Image
From the Boroughs to the Burbs, A Rapidly Changing Market
Last month 30,000 people opened the Market Report. One reader took offense that I used the word "exodus" to describe the current imbalance in the markets. Exodus is not debatable. The question is whether the trend is temporary during the pandemic or something more permanent. In Connecticut we are seeing a healthy number of transactions despite a sharp decrease in the levels of inventory. 12 of the 16 markets we are tracking improved despite the April lockdown, despite a massive contraction in inventory. I want an opportunity to challenge some of what we're reading in the press. Therefore, I would like to invite all of you to join me this Tuesday at 4pm for a panel discussion among experts to talk about this "Boroughs to the Burbs" phenomenon. This week I'll be joined by:

- Greg Heym, Chief Economist at Terra Holdings; member of the New York City Advisory Panel 
- Steve Kliegerman, superagent, and heads Development Marketing for Brown Harris Stevens 
- Jayme Stevenson, 5-term top elected official for the Town of Darien, nominee for Lt Governor
- Scott Hobbs, super-luxury custom builder in NYC, the Hamptons, Rhode Island & Connecticut
- Arnold Karp, developer selling 100 luxury apartments and 12 homes across Fairfield County

I want to ask my experts how the pandemic has affected their outlook on the market. I'll ask Jayme Stevenson about changing priorities and her plans to keep Darien on top in the State. I'll ask Arnold Karp whether he's still bullish about his $80 million bet on luxury apartments in New Canaan or will he begin developing his lakefront lots. I'll ask Scott Hobbs whether there's anybody still living in their fabulous penthouse apartments or are they refocusing their energy and money out of the city? I'll ask chief economist Greg Heym about Manhattan's 22% drop in inventory and if this time is different from recession of 2009. And, finally I'm going to ask Steve Kliegerman whether the bloom is off the rose, whether his clients, the city's top developers, are pulling back in response to the crisis.

At 4pm today the panel will be streamed live on multiple platforms:
For the Zoom Webinar https://us02web.zoom.us/j/9251671532  
For one tap mobile +13126266799,,9251671532
Cos Cob - strong. Total dollar volume is up 7% and the number of sales is up 100% for the 4 months and 45% for April. Pending sales are up 50% and inventory levels are down -15%. Average price is down 23% to $1.135 million.
Darien - strong. The key is total dollar volume is up 12%, closings are up 24% year to date despite a weak month. Inventory is down -34%. Pending sales down -13% Average price is $1.396 million, down -7% from last year.
Easton - flat. sales through April up 3% after a weak April down -39%  Inventory is down -25%. Dollar volume is down -4%. Average price is $533,763, down -7% from last year.  
Fairfield - weak. was flat, now weak. Closings down -10% for the year despite a flat April and pendings are down -7% Inventory is now down 31%. Condo inventory is down -45%; The key is total dollar volume is down only -5%  and the average price is now $779,287, up 8%.
Greenwich - flat. The key is dollar volume, down -2%. Closings are up 24% despite a slow April down -26%. Inventory continues to tighten, now down -21%. Average price $2.2 million which is down from $2.8 million, or -20%, in a year and condo prices are down -16% to $984,000.
New Canaan - very strong.  The key is total dollar volume is up a whopping 30% this year. Closings are up 17% this year and up 53% in April. Inventory down -38%. Average price now $1.564 million, up 15% over last year. Best start in 8 years but only an average start for condos.
Norwalk - very strong. Closings up 34% this year and up 5% in April. Inventory fell from 397 homes to 227 homes, down -43%. Total dollar volume is way way up +33%. Average price remained flat, $562,593 and condos prices -10%
Old Greenwich - mixed. The key is dollar volume is down 15% but its from a record setting 2019. April closings are way up 80% and through 4 months up 4%. Pending sales are still down 25%. Inventory now down 29%. Total dollar volume is down 16%. Condo prices rising 21% while house prices falling -21%. Average price is now $646,857 for condos and houses $2.015 million. 
Redding - strong. and getting stronger, was up 31% despite a weak April down -33%; Inventory down -37%, pending sales are flat at 13. Total dollar volume way way up 38%. Average price is $532,803 which is up 8% year over year.
Ridgefield - strong. and getting stronger despite a weak April down 25%. Year to date closings were up 20%. Prices remain flat, -3%, pending sales flat at 41, inventory way down -27% and total dollar volume up +15% Condo sales flat and condo prices flat. Average condo price now $313,671 and avg. house price now $702,507.
Riverside - very strong. despite a weak April for closings, 2 instead of 5, and pendings down -27%, the closings for the year are now 17, up 42%. Inventory was and remains down -36%, Dollar volume went from +22% to +44%. An average house is $2.17 million, up 12%.
Rowayton. flat. Closings up +25% for the 4 months, pendings down -20%, inventory way down -47%. Total dollar volume was up +20% but now flat. Average house now $1.024 million.
Stamford - strong. And strengthening. Closings up +12%, prices up +5%, inventory down -37%. Condo closings up +8%, condo prices up 2%. Total dollar volume is up 15%. Average price is flat: a condo is $332,015 and a house $612,941.
Weston - strong. Closings flat with last year, up 5%, and up 10% in April, strong for four straight years. Avg. sold prices now up 7% to $750,801, inventory way down, -38%. Dollar volume still up 12%. Pending sales now 25, up 56% in a year.
Westport - very strong. Closings up +42%, prices flat and total dollar volume up 39%. Pendings are down -19% and inventory is down -32%.Average price is now $1.314 million. 
Wilton - flat. Closings down -5%, avg. prices up 3% and total dollar volume flat -1%. Inventory is down -35%, pendings down -20%. Average price in Wilton is now $778,102.
Image
Coming soon: This New Canaan converted barn has 6 bedrooms and barn on 3 acres. See the video, buy it furnished, move in this month!

ImageImageImage
Image

ImageImage
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
ImageImageImage
Image
Melissa Engel, Charles Anello, Susan Engel, John Engel & Maria Naughton
Licensed in Connecticut
203.966.7772
203.247.4700
jengel@halstead.com
Image
Image