The Westport Real Estate market continues to show some strength at the lower price points. Although there appear to be a good number of buyers in the marketplace, homes at the higher price points continue to linger on the market. Some buyers report that they are waiting for the results of the elections. It is likely that rising interest rates might incentivize some buyers to buy sooner rather than later.
So far, this year closed sales of 333 are running just 1.2% behind last year's sales of 337. The average sales price for the first three quarters, however, was down 6.7% from $1,574,478 in September of 2017 to an average of $1,469,600 this year. For sold properties, the average time on the market was 91 days, down from 122 last year. Please see market activity reports for more information.
We at KMS Partners remain optimistic in our outlook. The fabulous lifestyle and award-winning schools that Westport has to offer, in conjunction with lower property taxes, continue to be very attractive!
The market in Weston has been declining modestly over the past few years. So far, this year prices are down over 5%. However, weakness on the higher-end properties can account for some of this average price decline. The last quarter of 2017 was strong and with the possibility of increasing interest rates in the future, there may be a spike in sales before the end of 2018 as well. Weston's natural beauty, its award-winning school system and two-acre zoning are still attracting buyers — especially for the lower and mid-range homes.
So far, this year Weston has closed 129 sales as compared to 126 sales for the first three quarters of 2017. Average days on market are 96, down from 137 days in 2017. And as indicated above, prices are also down, with the average sale price dropping from $855,343 last year to $813,282 this year. Please see market activity reports for more information.
We see the market strengthening in Fairfield particularly near the beach and near town. Fairfield is definitely on many buyers’ radar due to its strong schools, beaches, vibrant town and university vibe. Fairfield appeals to buyers across the board from first time buyers to downsizing empty nesters. There is something for everyone.
So far this year, 589 homes have closed in Fairfield compared to 780 for the entire year of 2017. The average days on market is down to 73 days compared to 97 days last year, while prices have risen. The average sales price this year is $790,459 compared to $743,596 last year. Please see market activity reports for more information.
Norwalk has had a steady, busy year thus far. It is proving to be a great Connecticut “first stop” for home buyers and renters coming from more urban areas like New York. There seems to renewed interest in the laid back, artsy quality of Silvermine and what it offers; Marvin Beach and other opportunities to own on the coastline remain extremely popular as well.
From September 1, 2017 to September 30, 2018, 514 homes were sold resulting in a 0.8% increase over the same period last year (510). The average sales price has climbed from $617,449 to $623,268. Sales volume has increased, and home values have gone up by 0.9%.
More recently, just for the past month of September (54 home sales) the average sales price of $684,604 was at its highest level compared to 2016 and 2017. For the same period, the average number of days on market has dropped to 62 from 102 a year ago. That is also the lowest level since both 2016 and 2017. Please see market activity reports for more information.
We are seeing well-prepared and well-priced homes selling in Wilton. It's all about value. The Wilton lifestyle with a vibrant downtown, close proximity to commuter routes and award-winning schools will continue to bring buyers into the market. The possibility of increased rates may bring a spike in sales for the last quarter.
Wilton has seen 165 sales so far in 2018, compared to 181 sold homes for the same period last year; a decrease in closed transactions of nearly 9%. The average days on market was 94 compared to last year's total of 143 days on market. The average sale price was up to $893,864 compared to 2017 average prices of $848,853 an increase of over 5%. A few high-end sales, including one for $8,000,000, accounts for most of the increase in average price. Please see market activity reports for more information.