Westport:Westport posted strong sales numbers in 2017. With a total of 464 sales transactions, as compared with 370 in 2016. Westport continues to be a strong player in the Fairfield County real estate market. The average sales price increased slightly from $1,527,565 in 2016 to $1,532,778 in 2017, while the median sales price rose from $1.282,000 to $1,315,000 year over year. These statistics are evidence that our market is showing some strength. The lower end of the market continued to thrive with 177 transactions below $1M (37%), 197 transactions between $1M-$2M (42%), 63 sales between $2M-$3M (13%) and only 27 sales above $3M (5.8%). Inventory levels are at their lowest in recent history with only 252 active listings as of 1/9/18.
Westport does have its fair share of concerns, including economic woes and uncertainty at the state level, and the impact from the recent tax code changes. We, at KMS Partners, continue to be optimistic about our Westport market and to keep well informed so we can give the highest level of service to our clients. We would welcome the opportunity to sit down and give you a price opinion of the value of your home. We hope 2018 is a healthy and prosperous year for all!
Weston: The good news for Weston is that real estate sales in 2017 finished with a total 174 transactions. That number was slightly higher than the 166 sales of 2016 in Weston. However the average sale price dropped from $904,129 in 2016 to $857,640 in 2017. The Median numbers were changed slightly from $795,000 in 2016 to $789,500 in 2017. The bottom line is that prices softened slightly in 2017 especially on the high end. Most of the towns near Weston show the same trend with more homes sold but at lower prices.
Weston is one of Connecticut's safest towns and it has a lot to offer residents who want a lifestyle that offers a quiet atmosphere, strong family values with a sense of community, open space and especially our award winning school system.
Fairfield: Fairfield had a strong 2017. It is the only town among those that we cover that was up in transactions and average sale price with a fairly significant percentage. There were 780 single family homes sold in 2017 vs. 724 in 2016. That is a 7% increase. The average sale price went from $705,408 to $744,118 for a 5% increase. The strongest sales continue to be in the Beach/Center/Sasco/Southport market area with 27% of the sales, University had 20%, Brooklawn/Fairfield Woods/Stratfield with 18% and Greenfield Hill/Sturges made up 15% of the sales, the remaining 20% were in the Lake Hills/Rock Ridge/Tunxis Hill market areas.
Overall, this was a very good year for Fairfield which is not a surprise, as the town has so much to offer with it’s bustling downtown area, 2 train stations, 5 beaches, several marinas, excellent town facilities, a public golf course and an amazing choice of restaurants and shopping.
Norwalk: Norwalk is the only local town that has “bucked” the current trends in our immediate market area. The number of single family homes sold in FY 2017 declined by 5.6% to 659 homes vs. FY 2016 from 697 homes. However, another reverse in the local trend is that both the average and median sales prices have risen at FY 2017 vs. FY 2016. The average sale price rose 4.9% to $618K in FY 2017 up from $590K in 2016. The average median sale price was also higher in 2017 vs. 2016, up 8% to $475K from $440K.
Total inventory of single family homes available for sale at 12/31/17 was at the lowest level compared to both FYE Dec ’16 and ’15. We’re seeing this as a trend in all the local towns. The number of listings on the market at FYE Dec 2017 was down 31.8% to 208 vs. 305 homes at FYE Dec 2016.
There appears to be a healthy and motivated buyer pool for Norwalk, especially under the median price point of $460K, which is evident by multiple bids on homes in this price range. We are also seeing demand from couples downsizing as they’re looking for smaller, more manageable homes from the surrounding towns. With supply at significantly lower levels, prices have appreciated as supply has not kept up with demand in FY 2017.
Wilton: 2017 was another interesting year in Wilton. There were more home sales in ’17 than in ’16 but prices were lower. 229 homes sold in 2017 versus 223 in 2016. The average sale this past year was $825,000 versus $987,894 the year before. One needs, however to remember that that average price in 2016 was skewed by the sale on Millstone for $5,900,000. It is interesting and important to note that all of our neighboring towns are reporting the same trend: more units sold, but for less money than the previous year. The only town that bucked that trend was Norwalk where they sold fewer units but for a higher average price than the year before.
We are being told by Industry experts that Millenials will make up 40% of our buyers for this new year. Millenials are between 19 and 36 years of age. Wilton will be a strong attraction to the older millennials due to the strong school system and great sense of community. Most first time buyers that we are seeing are preapproved to spend roughly what was Wilton’s average priced sale in 2017.
One of the strengths of the Wilton housing market is its diversity. From rentals at Avalon to multi acred estates there is something for everyone. People can downsize in Wilton and stay in town. Not all towns offer that benefit.
Wilton is a great town to call home. It will continue to thrive in good times and in not so good times.