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I keep hearing this and understand why, but do we have actual numbers yet or is it just speculation? Sounds to me that it’s the latter.
Yes. Obviously March-April was lockdown month so nothing was happening. And being June just finished all we have are 2 months to look at. Still VERY early but the signs are there.
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.
One thing I'd like to find out is the rental market as well. Surely that has picked up too.
Lastly... If people can afford NYC, I feel like they can afford higher prices in the burbs. I know someone who was paying $60,000 a year for rent in NYC for a 2BR apartment in a high rise. They left 2 months ago and now live in Westchester County.
Also... I don't have numbers for Westchester county and I am sure similar situation is happening there
Yes. Obviously March-April was lockdown month so nothing was happening. And being June just finished all we have are 2 months to look at. Still VERY early but the signs are there.
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.
One thing I'd like to find out is the rental market as well. Surely that has picked up too.
Lastly... If people can afford NYC, I feel like they can afford higher prices in the burbs. I know someone who was paying $60,000 a year for rent in NYC for a 2BR apartment in a high rise. They left 2 months ago and now live in Westchester County.
Also... I don't have numbers for Westchester county and I am sure similar situation is happening there
You are not off the mark here.
I can tell you from personal experience of the last couple months your "very strongs" are just that, and I'd add a couple of "very"s to them. New Canaan, Norwalk , and Westport are very very very strong. Wow.
Anything with a swimming pool now? forget it, gone. That used to be a deterrent.
Rental market is crazy. In fact it was always stronger than sales market.
In the rental market hardly any inventory. Many are just outright gouging.....you can see desirable homes where they are asking double, triple what they were asking last year.
Some are getting it these higher ask's, but for those who don't it's artificially reducing inventory.
I just rented one of these short term..... nicely reminded them that this very desirable location would be gone except for the fact they were asking 50% more than in February.
Worked out a deal.
Yes. Obviously March-April was lockdown month so nothing was happening. And being June just finished all we have are 2 months to look at. Still VERY early but the signs are there.
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.
One thing I'd like to find out is the rental market as well. Surely that has picked up too.
Lastly... If people can afford NYC, I feel like they can afford higher prices in the burbs. I know someone who was paying $60,000 a year for rent in NYC for a 2BR apartment in a high rise. They left 2 months ago and now live in Westchester County.
Also... I don't have numbers for Westchester county and I am sure similar situation is happening there
I find this very interesting but do not necessarily agree with the rankings of the markets in each town. For example they rank Fairfield as weak but yet they say inventory is down 31% for single family homes and 45% for condos. Also the average price is up 8%. These are very significant numbers and not signs of a weak market.
I believe the reason for the 10% drop in closings and 7% drop in pending sales is because of the lack of inventory. If you don’t have enough homes in inventory, of course sales are going to be lower. Buyers are either going to wait for the right house in your market or go look in other markets like Trumbull or Milford. As I said before, on a white, a friend put their Fairfield home on the market at a somewhat high price. Within two days they had two offers, both very lucrative. They now are struggling to find a place to move to because there is such low inventory in town. To me that is not a weak market. That’s a strong market that has been constrained which s very different. Jay
I find this very interesting but do not necessarily agree with the rankings of the markets in each town. For example they rank Fairfield as weak but yet they say inventory is down 31% for single family homes and 45% for condos. Also the average price is up 8%. These are very significant numbers and not signs of a weak market.
I believe the reason for the 10% drop in closings and 7% drop in pending sales is because of the lack of inventory. If you don’t have enough homes in inventory, of course sales are going to be lower. Buyers are either going to wait for the right house in your market or go look in other markets like Trumbull or Milford. As I said before, on a white, a friend put their Fairfield home on the market at a somewhat high price. Within two days they had two offers, both very lucrative. They now are struggling to find a place to move to because there is such low inventory in town. To me that is not a weak market. That’s a strong market that has been constrained which s very different. Jay
I think they are using closings for the rankings. Since sales were down, and pending are down and total dollar volume down they classified it as weak. I get your point about lack of inventory wont show big sales, true, but lack of inventory doesnt make it a strong market there. I would call it flat. Like stagnant. Nothing happening.
Either way... the overall consensus is strong. Of course there will always be a few that arent
Thank you for posting. Wilton is red hot. 70 out 200 homes above 450k are showing contingent. 17 sales last week alone. My neighbor just rented for 22k/mo rather than sell (mortgage + taxes would have been 8k/mo at 20% down). Anything with a pool is gone in 48 hours. Actually saw two house on the market increase their price this morning - and not due to a fat finger/wrong price.
Apparently Fairfield County has isn’t the only county experiencing a Seller’s Market. Hartford County is also seeing strong numbers despite the pandemic with fewer new listings and higher prices. Jay
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