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Single family homes sales rose 18 percent in New Canaan and 17 percent in Stamford, according to the second quarter report from William Pitt and Julia B. Fee. Both communities far outpaced the county, which saw a 6 percent increase in units sold.
“The second quarter really depended on where you are,’’ said Gregg Wagner, Regional Vice President in Fairfield County for Coldwell Banker. “The lower end of the market seems to be going very well. But we’re not seeing the stair steps up. In the old days, people would sell something for $300,000 and move up to $500,000. We are not seeing that now. We are seeing a lot of first-time home buyers. Some very high end homes are selling.”
The median sale price figures for Stamford and New Canaan tempered the positive numbers in unit sales. New Canaan’s MSP rose 1 percent, while Stamford’s fell 8 percent. For the county, the MSP fell 1 percent.
Stamford’s condominium market had a huge impact on the market. The average sale price fell 19.3 percent, and units sold fell 9.3 percent, according to the report from Berkshire Hathaway HomeServices New England Properties. The dollar volume for condos sold fell in Stamford fell 27.2 percent compared to the second quarter in 2014, according to Berkshire Hathaway.
While the real estate market seems healthy overall in the region, some trends are a cause for concern. The Pitt report said new listings surged in the second quarter, with inventory growing 12 percent from the second quarter in 2014 and 58 percent compared to the first quarter.
Also, sales of higher end homes have been slow. “In the upper prices it’s really dead,’’ said Rick Higgins, Chairman and Founder of Higgins Group. “I’m an optimist. There is no reason for it to be slow. Prices have dropped, the economy is steady and mortgage rates are low. People are just more cautious now.”
Click here for the second quarter report from William Pitt. Click here for the second quarter report from Berkshire Hathaway HomeServices New England Properties.
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