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.

Mid-Fairfield Waterfront Property Update*

This report is focused upon properties in Westport and Fairfield that are within the areas generally considered to be the ‘beach’ area. A distinction needs to be made between properties that are either direct waterfront on Long Island Sound, have direct LI Sound views, or are located on a body of water giving direct access to the Sound with a dock on the property,and those that are within walking distance of the beach, or have distant water views. Westport has two separate beach areas, the Compo Beach area, which is generally considered to be south of Greens Farms road to the Sound between Compo Road south and Hillspoint road, and Saugautuck Shores, which includes those properties on the peninsula off Duck Pond Road.

For Fairfield, I am not including the general Southport area, but will include direct waterfront property within Southport that have direct water views or docks. The beach area in Fairfield consists of properties located south of Oldfield Road east of Sasco Hill Road. Lakefront properties are not included in this overview.

Direct waterfront property sales in Westport have remained on the same pace in 2011 as in 2010. However, 2011 has seen the average sales price (year to date) increase from $1,913,750 in 2010 to $3,577,313 in 2011, an 87% jump. In the Compo Beach area sales are slightly off from 2010 levels in terms of units (3 fewer units sold thus far in 2011) but the average sales price is up 12% to $2,177,222. The 6 pending sales (under contract) average $2,582,833, so we
may see an increase in average sales prices in the Compo beach area before the end of the year. In Saugatuck Shores the sales pace has been very consistent with 2010, but again average sales prices have increased significantly to $2,605,902.

In Fairfield there has been a marked increase of sales in the general beach area, up about 50% from 2010 totals through July, however the sales averages have fallen about 10% to $1,142,177. This reflects a greater number of sales below $1,000,000, which is also mirroring activity in the rest of Fairfield. Sales of direct waterfront homes were down in the first two quarters in Fairfield , as were average prices, but there are currently 8 direct waterfront properties in the beach area under escrow or contract, averaging approximately $1,900,000, so end of the year direct waterfront totals are likely to surpass 2010 totals.

General inventories in both Fairfield and Westport have decreased since the height of the Spring market, but pockets of inventory in direct waterfront has increased since the start of summer.

*Based on Consolidated Multiple listing system information