Image
UPDATED: We are definitely seeing a trend across Fairfield County of increasing demand and shorting supply resulting in an increase in prices. The entire report is below, but we've updated the first quarter market report with 4 graphs showing the entire Multiple Listing Service over 10 years. The first graph shows a steady decline in the MONTHS SUPPLY OF HOMES FOR SALE, now under 6 months supply county-wide. The second chart shows a steady increase in CLOSED SALES. The 3rd chart shows a decline in ACTIVE LISTINGS, the 4th chart the change in MEDIAN PRICE.
MONTHS SUPPLY OF HOMES FOR SALE over 10 YEARS across the entire MLS
Image

CLOSED SALES over 10 YEARS across the entire MLS
Image

HOMES FOR SALE over 10 YEARS across the entire MLS
Image
 
MEDIAN SALE PRICE over 10 YEARS across the entire MLS
Image

These are the results through March 31 and they are consistently strong across Fairfield County both in contrast to last year and looking at the last 8 years. The phones have been ringing like they haven't rung in years. But, everybody reading this report wants to know just one thing: How will the market changing as a result of the coronavirus? How will the coronavirus affect real estate once things return to normal?  What we are seeing is the acceleration of a trend that was already in the making: migrating to Connecticut for lower taxes, top notch schools, parks, beaches and pretty New England towns. The coronavirus won't make people move but it may cause people to make the moves they were contemplating a bit sooner. 
Cos Cob - strong. up from very weak when closings and prices were down but the number of sales is up significantly for the quarter and month helped by lower price sales. Pending sales are also solid and inventory levels are flat.
Darien - very strong. up from merely strong when dollar volume was flat but now dollar volume is up 46%, closings are up 43% and inventory is down 14%. Pending sales up 50%
Easton - strong. up from flat when closings were flat and prices were down but quarterly sales now up quarterly 28% and inventory is down 14%. Dollar volume is up 12%. Absorption 6.4m
Fairfield - flat. was flat and still is. Closings down -14% but prices are up 12% while inventory is now down 14%; dollar volume is down only -4%.
Greenwich - strong. Closings up 51% and avg. prices down -4%. Inventory was flat now down -8%. Total dollar volume is now up 29%. 
New Canaan - mixed. was mixed and Closings are still flat while avg prices continue to rise, up 17%. Inventory down 29%. Dollar volume is up 17%. Absorption rate down 33%, is now 10 mos.
Norwalk - very strong. was very strong. Closings up 46% & avg price is flat. Inventory way down 26%. Dollar volume way up +43%. 
Old Greenwich - reversal. was very strong but now weak, closings down 15% and prices down 10%, pending sales are down 25%. Absorption rate is only 8.3 months, down from 9.5 months.
Redding - very strong. and getting stronger, was up 53% and closings now up 76% & prices now up 21%, inventory down 2%, pending sales down. Total dollar volume up 113%
Ridgefield - very strong. and getting stronger. closings were up 30% and now up 44%. prices flat, inventory down 10% and total dollar volume up +45% Condo sales up +63% prices up +15% 
Riverside - strong. Momentum still building. Closings +114% while prices remain flat, inventory down -34%, Dollar volume +22% 
Rowayton. strong. Closings up +45%, prices down -17%, inventory way down 26%. Total dollar volume up +20%. Absorption only 6.5mos
Stamford - strong. Closings up +7%, prices up +8%, inventory down -18%. Condo closings up +10%, condo prices down 5%. Total dollar volume is up 16%. Absorption rate only 4.9 mos
Weston - strong. Closings flat with last year, the two best years in a decade. Avg. sold prices now up 12%, inventory way down, -20%. Dollar volume now up 12%. Absorption rate 8.2 months
Westport - very strong. Closings up +70%, prices up 7% and total dollar volume up 82%. . 
Wilton - flat. Closings down -4%, avg. prices down -3% and total dollar volume down -8%. Inventory is down 16%, absorption rate 9.1 mos
ImageImage

ImageImage
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
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
.