This week I took a look at select towns in southern Fairfield County Connecticut that share proximity and similarities to Greenwich, including its neighbor, Stamford, New Canaan, Darien and Westport.
Stamford Moves Inventory, at a Lower Price Point
In 2016, Stamford had the lowest average price point of $685,000, while New Cannan averaged $1.6 million, Darien averaged $1.57 million and Westport averaged $1.5 million.
The pattern we have seen in Greenwich seems to hold true elsewhere. Lower priced inventory sells at a fast clip, while higher price points have not mirrored the momentum. Compared to 2007, the number of sales in Westport, New Cannan and Darien are down while sales in Stamford are up 10%. The average sales price is down across the board.
Making comparisons against 2009, the bottom of the market for most towns, reveals a much brighter picture for the expensive towns. Sales are up over 40% and average prices are up as well. Interestingly, Stamford enjoys the same lift in number of sales, but the average price point is in fact barely off it’s lowest point. While the luxury markets have not fully recovered in terms of number of sales, they have regained value. That said, pricing pressure remains real and consistent across markets and price points. From a seller’s perspective, understanding pricing and market value is critical to making sure your home sells as competition for buyers persists. From a buyer’s perspective, understanding that sellers are no longer agreeing to deep discounts is critical to winning the bid on the best homes.
April 2, 2017 Open Houses (contact me for access to report)
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