Fairfield Condos Enjoy Big Jump In Number Of Sales

  • Comments (19)
This home at 249 Newtown Turnpike in Wilton is being listed by Higgins Group for $899,000. Photo Credit: Contributed by Higgins Group

FAIRFIELD COUNTY, Conn. – Second quarter reports from Fairfield County real estate brokers indicate a strengthening housing market with increases in sales volume, median price and new deposits.

The improving economy, consumer confidence and small increase in interest rates were some of the factors in the increased activity. William Pitt International Realty reported an increase of 26 percent in the first quarter in 2012 for single-family homes under contract and closed sales.

“It’s pretty consistent with what we thought was occurring during the second quarter,’’ said Terence Beaty, director of New Homes and Land Division for Prudential Connecticut Realty. “New deposits are up much stronger than they were in the first quarter. That’s a good sign that the market will carry over into the second half of the year.”

The William Pitt Sotheby's International report is online. The Prudential report is attached as a PDF.

There were 7,640 pending deals at the close of the second quarter, compared with 6,891 at the end of the first quarter, Beaty said. There were 4,230 pending deals at the end of the fourth quarter in 2012.

“The deals that have been going through seem to be a little more sane,’’ he said. “The playing field is a little more predictable. The last couple of years it was hard to keep deals together. If we can get a modicum of those deposits to close, it will be the first time in a few years we’ve been able to follow up with a strong second half after a strong first half.”

Rick Higgins, chief executive officer of the Higgins Group, said a slight rise in mortgage rates sparked people considering home purchases to take the plunge.

“People are coming to the realization the train’s going to leave the station,’’ Higgins said. “The home that they could buy for $600,000 might not be there much longer if the interest rates keep rising.”

Another important development in the shifting real estate tide is the dwindling inventory of single-family homes.

Brad Kimmelman, manager for William Pitt Sotheby’s International Reaty Fairfield | Southport Brokerage, said owners in today’s marketplace are motivated to sell. “The only homes on the market now are from people who want to sell,’’ Kimmelman said. “There are few market testers out there any more.”

Fewer foreclosures and short sales have also significantly reduced home inventory, he said.

Some Fairfield County communities saw huge increases in the sales of single-family homes, according to the Prudential report. The number increased by 52 percent in Weston, 47.2 percent in Redding and 35.7 percent in Norwalk. There was just a 0.3 percent increase in Fairfield, a 10.5 percent gain in Danbury and a 15.1 percent increase in Stamford.

Similarly, median sale prices fluctuated by community. Darien prices jumped 25 percent compared with the same quarter in 2012, and New Canaan jumped 17 percent. Prices in Rowayton declined 13 percent, while Ridgefield declined by 6 percent and Westport by 4 percent.

“Some prices jumped up a lot, but the upper ones haven’t seen an increase yet,’’ Higgins said. “But they might.”

Condominium sales in Fairfield County also rose sharply in the second quarter, according to the Prudential report. Sales of condos rose 25.3 percent over the same time frame last year, and the median sales price rose 4.8 percent to $240,000. Condos in Ridgefield saw a steep 47.9 percent increase in value.

Most of the home price increases have been incremental, which Kimmelman said is evidence that the recovery should show staying power.

“We’re happy to see incremental increases,’’ Kimmelman said. “As long as it stays steady, I think we’re poised for a nice future.”

Attached: (prudential_second_quarter.pdf)

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    Comments

Comments (19)

LOOK AT THIS:

I find the ones that don't see the fact that the economy has improved greatly are those that lack education. They seem to be individuals with no 21st century skills that want to blame others for thier ignorance.

Bacigalupe:

The right wingers just hate the fact that Obama has repaired the Bush disaster. The smart people see this as was proven in November.

GTR:

Ffctguitar
You had all your posts from yesterday removed and here you are again posting lies and propaganda. Also once again this is not your own blog. This is a comment section where you post once maybe twice on the article not obsessive postings like you do. Have you considered getting a job instead of posting your nonsense all day everyday. I hear Burger King is hiring.

ffctguitar:

People on hand outs feel the economy is improving. People that work know this is not true, no matter what lie is presented to appear as though we are doing better.
Things were so much better when Bush was in office, sigh...

Bacigalupe:

Ffctguitar
So you must feel the economy is improving.. Also thanks for the laugh about things bbeing better when Bush was in office. The whole office is in tears laughing at you.

Niikk:

Bacigalupe
Great post and so very true. We are also laughing hysterically at her.

meatball:

Rather than a Republican or Democrat issue, ...the real culprit is the Federal Rsv and our present Keynesian economic policies.

ffctguitar:

And whats wrong with printing more money whenever we need it????

meatball:

I guess you didn't read the Bloomberg quote posted below. ... Remember that what we have now is a 'fiat' currency, meaning that there is no limit on how much money the govt can print. This is why every fiat currency in history has eventually gone to a value of zero. What is unfolding right now is that the US govt is systematically destroying our currency and it will most likely within the next 5 to 10 years go to a value of zero. .... Happen to notice how the cost of food has been rapidly rising? That is compliments of the Fed. .... The banks are paying depositors less than 1 percent in interest on their savings accounts while they are charging 19.99 percent interest on our credit cards. ......... The American people (amongst others), are being robbed via the inflation that is being created by the Fed and a historically unprecedented confiscation or transfer of wealth is unfolding around the world.

LOOK AT THIS:

Meatball
Just ignore Ffctguitar she clearly has mental issues. She changes her view now that you called her out. Soon she will start accusing everyone of using multiple user names. She is delusional.

ffctguitar:

I was being sarcastic. We have destroyed the value of the dollar.

The fed should be abolished!

lousfool:

Ms ffctguitar
What should be abolished is your government provided cell phone and Internet that you pollute this board with everyday while the reat of us work to pay for your type.

ffctguitar:

Different user name, same spelling errors.

Classic!

LOOK AT THIS:

Thanks ffctguitar you just won me 5 bucks. Today we are having office bets on how long before you started with your same old MO when defeated in your delusional views before you started accusing everyone of being the same person. You do realize how unstable you sound?

meatball:

Yes, I realized after I responded that you were being sarcastic. ... Guess I am too used to running into folks on here who are still incredibly uninformed about the reality of what is unfolding. Good to know you are not one of them.

ffctguitar:

Yes and you woke him up apparently....

meatball:

Somebody please tell me how this reflects an improving economy;

Bloomberg News - (Aug 8, 2012);

" ...The U.S. fiscal gap, calculated (by us) using the Congressional Budget Office’s realistic long-term budget forecast -- the Alternative Fiscal Scenario -- is now $222 trillion. Last year, it was $211 trillion. The $11 trillion difference -- this year’s true federal deficit -- is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands.

This fantastic and dangerous growth in the fiscal gap is not new. In 2003 and 2004, the economists Alan Auerbach and William Gale extended the CBO’s short-term forecast and measured fiscal gaps of $60 trillion and $86 trillion, respectively. In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012.

Part of the fiscal gap’s growth reflects changes in policy, such as the Bush and Obama tax cuts, the introduction of Medicare Part D, and the expansion of defense spending. Part reflects “natural” growth of existing programs, including growth in Medicare and Medicaid reimbursement rates. And part reflects the demographic time bomb U.S. politicians are blithely ignoring. ..."

http://www.bloomberg.com/news/2012-08-08/blink-u-s-debt-just-grew-by-11-trillion.html

meatball:

Improving economy? ... Yeah, according to phoney manipulated government statistics it is.

NoLongerMy Problem:

Low inventory? I know several homeowners who would love to sell, but they are unwater. They won't be able to sell for a very long time. When the shadow inventory is finally released, and Bernanke stops his $85,000,000,000 monthly bond buying, then we'll have true figures.

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