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The median price fell 5 percent in the third quarter, and is flat over the past 12 months.
Home sales increased 24 percent in Norwalk, and 15 percent in Westport.
Homes priced under $1 million moved swiftly in the region, while homes above that figure languished.
“With loosening credit and improving confidence, the first time home buyer has collided with the empty nester to create a strong demand in this sector, with transaction volume 13 percent higher than the third quarter of 2014 and inventory labels stable,’’ the Pitt report said. “Despite strong demand, buyers remain highly discriminating regarding price, condition and location.”
For the year, sales are up 10 percent in Norwalk and 1 percent in Westport.
The lack of activity in the higher priced homes has dragged down the median sale price in nearly every community. The quarterly median sale price rose 2 percent in Norwalk in the third quarter, and fell 4 percent in Westport. In the past 12 months, Norwalk’s median sale price is up 5 percent and Westport’s is down 2 percent.
“Builders who have followed the trend towards smaller, walk to town, amenity-rich homes in the middle pricing tier continue to enjoy success,’’ said Paul Breunich, President and Chief Executive Officer of William Pitt Sotheby's. “As older small homes in close to town or in-town locations become available for sale, builders are purchasing them at a rapid rate and building new homes that meet the needs of today’s buyers, thereby rejuvenating neighborhoods at a rapid pace. This has the effect of meeting the needs of multiple age categories and enriching the fabric of the downtown areas.”
Click here for the complete report from William Pitt Sotheby’s.
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