Real Estate Market for the first half of 2018

WESTPORT

  • 214 homes were sold in Westport during the first half of 2018. This is down 5.7% compared to the 228 sales in the first half of 2017.

  • Inventory remains slightly lower than last year with 409 homes on the market vs. 459 at the end of June 2017.

  • The average sales price is down -12.8% from $1,469,046 in June of 2017 to $$1,280,446 in June of 2018.

A closer look at the numbers tells the story.

Price Range               YTD Sales                 Current Inventory

Under $1 M                 78 sales (36.4%)       6.7 months

$1M - $1.5M                 64 sales (29.9%)      6.2 months 

$1.5M-$2M                   32 sales (15.0%)       12.7 months

$2M - $2.8M                25 sales (11.7%)        16.1 months

$2.8M-$4M                  10 sales (4.6%)        21.6 months

Above $4 M                 5 sales (2.3%)           32 months

The good news is that we have a robust market below the $1.5 million mark. Good homes in this price range are moving quickly and we continue to have first-time home buyers moving to town. Our luxury market is less active. However, the well-priced luxury homes are also moving, more quickly than in the past. One of the most encouraging statistics is that the number of “days on market” is at its lowest level in the past 3 years at 73 days.

We remain optimistic in our outlook. Who wouldn’t want to live in Westport? We are seeing many NY buyers, both city and Westchester, who are fed up with high property taxes and moving north. We welcome them with open arms!

WESTON

The first half of the year has resulted in 67 closed transactions for the Weston real estate market. 44 of the transactions (two-thirds of all the sales) sold under $800,000, with nearly half of all the closed homes selling for less than $600,000.  The most active price range was between $500,000 and $600,000 with 16 reported closings. Ten homes sold between $809,000 and $983,000. The remaining 13 sales in Weston were over $1,000,000 with the highest priced sale being $1,775,000 on Hemlock Ridge.

By comparison, there were 84 Weston sales in the first half of 2017, so we see a decline of about 20%. The bottom line cannot be ignored: we have comparatively fewer sales so far this year than in 2017 and nothing has sold over $1,800,000 yet. However, there is some room for optimism with 43 houses under agreement or contract, including one waterfront home on Crystal Lake listed for over $2,500,000 that is under contract.

There are currently 165 homes for sale in Weston. This number represents a full year’s worth of inventory. The last quarter of 2017 was surprisingly active with 47 closed transactions in Weston. Hopefully, we will see a repeat of that level of activity in the last half of 2018 as buyers see the value in the Weston market and the Weston lifestyle.

FAIRFIELD

  • 107 homes sold in Fairfield during the month of June. This is down 16.4% compared to the 128 sales in June of 2017. However, June YTD sales of 358 are running only 8.0% behind last year’s YTD sales of 389. 

  • The Total Inventory of Properties available for sale as of June was 542, up 6.5% from 509 last month and down -12.9% from 622 in June of last year. June 2018 Inventory was at the lowest level compared to June of 2017 and 2016.

  • The Average Sales Price in June was $799,848, up 8.2% from $739,229 in June of 2017 and up 12.0% from $713,870 last month. June 2018 ASP was at highest level compared to June of 2017 and 2016.

A closer look at the numbers tells the story.

Price Range               YTD Sales                  Current Inventory

Under $500K             124 sales (34%)          3.9 months

$501K - $749K           107 sales (30%)          4.7 months

$750K –$999K           56 sales (16%)            6.2 months

$1,000K – $1,499K    46 sales (13%)            9.6 months

$1,500 - $1,999K        10 sales (3%)              18.4 months

$2,000K+                   15 sales (4%)              24 months     

A healthy market is noted as having about 6 months of inventory – less becomes a seller’s market and more becomes a buyer’s market. The under $1M market is considered a seller’s market and the over $1M is considered a buyer’s market.  Fairfield still continues to see the majority of its sales coming under $1M.

Neighborhood sales were as follows…. Beach 14%, Center/Sasco/Southport/Sturges 15%, University 20%, Greenfield Hill 13%, Brooklawn/Stratfield 18% with the remaining sales scattered across various other neighborhoods.

NORWALK

  • 307 homes sold in Norwalk in the 6 months ending June 2018. This is down 5% compared to the 323 homes sold during the same time frame of 2017.

  • Inventory remains higher (+8.5%) than last month with 498 homes on the market vs. 459 at the end of May 2018. However, June 2018 inventory was at the lowest levels compared to June 2017 (down 18.6%) & June 2016 (down 31.2%).

  • The average sales price is down slightly, 0.9% to $603,040 in June of 2018 from $608,804 in June 2017.

A closer look at the numbers tells the story.

Price Range               YTD Sales                  Current Inventory

Under $500K             157 sales (49.7%)       2 months

$500K-$749K             109 sales (34.5%)       4.3 months

$750K-$999K             27 sales (8.5%)           7.7 months

$1,000K-$1,499K       11 sales (3.5 %)           11.1 months

$1.5M-$1,999K           6 sales (1.9%)             16.5 months

Above $2,000K          6 sales (1.9%)             16.8 months

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 lower levels in 2018 vs 2017, prices have remained relatively stable at the lower price points.  The higher end of the Norwalk market (above $750K or 15% of total 2018 sales) requires a much longer time to sell, at least 7 months ($750K-$999K) and up to 16 months on average for the Norwalk luxury market. 

WILTON

The first half of the year has resulted in 108 closed transactions for Wilton. The lowest price sale was $152,000 and the highest was $8,000,000. The latter was a bank owned property that consisted of a 1920’s Tudor style home on more than 152 acres. June year-to-date sales are running -14.3% behind last year’s same period of time. The median price sale in Wilton in June was $710,000 down 2.1% from $725,000 in June of 2017. The average price in June was $775,000 up 7.3% from 2017.

There are currently 235 homes on the market. This represents the lowest level of active listings for the past two years compared to June of ’16 and’17. The highest priced home on the market is priced at $7,500,000. It is located on slightly under 5 acres. There are 48 homes with accepted offers. The highest priced home under contract had an asking price of $1,279,000.

Prices continue to be soft and that is the case in all of the surrounding towns as well. Homes continue to sell if they are perceived as having great value. There are many first-time buyers coming in to Wilton. They are drawn by the schools and the vibrant town center. Wilton is a great town!