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Median Sale Prices Jump By Double Digits In Norwalk

The median sale price for single family homes jumped by double digits in Norwalk and Darien, according to quarterly reports from real estate firms.
The median sale price for single family homes jumped by double digits in Norwalk and Darien, according to quarterly reports from real estate firms. Photo Credit: Daily Voice File photo

FAIRFIELD COUNTY, Conn. -- The quarterly median price for single family homes in Norwalk and Darien saw double digit increases during the second quarter, according to reports from local brokerages.

The quarterly median sale price in Norwalk jumped 11 percent compared to the second quarter in 2014, according to the quarterly report from William Pitt and Julia B. Fee. Darien’s median single family home price jumped 20 percent.

In Norwalk, the quarterly median price shot up $45,000 to $475,000 and the Darien quarterly median price rose to $1,595,000.

“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.”

Activity was robust in both communities as well. Norwalk’s second quarter sales fell 2 percent -- with 172 units sold -- and Darien’s rose 7 percent.

For Fairfield County, units sold rose 6 percent and the quarterly median sale price fell 1 percent.

Norwalk’s condominium market helped fuel its strong overall numbers. The median sale price rose 17.7 percent, according to the quarterly report from Berkshire Hathaway HomeServices New England Properties. Sales rose 8.3 percent, with 85 units exchanging hands.

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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