I wish we still had last week’s weather! A sneak peak at summer was sought by many at Penfield Beach last week with sun bathers, sand dune sprinters, ball players and swing set riders out in full force. Enjoy the pics!
…And now here’s a peak at the market (Take a look at the attached pdfs for more detail.)
What’s the good news for buyers?
Home sales were down after the first quarter compared to last year. There were 81 sales in Fairfield compared to 112 last year, and 47 sales in Westport compared to 89 in 2011. Sale prices were also down in Fairfield. There was a decline of 13 percent in the average sale price to $639,641 and a drop of 20 percent in the median (midpoint) to $450,000 by the end of March. Market time increased 9-14 percent to an average of 145 days in Fairfield and 122 days in Westport. The slower rate of sales and longer market times can drive a greater sense of urgency among sellers that is good for buyers. This situation along with lower prices and excellent interest rates offers a fantastic opportunity for buyers to take advantage of this market!
Any good news for sellers?
In spite of some sluggish numbers in the first quarter, there was ample activity in several price ranges. In fact, many sellers recently enjoyed multiple-offers in both Fairfield and Westport. The average sale price increased 4 percent to $1,486,072 this year in Westport, and the median increased 9 percent to $1,240,000. Upcoming sales based on the current listings with a binder or contract show that 172 closings in Fairfield and 81 in Westport are just around the corner! There are homes in some price ranges that are selling like hot cakes, which gives sellers in these ranges a great chance for a quick sale. If you wish to sell, and your property’s value falls outside these ranges, you can contact me to develop a strategy that ensures your listing stands out among the competition. Pricing competitively in any price range is always key.
Which price points were hot, and what does this mean?
In Fairfield, the top selling price range was $250,000 to $450,000 by the end of March. There were 32 sales in this range accounting for 40 percent of the total. In comparison, the highest sales volume was up in the $450,000 to $800,000 range last year at this time which accounted for 41 percent of the the sales. So there was a clear shift in sales toward lower priced homes this year compared to 2011. A shift like this would account for a lower average and median sale price but would not necessarily mean that property values declined. In fact, the $1,000,000 to $1,500,000 price range was a strong seller in both years. Other factors can also cause a gap in the overal numbers year over year. For example, last year, a single $4 million dollar sale elevated the average sale price in the first quarter. This contributed to the difference between the two years’ price indexes without having much significance to the condition of the market. The increased sales of lower priced homes was likely due to a combination of investors purchasing distressed properties and first time home buyers and downsizers gaining the confidence and stability they needed to enter the market. The surge in the low price range may very well be followed by the higher price points in the months to come.
The hottest price range in Westport this year so far was clearly $1,000,000 to $1,500,000 with 16 out of 47 sales. The same price range was also popular in 2011, however there was a greater volume of sales spread across most price ranges. So the average and median price seemed to have increased this year, but this appeared to be due primarily to the mid-range prevailing with fewer sales overall. (See attached graphs)
For a sneak peak at price range of the upcoming sales, an update on your neighborhood’s market, or value estimate for your home send an email request to Linda@LindaRaymondRealEstate.com.
Originally Posted on Fairfield Patch April 26, 2012 at 5:15 am
Fairfield and Westport CT Real Estate Guide 