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.

A Hot July

As the weather improved we continued to see improvement over what had been a late spring market. The number of homes that have gone to contract have increased in all the Mid-Fairfield towns, though the coastal towns showed more activity than our landlocked neighbors.

Westport had 29 homes go to contract in July, a 74.4% jump over the previous July. On a year to date basis there has been a more modest 5.8% increase in properties that have gone to contract.  Year to date sales through July stood at 220 single family homes compared to 216 the previous year at this time-a 1.9% increase.  Inventory levels at 8 months have decreased, but are not at levels one would
expect in an active market.  These levels are somewhat influenced by new construction and other high end properties on the market which are selling more slowly than properties below $1.5 million.
The median price is currently at $1,295,500 ( off 2%) through July, but some higher priced sales should see those levels rise.

Weston continues to have a solid though not spectacular year.  The median price now stands at 852k compared to 820k at this time last year.  Homes that have gone to contract are up 6% and inventory has been dropping, though at 11 months it is still too high.  The high end is weighing on those figures.  In terms of sales, the 94 homes sold through July was the exact same number as through July 2014.

Wilton has seen a big jump in median sale's price to $870,000, compared to $790,000 last year, and homes going to escrow have increased 3.4% to 152, but sales have been lagging, with 125 through July compared to 136 through July, 2014.  Inventory levels fall into the middle range of 8.7 months.

Fairfield entry levels sales continue to go strong.  With 458 sales compared to 392 through July 2014,
Fairfield has been an active market.  Homes going to escrow have jumped 24% with 534 through July.  The median price is holding steady at $575,000 compared to $573k last year.  High end sales have also been lagging in Fairfield.

Close to Schools With an Inground Pool

This gracious colonial is set back beautifully in one of Weston's finest and most distinguished locations. The recently expanded and renovated kitchen, family room and mudroom provide an excellent layout with great space, comfortable rooms and maximum light. Easy access to the outdoors is obtained through one of the sets of French doors that lead to the patio and pool. Potential 5th bedroom on first floor. Meticulously maintained and includes a generator.
$1,280,000

February is a hot month for entry level homes

The earlier months of the year are not always representative of the year as a whole, but there seems to be a pattern for entry level homes, as the sales numbers trended toward the lower end of the market.


Despite record amounts of snow falling the number of entry level single family homes that went to contract increased dramatically this February when compared to February 2014. In Westport 41 homes went to contract versus 25 in the same month last year.  The median sold price for homes selling in February was at $883,000 compared to $785,000 in Feb. 2014.   These prices are well below the median sales price for the end of 2014 in Westport, which was over $1.3 million.  These
sales represent both properties going under contract in early 2015 as well as late 2014 contracts.
The year to date median sold price of $1.2 is much closer to those year end figures, implying a jump in entry level activity this month.  The median price at this time last year was at $1 million, so the trend of lower priced homes going early in the year is something to look at in the future.


Weston also saw an active market, with 16 homes going to escrow compared to 9 in February 2014
and for the year there has been an 80 per cent increase to 27 properties compared to 15 through February of last year.  The median sold levels in February were at only $558,000 compared to $710,000 last February, a decrease of 21.5%.  Year to date levels are also down considerably to $690,000 compared to $833,000 in Feb. 2014.


Wilton saw the most dramatic increase in contract activity, 160%, with 26 homes going to escrow compared to 10 last February.   The median sales price of $779,000 for February was slightly below last year's median price but well below the February average of $1.2 million.  Year to date the median sales price is $830,000 vs. $705,000 at the same time last year.  For the first two months of the year there have been 40 homes that have gone to contract, an increase of nearly 74%.


Fairfield, whose market is driven in much greater part by the entry level has seen its year to date median sales price  increase slightly to $558,000, just below the 2014 yearly median sales price.
The sales numbers have also  sharply improved.  Year to date there have been 125 homes that have gone to contract compared to 76 at this point last year.  That is a healthy 64.5% increase.  For February that increase was 84%. 


Inventory levels are slightly above historic averages.  Much of this inventory is represented by homes that were on the market previously in 2014.  New inventory has actually decreased thus far this year.
The coming months should see vibrant sales activity.

Watch out for Ice Dams in Winter Weather conditions

An ice dam is a ridge of ice that forms at the edge of a roof and prevents melting snow from draining. As water backs up behind the dam, it can leak through the roof and cause damage to walls, ceilings, insulation and other areas. 

How do ice dams form? 

Ice dams are formed by an interaction between snow cover, outside temperatures, and heat lost through the roof. Specifically, there must be snow on the roof, warm portions of the upper roof (warmer than 32° F), and cold portions of the lower roof (at freezing or below). Melted snow from the warmer areas will refreeze when it flows down to the colder portions, forming an ice dam. 
Although the primary contributor to snow melting is heat loss from the building’s
interior, solar radiation can also pro-vide sufficient heat to melt snow on a roof.   Gutters do not cause ice dams to form, contrary to popular belief. Gutters do, however, help concentrate ice from the dam in a vulnerable area, where parts of the house can peel away under the weight of the ice and come crashing to the ground.


Problems Associated with Ice Dams 

Ice dams are problematic because they force water to leak from the roof into the building envelope. This may lead to: 
 Rotted roof decking, exterior and interior walls, and framing; 
 Respiratory illnesses (allergies, asthma, etc.) caused by mold growth;   Reduced effectiveness of insulation. 
 Wet insulation doesn’t work well, and chronically wet insulation will not decompress even when it dries. Without working insulation, even more heat will escape to the roof where more snow will melt, causing more ice dams which, in turn, will lead to leaks; and peeling paint. Water from the leak will infiltrate wall cavities and cause paint to peel and blister. This may happen long after the ice dam has melted and thus not appear directly related to the ice dam. 
 
Prevention 

 Keep the entire roof cold. This can be accomplished by implementing the following 
 Install a metal roof. Ice formations may occur on metal roofs, but the design of the roof will not allow the melting water to penetrate the roof’s surface. Also, snow and ice are more likely to slide off of a smooth, metal surface than asphalt shingles. 
 Seal all air leaks in the attic floor, such as those surrounding wire and plumbing penetrations, attic hatches, and ceiling light fixtures leading to the attic from the living space below. 
 Increase the thickness of insulation on the attic floor, ductwork, and chimneys that pass through the attic. 
 Move or elevate exhaust systems that terminate just above the roof, where they are likely to melt snow. 
 A minimum of 3” air space is recommended between the top of insulation and roof sheathing in sloped ceilings. Remove snow from the roof. This can be accomplished safely using a roof rake from the ground. Be careful not to harm roofing materials or to dislodge dangerous icicles. 
 Create channels in the ice by hosing it with warm water. Because this process intentionally adds water to the roof, this should be done only in emergencies where a great deal of water is already flowing through the roof, and when temperatures are warm enough that the hose water can drain before it freezes. 
Prevention and Removal Methods to Avoid 
 Electric heat cables. These rarely work, they require effort to install, they use electricity, and they can make shingles brittle. Manual removal of the ice dam using shovels, hammers, ice picks, rakes, or whatever destructive items can be found in the shed. The roof can be easily damaged by these efforts, as can the homeowner, when they slip off of the icy roof. 

 In summary, ice dams are caused by inadequate attic insulation, but homeowners can take certain preventative measures to ensure that they are rare.

Thanks to BIS Home Reporter for this report.

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.

April 2013-a Hot Month

Not literally, but there was a sense in April that with low inventories prevailing it was time to act. The numbers continued to show strength. Closed sales in the month of April were up in every town, with Weston seeing a big jump relative to the previous year, though the numbers were solid everywhere. All towns are ahead of their 2012 numbers, though closed sales in Wilton for the month of April were exactly the same as in 2012, with 13 closed sales of single family homes. I always focus my attention on the sales going to contract in the month, the clearest indication of current activity. There again we see strong numbers everywhere. Weston and Wilton saw some big increases in April. Weston had 31 homes go to contract versus only 12 in April, 2012, and Wilton had 46 versus 24 the previous year. Westport had 52 properties vs. 45 in April 2012, and Fairfield 91 vs. 81 in '12. Stamford numbers continue to track along similar lines to Fairfield, with the lower end of the market seeing the majority of the sales. The 89 homes going to escrow in April compared to 63 in the previous year. Inventory in North Stamford continues to be relatively low, though movement has been slow as well. There continue to be situations with multiple offers for new inventory especially those that are seen as excellent value, and several new homes being sold before completion. Marketing times have been fairly steady, but Weston & Wilton have seen a marked increase in Marketing time, with April days on market in Weston going from 132 in April 2012 to 255 days in 2013, and Wilton seeing even longer marketing averages from 150 days in April 2012 to 282 days in April 2013. Sales in the beach areas along Long Island Sound are moving slowly, though typically these areas pick up activity in the warmer months. It is still premature to know whether they will be affected by the storm events of the previous year. Early indicators in May show a trickling of new inventory. I would expect to see this continuing through May and June.

March 2013 Activity in Mid-Fairfield

The early 'spring' activity that began in February continued at a rapid pace in March. Escrow activity increased in all towns that we're following, including Westport, Weston, Wilton, Fairfield, and I've added Stamford to the mix, which has a number of similarities to Fairfield. The hottest town in the mix is Westport, which saw 56 properties go to contract in March. The number of properties that went to escrow in Westport through March was 120, an increase of 64% over the same time period in 2012. March was also a good month in Weston and Wilton with 14 and 19 properties respectively going to escrow. Closed sales were down in Weston through March, the only town in our group that saw a decrease, but escrows year to date in Weston stood at 37 versus 23 the year before. Homes under contract remain a better indicator of the current marketplace. Fairfield and Stamford, the largest of the group, also saw increases in March escrow activity and closed sales. Their median sale prices are quite similar with Fairfield now at $535,000 compared to $505,000 in Stamford, but Fairfield's median price has seen a nice jump from 2012. Westport has seen the largest number of closed sales (79) through March, which is an indicator that the Westport market starting to heat up before the other markets that we're surveying. Wilton has also seen good numbers, though the median sales price in Wilton has only increased 1.9% through March. Housing inventory continues to be relatively low, though turnover is still behind the height of the market back in the 2004-2007 period. Fairfield's 6.5 month's of inventory overall is close to historic levels, though the high end in Fairfield continues to lag.

October 2012 Market Update

Sales continued at an increased pace in October, and inventory levels are slowly decreasing. In Westport 45 homes went to escrow in October 2012, an increase of 164% when comparing to the previous October. On a yearly basis escrows are up 9.5%, to 334, though closed sales are still trailing 2011 by 4.2%. The median price of closed sales is now at $1,207,500, slightly off from earlier this summer indicating more activity of homes selling for under $1million. Weston continued its steady improvement. The yearly median sales price now stands at $745,000, which is $5000 less than the October 2011 level. 20 homes bindered in October compared to only 7 in October 2011. The 125 homes that have escrowed in 2012 vs. only 80 at this time last year, represent a 56.3% increase. The month's supply of inventory is now at 9.9 months vs. 30.7 months at this time last year. There have been107 closed sales year to date compared to only 90 at this time last year, a solid 18.9% improvement. Wilton's median sales price of $747,000 is a fraction higher than Weston's, indicating that historic parity between these similar towns is returning. This figure represents a decrease on a year to year basis of 9.5%. Some of this was due to the October median sales price of $650,000. As in all of the towns that I follow, homes on the lower end of the market have dominated recent sales activity. October saw a big jump in average days on the market. Yearly averages for marketing time of homes has increased to 163 days, an increase of 41.7% over the previous year. These figures are likely influenced by new measures of calculating these times instituted by the multiple listing service. Months of inventory in Wilton is now down to 8.9 months, better than Weston's 9.9. Closed sales were up in October in Wilton, and year to date there have been 185 single family home sales compared to 153 in 2011, a 20.9% increase (also slightly better than Weston's). Lastly, the largest town in Mid-Fairfield, Fairfield, saw the median sales price in October go to $578,000, a 30.6% increase over the previous October. The yearly median sale's price of $549,000 continues to make Fairfield the most affordable town of the Mid-Fairfield area. The 38 homes entering escrow in October nearly doubled the previous October's activity. Year to date 598 properties have gone to escrow in Fairfield, a very solid 29.2% increase. Closed sales were also up in October (33%), and year to date there have been 519 closed sales, an increase of 11.9% over 2011.

July 2012 Market Update

Westport saw a continuation of recent trends with 37 homes going to escrow vs. 31 in July of 2011. Closed sales are still slightly off 2011 numbers but catching up. There have been 230 closed sales of single family homes with a median sales price of $1,250,000. The number of new properties coming to the market has slowed, though current inventory is still above typical levels. The condo market slowed somewhat in July, with only one property going to contract, but closed sales are exactly even with 2011 numbers, and inventory levels are now at 5 months supply, which is at or below typical levels. The median price of Westport condos is now at $645,000, a 15.4% increase over last year’s numbers. Weston continues to slowly improve. July saw 13 properties going to contract vs. only 8 in July of 2011, and pending sales should bring yield an increase in volume over 2011. The median sold price of $726,000 is off only 3% vs. 2011 but is still well behind levels seen in 2010 and 2009. Current inventory now stands at 12.2 months, a drop-off of 26% from 2011, so indications are that Weston is turning the corner. Wilton levels are still running slightly ahead of Weston. The Median price year to date is $772,000, and inventory levels are at 9 months. Closed sales are actually 25% ahead of 2011 and July saw a big jump in sales, 35 compared to 15 in 2011. Easton has also seen a nice bump in closed sales in 2011, up 68%, with 54 closed sales. The year to date median sold price of $575,000 makes Easton an attractive buy. Inventory levels have dropped 32% compared to last year but are still at nearly 11 months. Fairfield’s pace has been very consistent. The Median price is practically identical to 2011 levels, as is inventory. With a 5.5% increase of single family home sales, and a 20% jump in July sales, Fairfield should end the year in good stead. Condo sales are also outpacing 2011 levels and inventory is now at 7.4 months, an indication that the market is evening out. Though we are still in a seller’s market demand in lower price ranges has led to multiple offers, and has also led to decreased marketing times for condos in Fairfield. The largest of Mid-Fairfield’s constituencies, Norwalk, also seems to be following a pattern similar to Fairfield’s. Closed sales are up 9.7%, and July saw a 68% spike in sales. Many of these sales are in the lower end of the market. With a median sales price of $421,000, home buyers who could previously only afford condos can now participate in single family home purchases (though many of these homes on the lower end of the scale may require updating). Although the median price is still far from historic highs with lower inventory levels (currently at 7.4 months), we shouldn’t be surprised if the median price begins to rise.