Westport Every year, buyers, sellers and Realtors eagerly anticipate the results of the Q1 real estate statistics for the various Fairfield County towns. Those stats indicate how well the “Spring Market” is performing and are indicative of how the next quarter, or even the year, MAY play out. Comparable analysis to establish value is now used from the current year as opposed to the typically slower season of the previous year. Historically, the “Spring Market” begins in late January/early February, however the past several years have proven a different spring market season, where sales are more wide spread throughout the year.
How is Westport doing in 2017? In summary, March YTD sales of 67 are running 8.1% ahead of last year's year-to-date sales of 62. March property sales were 26, up 44.4% from 18 in March of 2016 and 52.9% higher than the 17 sales last month. March 2017 sales were at a mid level compared to March of 2016 and 2015.
Average sale price: $1,590,118 (-3%)
Median sale Price: $1,600,000 (+16%)
These stats are on point to what we expected as we approached 2017…more sale transactions with flat or steady sale prices.
Let’s take a look at inventory. In all price points, Westport continues to trend to a “Buyer’s Market”. Supply of homes on the market far exceeds demand for those homes.
As of March 31, 2017…the following number of months of inventory are available to buyers of the following price ranges, in addition to a breakdown of sales in recent months.
$1,000,000-$1,500,000 - 13 months of inventory with 40 active listings; 91 sold in past 12 months, 25 sold in past 6 months and 9 sold in past 3 months
$1,500,000-$2,000,000 - 8 months of inventory with 57 active listings; 75 sold in past 12 months, 35 sold in past 6 months and 21 sold in past 3 months
$2,000,000-$2,500,000 - 21 months of inventory with 42 active listings; 32 sold in past 12 months, 14 sold in past 6 months and 6 sold in past 3 months
$2,500,000-$3,000,000 - 19 months of inventory with 32 active listings; 24 sold in past 12 months, 8 sold in past 6 months and 5 sold in past 3 months
$3,000,000-$4,000,000 - 29 months of inventory with 39 active listings; 14 sold in past 12 months, 5 sold in past 6 months and 4 sold in past 3 months
$4,000,000+ - 54 months of inventory with 27 active listings; 9 sold in past 12 months and 3 sold in past 6 months
What is not reflected in these stats is the number of homes with accepted offers and fully executed contracts waiting to close. As a sneak peek to the Q2 stats, many homes in the luxury market will post to Sold. This indicates market confidence and will reflect in the stats moving forward. We often find when the luxury market is robust, other price range sales follow suit.
Market segments that continue to show strength are new construction homes, beach related homes and homes in the price range perceived as “starter homes”, “empty-nester homes” and “move-in ready homes”.
Weston saw 26 closed sales in the first quarter of 2017. Last year the first quarter had 23 sales so we've had a modest increase in closings. At this moment we are encouraged to find 26 Weston homes that have accepted offers and 23 pending sales so we are optimistic that momentum is building for strong activity in the 2nd quarter. It is also encouraging to see that 20 of the closed sales or accepted offers are over $1,000,000 so the market does show some signs of getting stronger although the high end is still weak with only one house over $2,000,000 being reported with an accepted offer. Weston currently has 140 homes on the market, nearly a year's worth of statistical inventory. The average sales price is $754,000 with a median price of $627,500.
Today's Weston market continues to be a buyer's market and the buyers are more discriminating than ever. Homes that are updated, in prime locations with nice yards go quickly while other houses languish on the market often for over a year. It is more important than ever to correctly prepare homes for showing and to list them at today's market price. In many cases we are recommending pre-market inspections from a licensed inspector to look for unknown issues that could stop a transaction and a staging consultation.
Weston schools with its rural character and two acre zoning continues to bring buyers into Weston. The Town is close to transportation highways and trains and remains a great value for families. Weston was just reported to be one of the safest towns in the United States.
March YTD sales of 121 are running 0.8% ahead of last year's year-to-date sales of 120. Which is what we would call flat. The average sale price is up 4% at $789,747. The Beach area came in at 16% of the sales, Center/Sasco/Southport/Sturges area 16%, University 18%, Greenfield Hill 16%, Brooklawn/Stratfield 14% and the remainder scattered across the various other neighborhoods.
82% of the sales were under $1M, 9% between $1-1.5M, 6% between $1.5-2M and 3% over $2M. Of the 4 listings that sold over $2M, 2 were on Fairfield Beach Road and 2 on Harbor Road in Southport – all on the water. The highest sale was $5,837,500 on Harbor Road. We are seeing a slight uptick in activity in the luxury market which is always good news for the rest of the market because it tends to follow.
For some time now, we have consistently seen the majority of the sales in Fairfield concentrated in and around downtown – 32% if you include the Beach/Center/Sturges/Southport/Sturges. All of these are either walking distance to town and train or just minutes away. The majority of these buyers want easy access to amenities and less house/acreage to take care of. It’s become the lifestyle of choice.
March Property sales were 46, down -14.8% from 54 in March of 2016 and 31.4% higher than the 35 sales last month. March 2017 sales were at a mid level compared to March of 2016 and 2015.
Average sale price: $789,747 (+4%)
Median sale price: $615,000 (-1%)
The Wilton market is stronger so far this year than it was last year in terms of the number of closed sales. Do remember that sales in the first quarter, particularly through February are reflective of deals made in November and December. Through February 26 homes had closed which is compared against 10 sales for the same period last year. February sales were at a mid level when compared to the same period in 2015 and 2016. The current average sales price was $1,085,971 and the median sales price was $804,500.
There were 14 sales over $1,000,000 and three over $2,000,000. The highest priced sale was 137 Olmstead Hill which closed at $2,850,000.
Currently (as of mid April) there are 217 properties on the market for sale. Additionally, 30 have accepted offers (“CTS”) and 23 are under contract (“Pending”). Spring has sprung and buyers are out there looking. It is a great time to get your home on the market.
We continue to be high on Wilton. The new school superintendent is very welcoming to Realtors and their clients. We have been given the opportunity to tour the schools ourselves and are encouraged to come back with our clients. That is very important since the schools are so often what draw buyers to town.
The vibrant Wilton Center area is another big attraction from the Village Market to Joy Rides Cycling. It is all good!
Last, but certainly not least is the consistent friendly atmosphere that one encounters at every turn. Wilton is a great town and more and more people are seeing that and wanting to be part of it!