 694,515 575,648
Average Sales Price '10 1,454,518 929,994 879,330 679,782 565,927
Ratio List to sell 2011 94% 93% 94% 94% 94%
Ratio List to sell 2010 93% 92% 94% 94% 94%
Month's Inventory 2011 10.6 17.4 11.3 9.7 10.8
Month's Inventory 2010 11.6 13.2 11.6 10 10.8
Percent change -9 31.6 -2.8 -2.2 unchanged
Change Median Sales Price -5.40% -9.60% 5.40% 5.8 -5.10%
Median Sales Price $1,085,625 750,000 825,000 549,900 419,000


2011 Mid-Fairfield results were mixed. Wilton showed the greatest improvement in number of homes sold vs.the previous year. Westport saw a slight decrease in overall sales and median price. Volume was more impacted in Norwalk,Weston, and Fairfield. Looking at the bigger picture, the Case-Schiller N.Y. Metro Price Index is now indicating March 2004 levels and the index was virtually unchanged between the 4th quarters of 2010 and 2011. Financial crises and natural disasters both impacted sales in the 3rd and 4th quarters of 2010 and 2011. Most recent activity (properties under binder or contract) points to increased activity in the 4th quarter which may be reflective of increased consumer confidence.

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Statistical data compiled from Consolidated Multiple Listing Service

Current Activity

Inventory has slowly been decreasing in the past month or so and there is only a trickle of new listings coming to the market. Sales activity has been limited in the past month or so.

There has been an uptick of activity in single family homes under $600,000 in all of the towns. Fairfield and Norwalk, with a much larger inventory of homes in this price range, have much larger numbers than do Westport, Weston and Wilton.

Looking at yearly figures to date and comparing to 2010, Westport is running almost exactly as it did last year. The only town that continues to be ahead of 2010 figures is Wilton with 162 closed sales in 2011 vs. 146 last year. Weston is running about 10% behind 2010, a slight improvement over figures earlier in the year, and both Fairfield and Norwalk are running 14% behind single family home sales in 2010.

Mid-Term Real Estate Activity

2011 Midterm Results*

Now that we’re past the July 4th weekend and its aftermath, it’s time for a quick rundown on real estate activity. County-wide the median sales price has been practically unchanged at $430,000 in the past two quarters of results provided by the Connecticut Multiple Listing Service.
For those looking at homes in Southwest Connecticut these numbers may not seem reflective of local pricing, but bear in mind that Fairfield county extends well beyond the Mid-Fairfield area that I primarily cover. It is one of 8 counties in the state, but it is worth noting that it is the only county that saw positive growth in 2010 in both number of sales and volume of sales.
I usually use average pricing in my quarterly results, and use median pricing when looking at yearly results, comparing both average and median prices. The first two quarters of 2011 have seen increases in average pricing in most of the coastal towns including Westport, Fairfield, and Darien as well as inland towns such as Weston, Wilton and New Canaan.
This mid-term report covers the period from January 1, 2011 to June 30th, 2011. However, I wanted to note some of the more recent activity since July 1. There has been a mini burst in activity which reflects buyers and rentors looking to be settled before the beginning of the school year. Westport has seen 13 binders since July 1 for single family homes, and 12 rental binders during that time (as of July 15). The single family home asking prices averaged $1,142,421. This is about $200,000 below the average sale prices year to date (which I will speak about below)-an indication of recent activity under $1,000,000 in Westport.
Weston is only showing 2 recent binders since July 1, but a number as of yet unreported activity will increase these numbers in the weeks ahead. Wilton has showed increased strength in the past couple of weeks with 12 new binders on single family homes and 4 rental binders. The single family homes averaged listing price of $875,000 is slightly below sales averages in the first six months and confirms the lower end activity seen in Westport.
The ‘sweet spot’ of Fairfield real estate falls into the range under $1,000,000 as well, but the 17 recent binders had an average ask price of $783,682 which is actually higher than the average sales prices year to date (see below), as Fairfield has the most offerings at this price point. There were also 10 rental binders in the past two weeks.
In the first two quarters Westport has continued to outperform the surrounding towns in mid-Fairfield with 170 single family home sales in 2011 vs. 146 in the first 6 months of 2010. The average sales price was $1,362,070. Sales numbers have fallen in Wilton, Weston, and Fairfield, although the average sales prices have actually increased. Looking beyond mid-Fairfield, activity in Darien has decreased in the first two quarters, while New Canaan sales have increased. Combined sales in Darien and New Canaan was 179 compared to 170 in Westport, but their combined population of 38,000 is 10,000 more than Westport. Average sales prices are considerably higher in Darien and New Canaan, with a huge spike in the first two quarters in New Canaan to over $2,000,000 due in large part to 38 homes that have sold for over $2 million year to date.
2011 Weston sales have been similar to 2010 results with 54 sales in the first six months of 2011 vs. 59 in 2010. The average sales price has increased to $832,978 from $808,484 in 2010. Wilton sales were off as of June 30, but recent binders mentioned above have put in back on pace to match 2010 sales levels with average sales prices jumping to $917,081 as of June 30th, about 13% higher than the previous year.
Fairfield has taken the biggest ‘hit’ in sales volume in 2011 with only 254 single family home sales in the first six months vs. 303 in 2010. The most recent sales activity is a good sign for Fairfield, and there has been increased activity in the past month or so in the beach area.

*Statistics as per The Consolidated Multiple Listing Service

April 2011 Market Update

April 2011 Market Update

April started out strong in Westport, and tailed off a bit towards the end of the month. Still escrow activity increased by 56 homes compared to April 2010, or a 53.3% increase. With inventory increasingly slowly, (368 properties in 2011 vs. 362 the previous year) relative supply of homes decreased. The median sold price of $1.25 million in April ’11 compared favorably to the 735K in 2010-a good indicator of where sales are going, that is to say that the middle of the market is now where much of the activity is taking place, as compared to early 2010 which saw more activity in the lower end of the market. Year to date the median price of properties under escrow has increased to $1.14 million, up from 900k in 2010.

The picture of the Weston market in April was slightly different. Though April saw an increase in properties opening escrow, 25 vs. 14 in 2010, Weston is still about on the same pace as in 2010 and the median sold price of homes year-to-date of 747k compared to 822 k in 2010, is a sign of the lower end of the market driving sales. On a positive note the months of housing inventory decreased by 3.4% showing a slight improvement.

April saw a jump in escrow activity similar to Weston’s but year to date Wilton is doing better than Weston with 73 properties going to escrow vs. 54 in 2010 through April 30th, and the months of inventory declined to 8.2 months vs. 11.6 months in 2010. Median price increased in April to 905k but year to date that figure is 768k, a drop from 822k in 2010, and just slightly higher than in Weston.

Fairfield’s market seems to be improving. New properties dropped somewhat in April but the overall numbers year to date are down 25.9%. April saw a nice rebound in escrowed sales from 74 to 97 in 2011 and totals through the end of April are up from 200 in 2010 to 240 in 2011, an increase of 20 per cent. The median price of homes that have closed this year went up to $640,000 in April, an almost 30% increase over the previous year. Lower priced home sales still continue to dominate sales.