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How’s the Market? October, 2018

Dear Friends,

Fall has arrived and it’s nice to know we have weathered what some feared would be a huge downturn after the onset of the new tax laws. Our latest data demonstrates a pretty flat if a bit lackluster market on average in Fairfield County — but certainly not anything in the handwringing category.

While Westport has seen a dip of almost 2% in sales volume, for example, our inventory has also diminished by almost 7% year over year — a very positive sign for the year to come. With rising interest rates, buyers would be well-advised to consider a 4th quarter purchase — to potentially lock the lowest rates for many years to come.

Below you will find the latest data by town plus my fabulous new Compo Beach listing. Because the new JoniHomes website is not live yet — any day, though — I have provided stats right here for this month. Next month, after the eagerly anticipated launch, we will resume linking to market data pages on my website.

Best,
Joni

 

Just Listed:   Better-Than-New Beach Classic

Live the coveted Compo Beach lifestyle in this luxuriously-appointed, spacious and gleaming classic at the end of a picturesque, conveniently located cul de sac. The beautifully-manicured property borders acres of open space for added serenity & privacy. Walk to the water from this pristine 5-bedroom home, with many upgrades such as the inviting mahogany front porch, the oversized, low-maintenance, Azek rear deck, and a backup power generator. Huge walkout lower level too for upside potential. Visit 7LorettaCourt.com.

WESTPORT

Property Sales
September Property sales were 28, down -9.7% from 31 in September of 2017 and -53.3% lower than the 60 sales last month. September 2018 sales were at a mid level compared to September of 2017 and 2016. September YTD sales of 334 are running -1.8% behind last year’s year-to-date sales of 340.

Prices
The Median Sales Price in September was $1,230,000, down -4.1% from $1,282,500 in September of 2017 and down -0.4% from $1,235,000 last month. The Average Sales Price in September was $1,426,591, down -9.8% from $1,581,984 in September of 2017 and up 3.1% from $1,383,852 last month. September 2018 ASP was at a mid range compared to September of 2017 and 2016.

Inventory & MSI
The Total Inventory of Properties available for sale as of September was 350, up 2.3% from 342 last month and down -6.7% from 375 in September of last year. September 2018 Inventory was at the lowest level compared to September of 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2018 MSI of 12.5 months was at a mid range compared with September of 2017 and 2016.

Market Time
The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for September was 100, up 11.1% from 90 days last month and down -17.4% from 121 days in September of last year. The September 2018 DOM was at its lowest level compared with September of 2017 and 2016.

WESTON

Property Sales
September Property sales were 16, up 100.0% from 8 in September of 2017 and -20.0% lower than the 20 sales last month. September 2018 sales were at a mid level compared to September of 2017 and 2016. September YTD sales of 129 are running 0.8% ahead of last year’s year-to-date sales of 128.

Prices
The Median Sales Price in September was $777,500, down -11.6% from $880,000 in September of 2017 and up 12.3% from $692,500 last month. The Average Sales Price in September was $882,119, up 10.4% from $799,375 in September of 2017 and up 3.1% from $855,195 last month. September 2018
ASP was at highest level compared to September of 2017 and 2016.

Inventory & MSI
The Total Inventory of Properties available for sale as of September was 168, up 5.0% from 160 last month and up 7.7% from 156 in September of last year. September 2018 Inventory was at a mid range compared to September of 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2018 MSI of 10.5 months was at a mid range compared with September of 2017 and 2016.

Market Time
The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for September was 116, up 23.4% from 94 days last month and up 36.5% from 85 days in September of last year. The September 2018 DOM was at a mid range compared with September of 2017 and 2016.

MORE TOWNS

FAIRFIELD/SOUTHPORT

Property Sales
September Property sales were 53, down -27.4% from 73 in September of 2017 and -45.4% lower than the 97 sales last month. September 2018 sales were at their lowest level compared to September of 2017 and 2016. September YTD sales of 593 are running -7.1% behind last year’s year-to-date sales of 638.

Prices
The Median Sales Price in September was $690,000, up 19.0% from $580,000 in September of 2017 and up 6.2% from $650,000 last month. The Average Sales Price in September was $965,275, up 41.3% from $682,904 in September of 2017 and up 23.5% from $781,857 last month. September 2018 ASP was at the highest level compared to September of 2017 and 2016.

Inventory & MSI
The Total Inventory of Properties available for sale as of September was 510, up 12.3% from 454 last month and up 8.3% from 471 in September of last year. September 2018 Inventory was at a mid range compared to September of 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2018 MSI of 9.6 months was at a mid range, compared with September of 2017 and 2016.

Market Time
The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for September was 88, up 22.2% from 72
days last month and down -24.1% from 116 days in September of last year. The September 2018 DOM was at its lowest level compared with September of 2017 and 2016.

NORWALK/ROWAYTON

Property Sales
September Property sales were 54, up 3.8% from 52 in September of 2017 and -22.9% lower than the 70 sales last month. September 2018 sales were at a mid level compared to September of 2017 and 2016. September YTD sales of 519 are running equal to last year’s year-to-date sales of 519.

Prices
The Median Sales Price in September was $492,500, up 7.7% from $457,500 in September of 2017 and down -5.3% from $520,000 last month. The Average Sales Price in September was $684,604, up 9.6% from $624,896 in September of 2017 and up 10.6% from $619,050 last month. September 2018 ASP was at highest level compared to September of 2017 and 2016.

Inventory & MSI
The Total Inventory of Properties available for sale as of September was 348, up 7.7% from 323 last month and up 6.4% from 327 in September of last year. September 2018 Inventory was at a mid range compared to September of 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2018 MSI of 6.4 months was at a mid range, compared with September of 2017 and 2016.

Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for September was 72, equal to 72 days last month and down -28.0% from 100 days in September of last year. The September 2018 DOM was at its lowest level compared with September of 2017 and 2016.

WILTON

Property Sales
September Property sales were 23, up 27.8% from 18 in September of 2017 and -20.7% lower than the 29 sales last month. September 2018 sales were at their highest level compared to September of 2017 and 2016. September YTD sales of 167 are running -7.7% behind last year’s year-to-date sales of 181.

Prices
The Median Sales Price in September was $790,000, up 9.0% from $724,500 in September of 2017 and down -9.0% from $868,000 last month. The Average Sales Price in September was $877,717, up 6.9% from $821,417 in September of 2017 and down -3.0% from $904,845 last month. September 2018 ASP was at highest level compared to September of 2017 and 2016.

Inventory & MSI
The Total Inventory of Properties available for sale as of September was 224, up 3.2% from 217 last month and up 4.7% from 214 in September of last year. September 2018 Inventory was at a mid range compared to September of 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2018 MSI of 9.7 months was at its lowest level compared with September of 2017 and 2016.

Market Time
The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for September was 95, down -11.2% from 107 days last month and down -37.1% from 151 days in September of last year. The September 2018 DOM was at its lowest level compared with September of 2017 and 2016.