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This is the 6 month report for Fairfield County.
Good news: interest rates at record lows, 3%
Bad news: there is little urgency among buyers
Good news: budget skips tolls & regionalization
Bad news: state budget fails to cut any spending
Good news: Connecticut still cheaper than NY
Bad news: still can't get to Connecticut quickly
Darien - Inventory is down 12%, sales are up 8%, and average price has declined 14% to a very affordable $1.45mm. With the second best tax rates in Connecticut, excellent schools, beaches and easy commute, Darien will remain one of the brighter points of light in Fairfield County. See 175 Brookside Ave, a c. 1800 antique on 4 acres for $2.8
Easton - The number of Easton sales have been steadily increasing since 2012, now 62 with another 12 pending as the absorption rate drops to only 10.2 months. Is it any wonder with an average price of $622k in a market that boasts A+ schools? If you don't commute to New York City you're probably looking in Easton (and Redding). Consider 109 Maple Road in Easton is outstanding at only $579k.
Fairfield - The number of sales has steadily risen in Fairfield for 8 years in a row to 364, up 1% from last year. This year we saw a 7% decrease in average price to $709k, and no change in inventory. Condo sales are up 13% to 61. The schools are ranked A+ by Niche and the commute to NYC is only 11 minutes further than Westport where homes cost twice as much. High end is soft here too. You can get incredible beach-front value at 1053 Fairfield Beach Road for only $2.45mm
Greenwich - Greenwich is recovering from a terrible first quarter. Now, with 128 sales, down 10% from a year ago and the lowest total since 126 in 2012 we have reason to be cautiously optimistic that momentum is shifting. Average price is $2.78 million and rising. As the most expensive market in Fairfield County, Greenwich is a blue-chip stock, a bellwether for the high end, usually the first in the county to recover.
New Canaan - Closings are up 11% year to date. Average closing price is down 16% to $1.40 million. Active inventory is down 9% to 330 homes, declining from a peak of 347. 81% of the sales are under $2mm. Condo sales are down 24% and average condo price remains $734k. Inventory is down 9% from last year, 330 houses, and down from the peak of 347. Despite being one of the more expensive towns in the market New Canaan is showing great resiliency under $2mm (where 81% of sales occur). According to this week's WSJ millennials are on the move. Expect New Canaan & Darien to be major beneficiaries of the flight to better suburbs from New York City.
Norwalk - Strong sales in May and June were not enough to for full recovery, as year to date sales of 290 remains down 6% but fairly typical of the last eight years. Average closing price fell 3% to $585k. while inventory rose 3% to 413 houses available. The strongest sector of the Norwalk market were in the categories under $600k where 190 listings represents only a 4.5 month supply of inventory.
Redding - Redding is experiencing a 24% increase in sales to 62 while average price remains at the $538k level. Inventory is down 6% from 133 to 125. 48 of the 62 sales occurred between $400k and $800k, making Redding a relative bargain given its A+ ranked school system, 15th best in the state. With a decrease of 28% in inventory, expect prices to rise and the pace of sales to slow as buyers respond to a lack of inventory.
Ridgefield - 149 sales each of the last two years, and about average for the last 8 years. Prices are up 4% to $698,000 while inventory is up 9% to 327, a 11.9 month supply. Condo sales, which currently make up 45% of the Ridgefield market, are down 12% and condo prices declined 14% while condo inventory remained unchanged. Only 10% of all sales occur above $1mm.
Riverside - Riverside is not doing well in comparison to Old Greenwich and 37 sales is the worst start in 8 years, down 25% from last year. Average price of $1.86 million is the low point of an 8 year range of $1.9 to $2.7 million. Sellers are pulling back and Inventory is down 15% from last year, 92 houses, an 11.6 month supply. Despite being less expensive with an easier commute, Riverside is suffering worse than the larger Greenwich market which is down to an average price point of $2.78 million.
Rowayton - We see a 10% increase in sales volume to 35 over last year's 8-year low of 32 and a 7% increase in average price to $1.22mm and a 16% increase in inventory to 92, a whopping 15.3 month supply and 25% higher than this time last year. For most of the last year Rowayton has had a 10.7 month supply of inventory. 14 Westmere Avenue in Rowayton is a beautiful waterfront house for only $2.4mm.
Stamford -The only category in Stamford that has more sales than last year is in the $600,000 to $700,000 band. Inventory rose in almost every category. The average closing price has fallen 3% to $632k. House sales are down 14% and condo sales are down 15%. Surprisingly to me, the Stamford house volume is only $201 million which is only 40% of Greenwich ($551mm ), trails Fairfield ($258mm) and Westport ($220mm), and is only slightly higher than Darien ($193mm). This month we take a granular look at Stamford's 12 neighborhoods showing the price per foot averages for homes and condos.
Weston - The average price rose this year 4% to $768k after 4 straight years of declines. Perhaps Weston has seen the bottom and prices could rise? Not as long as Weston averages 150k to 250k more expensive than its two immediate small town neighbors, Eason and Redding, As long as averages prices are roughly the same price as larger neighbor Wilton, Weston will continue to struggle to find its footing. Currently, there is a 13.5 month supply of inventory, down from 14.4 months a year ago.
Westport - Westport is having a tough year, down 25% in the number of sales for most of the period and ending down 21% The average price has declined 7% to $1.38mm and the total dollar volume has declined 27% year over year. The good news in Westport is the third lowest mill rate in Connecticut. The bad news is one of their schools remains closed for repair and renovations.
Wilton - is looking good with a 11% increase in sales, 101 versus 91 a year ago with no change in inventory, 259 houses. The average price is down substantially to $768k from $909k a year ago. Prices steadily climbed from $794,000 8 years ago to a peak of $944,000 in 2016 before returning to 2012 levels. With prices in the 700’s Wilton is an attractive trade-up market for many seeking top schools within a 75 minute commute of the city.
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The Engel Team
John Engel, Susan Engel, Melissa Engel, Charles Anello & Serena Richards
If you want to join our team give us a call. We are looking to add great agents.
Licensed in Connecticut
203-966-7800 main
203-247-4700 cell/text
jengel@halstead.com
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