Spring came slowly and went fast this year! So let’s take a look at our local Fairfield, Westport and Weston markets compared to last year, January through May. If we compare the inventory, number of sales, prices and the ratio of selling to asking price for single family homes, we can see some consistency across the three towns.
The inventory (number of homes on the market) was up across all three towns with an increase of 13%, 11% and 4% in Fairfield, Westport and Weston respectively since last year.
The median sale price was also higher at of the end of May compared to last year in all three towns. The median sale price is the price where half the homes sold for more and half sold for less. It gives an idea of the mix of price points without being skewed by an extreme high or low sale as would result with an average. The median sale price in Fairfield was $549,500 at the end of May, up 4% from $529,500 last May. The median price was also 4% higher this year in Westport moving to $1,335,705 from $1,285,000. In Weston it was up 11% this May at $791,500 from $712,250.
Unit sales varied among the towns. Fairfield sales increased almost 7% from 216 to 230 this spring. However, Westport sales volume fell 20% relative to the end of May last year, from 162 to 130. Weston sales were also down 8% from 48 last year to 44 this year, but the town was showing a strong come-back during the month of May with a 33% increase year over year from 12 to 16.
- Fairfield: Inventory Up 13%, Sales Up 6.5%, Sale/List Ratio at 95%
- Westport: Inventory Up 11%, Sales Down 19.8%, Sale/List Ratio at 97%
- Weston: Inventory Up 4%, Sales Down 8%, Sale/List Ratio at 97%
The sale-to-list ratio indicates how close to the asking price a property sold for. The average at the end of May was between 95% and 97% in the three towns. There was little change in Fairfield for this metric, as it shifted from 96% last year to 95% this year. The ratio had been lower last year in Westport and Weston, at 92% and 94% respectively, but they both increased to 97% this spring.
In summary, seller confidence seems to have been strong given the higher inventory levels. More homes in higher price points entered the market and sold this year as indicated by the higher median sale price. Sales volume was down in two out of three towns and up somewhat in Fairfield, raising questions about the momentum of the spring market. These unit sales numbers could have been a residual effect of the harsh winter causing a delayed spring market. In the sales that closed, the high ratio of sale- to-asking price indicated that buyers and sellers were of a similar mindset on value. Overall, this market snapshot positions us with a nice window of opportunity to make a move this summer- before the masses escape to Vacationland!
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