First Half Market Report for Fairfield County, Connecticut

16 Individual Town Reports. To download full reports click on the links at the bottom of the email.

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 Cos Cob - This is the worst year in 5 years by any metric. The number of sales is down 53% to 20. The average price is down 15% to $1.42mm. Inventory is up 20%. Condo sales are steady while the average price is down 28% to $818k. Cos Cob is among the most expensive towns and the 83% decline in sales over $3mm to only 1 sale shows no sign of reversing.   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.  Old Greenwich - Sales unchanged at 41. Prices unchanged at $2.4 million. Inventory up 4% at 92 homes available. Condo prices and inventory also similar to a year ago. The 41 closings are in the middle of an 8 year range of 34 to 56 sales. The average sale price of $2.4 million has been rising consistently since 2013. Old Greenwich is one of the few towns seeing steadily increasing inventory peaks over the last 3 years, enough to stimulate sales but not enough to disrupt pricing confidence. There are only 22 houses under $1.5mm, a 7.8 month supply of houses. Old Greenwich is coveted by commuters and will continue to outperform the market. 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. The consolidated Connecticut report is here.

$4,499,000  61 Sturbridge Hill Road, NC $4,000,000  227 Lambert Road, NC $3,475,000  507 Silvermine Road, NC $3,200,000 84 Middle Ridge Road, NC $2,950,000  49 Middle Ridge Road, NC $2,900,000  27 Rippowam Road, NC $2,749,000  175 Brookside Road, Darien$2,295,000  258 Wahackme Road, NC $2,200,000  1293 Ponus Ridge, NC $2,125,000 83 Oak Street, NC $1,975,000  269 Dans Highway, NC $1,800,000  431 Greenley Road, NC$1,795,000  49 Gerrish Lane, NC$1,700,000  94 Indian Rock Road, NC $1,250,000 921 North Wilton Road, NC$1,195,000 108 Toby’s Lane, NC $1,155,000  1279 Smith Ridge Road, NC  $1,100,000  474 Main Street (A), NC condo  $1,100,000  309 Park Street, NC condo$1,100,000  31 Branch Brook Rd., Wilton $999,000 474 Main St. (B), NC condo $998,000  289 New Norwalk #7, NC condo$995,000  65 Comstock Hill Ave, Norwalk$900,000  705 Weed Street, #4, NC condo $870,000  45 Sunrise Avenue, NC  $799,000  5 Hermit Court, Westport  $750,000  131 River Street, NC  $750,000 113 Locust Avenue, NC  $739,000 119 Forest Street, NC condo $700,000  1303 Ponus Ridge, NC land  $699,000 20 Mountain Trail, Stamford $250,000 126 WashingtonSt #204, Norwalk  $15,000 111 Parish Lane, NC rental $10,000  854 North Wilton Road, NC rental $6,500 431 Greenley Road, NC rental $6,000 108 Toby’s Lane, NC rental $6,000 309 Park Street, NC rental $4,100 5 Hermit Court, Westport rental $3,900 113 Locust Ave, NC rental $3,500  17 Lukes Wood Road, NC rental $3,200  45 Sunrise Avenue, NC rental Buy a stone castle in New Canaan for 900k 258 Wahackme Rd  $2,295,000 (new video) 83 Oak Street - $2,125,000 126 Washington St. in SoNo - $250,000 31 Branch Brook Rd in Wilton - $1,100,000 474 Main Street in New Canaan   $999,000 113 Locust Avenue, New Canaan $680,000 108 Toby's Lane, new video, $1,195,000

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 view my listings

Connecticut Market Reports for the First Half of 2019

The Connecticut First Half 2019 Market Reports are now available in Pilot. You can find the template in the Promo Blast section, called "CT First Half 2019 Market Reports". If you type "CT" in the search bar it will appear among the CT template selections. 

Just a reminder, quarterly reports include an additional page for each town's absorption rates for houses, and a page on absorption rates for condos for the towns of Greenwich, Stamford, Norwalk, New Canaan, and Ridgefield.

Here are direct links to each town's report: 

https://media.halstead.com/pdf/1H19CosCobMR.pdf

https://media.halstead.com/pdf/1H19DarienMR.pdf

https://media.halstead.com/pdf/1H19EastonMR.pdf

https://media.halstead.com/pdf/1H19FairfieldMR.pdf

https://media.halstead.com/pdf/1H19Greenwich.pdf

https://media.halstead.com/pdf/1H19NewCanaanMR.pdf

https://media.halstead.com/pdf/1H19NorwalkMR.pdf

https://media.halstead.com/pdf/1H19OldGreenwich.pdf

https://media.halstead.com/pdf/1H19ReddingMR.pdf

https://media.halstead.com/pdf/1H19RidgefieldMR.pdf

https://media.halstead.com/pdf/1H19Riverside.pdf

https://media.halstead.com/pdf/1H19RowaytonMR.pdf

https://media.halstead.com/pdf/1H19StamfordMR.pdf

https://media.halstead.com/pdf/1H19WestonMR.pdf

https://media.halstead.com/pdf/1H19WestportMR.pdf

https://media.halstead.com/pdf/1H19WiltonMR.pdf

Here is a link to the report that includes a page on each town. 

https://media.halstead.com/pdf/1H19ConnecticutMR.pdf

First Quarter 2019 Real Estate Market Reports for New Canaan and all 16 Towns of Fairfield County, Connecticut

16 Individual Town Reports. To download full reports click on the links in-line and at the bottom.

New Canaan - Closings are up 20% this quarter. Pending sales are down by the same amount. First quarter sales have dramatically increased for the past 3 years. 42 may be the new normal, up from 20 to 34 in years prior. Average price is down to $1.338 million, about where it was in 2012-2013, and  now equal to Darien. Condo sales, 14% of the market, usually consistent, are down 42% from normal levels of 12 sales. Inventory is level with last year, 301 houses and 41 condos. Riverside - 7 closings versus a range of 13 to 19 in the last 8 years. Average price of $2.1 million is the low end of an 8 year range of $1.8 to $3.6 million. Inventory is level with last year, 89 houses. Riverside is performing consistently with the larger Greenwich market which is also starting late and also down to an average price point of $2.3 million.  Rowayton - 11 closings in the quarter, same as last year, within an 8 year range showing between 8 and 15 closings. Prices of $1.17 million are up 12% but sit in the middle of an 8 year range of $960,000 to $1.32 million.  Stamford -120 closings, down from 153 a year ago. Last year was exceptional and 120 is in the middle of an 8 year range of 93 to 153. Average prices ($565,000) are down for the second year in a row and are the lowest they’ve been in 8 years. Condos ($340,000) are at the high end of an 8 year range between $274,000 and $355,000. There was only 1 house sale over $1.5 million and 3 house sales over $1 million while 2 condos closed over $1 million.  Weston - 27 sales vs. 23 a year ago and the best year of an 8 year range of 17 to 24. The average price is down to $640,000, the fifth straight year of price decline from a high of $1,015,000 in 2014 and a low of $628,000 in 2012. Sales volume is up despite very low inventory of 140 houses.  Westport - First thought is "wow". 46 sales versus 84 a year ago, a 45% drop. Westport is struggling with the lowest total in 8 years by a substantial margin and the lowest average price they've seen in 8 years, $1,291,000, a number which has dropped for 4 straight years. The absorption rate is up from 10.2 months a year ago to 11.8 months of inventory now. Note, in the categories below $1.2 million the absorption rate has gone down.  Wilton - is looking good with a 17% increase in sales, 40 versus 34 a year ago and 15 additional sales pending, same as a year ago, despite a modest rise in inventory (10%) to 208 houses. Those 40 houses account for the second best quarter in 8 years (Each of the last 3 years has been above average.) Prices steadily climbed from $794,000 8 years ago to a peak of $944,000 in 2016 before returning to 2012 levels, currently $768,000. Wilton has much inventory and sales in the $500,000 to $700,000 category with 2 sales over $1.5 million in the quarter (same as last year) and 4 sales between $1.2 and $1.5 million (which is double that of last year).  Cos Cob - 9 sales in the first quarter is the worst start in 5 years, down from 18 and 14 the previous two years. However, Cos Cob is one of the few towns that experienced an increase in the average sale price, up 4% to $1,520,000 which is an 8-year high. Prior to this year the average price ranged between $1,209,000 and $1,489,000. Cos Cob has one of the lowest absorption rates at only 7.4 months of inventory, down 32% since last year.  Darien - Steady in sales, 42 is up from 40, and the 3rd best in 8 years, but like her sister New Canaan experiencing strength in the lower price categories bringing the average sale price down 8% to $1,335,000. The hope is that Darien has a late selling season like last year but the fear is that the 37% decrease in pending sales (20) is a harbinger of things to come.  Easton - The 21 sales versus 23 is unremarkable, as is a 10% increase in average sale price ($605,000). What is worth noting is the 26% decrease in inventory to 76, by far the biggest change in inventory levels in Fairfield County. The steady decrease in Easton's absorption rate (-30%) in a year to 7.7 months of inventory is impressive, and we note they have low absorption rates the top of the Easton market, over $1 million.  Fairfield - The number of sales has steadily risen in Fairfield for 8 years in a row to 142, up 8%. This year we saw a 5% decrease in average price to $724,000, 3% fewer pending sales, and an 8% increase in inventory. Condo sales also rose from 21 to 26 and now represents 18% of sales.  Greenwich - They say Greenwich will be the first to come out of the slump. Well, not this quarter. With only 39 sales, down 35% from a total of 60 a year ago, we are looking for good news and not finding it. Average price is down 15% to $2.466 million, pending sales are down 34%, inventory levels are up 10%. The reason is simple: there is far less inventory available in Greenwich at every level under $2 million and 7 fewer sales under $1 million. And, despite dramatic increases in inventory (34 houses) at every level above $4 million we had 11 fewer sales over 4 million than a year ago. The good news in Greenwich is that condo sales are steady at 24 while condo inventory has dropped 9% and the average condo closing has risen 27% to over $1.05 million, a new high water mark.  Norwalk - The number of houses sold is down a little, 5%, but is down two years in a row and is below the 8 year average. Prices went up a very small amount to $578,000, the highest point in 8 years. Condo prices are also at their highest point in 8 years, now $334,000. Norwalk only saw 2 sales over $1.5 million but the $1.0 to $1.5 million band was up from 1 sale to 7 sales, a 600% bump. The ratio between list and sale price is the highest in Fairfield County, 97.7% of asking, peaking in the categories below $500,000. where they sell at 99% of asking. The greatest number of active homes are in the $600,000 to $800,000 level where the absorption rate is 9.4 months of inventory, down from 12.4 months a year ago.  Ridgefield, Wilton, Westport, Darien and New Canaan Median Prices over 10 Years

Old Greenwich - Up 35% in closings from 14 to 19. Prices unchanged at $2.4 million. Inventory unchanged at 73 homes available. Condo prices and inventory also unchanged with a year ago. The 19 closings are a new 8 year high over a previous range of 9 to 16 sales. The average sale price of $2.4 million over the last three years is also significantly better than the previous five years which ranged from $1.5 million to $2.2 million. 8 pending sales tell us that this energy will continue into the second quarter. Old Greenwich is one of the few towns seeing steadily increasing inventory peaks over the last 3 years, enough to stimulate sales but not enough to disrupt pricing confidence.  Redding - Down 4 sales to 17 and down 15% in price to $455,000, but poised to make up for it immediately with 17 pending sales, up from 10 a year ago. Inventory is down from 95 to 84. Redding has had 4 solid years previously and we expect a rebound.  Ridgefield - 48 sales each of the last two years, and about average for the last 8 years. Prices are up 5% to $706,000 while inventory is down 5%. The number of listings in each category is consistent, year to year, while the sales came at the top and bottom of the price range. What is interesting is that condo sales which currently make up 45% of the Ridgefield market are down 26% and prices declined 15% while condo inventory Rose 39%  Fairfield County - At the end of March the supply of active single family homes was almost identical to the supply at the same time last year. Rowayton and Easton had the greatest price increases while New Canaan, Weston and Wilton saw the largest sales increases. Slow Day at the Open House? 1 min. video When the master bath makes a statement... What are they looking at?  Video: The Truth About Zillow and Realtors:

The Engel Team John Engel, Susan Engel, Melissa Engel and Charles Anello Licensed in Connecticut 203-966-7800 main 203-247-4700 cell/text jengel@halstead.com view my listings