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Real Estate Sales Fall In First Quarter In Norwalk

Home sales rose in Westport, Weston, Easton and Redding in the first quarter, but fell in Wilton and Norwalk.
Home sales rose in Westport, Weston, Easton and Redding in the first quarter, but fell in Wilton and Norwalk. Photo Credit: Tom Renner

FAIRFIELD COUNTY, Conn. -- First quarter real estate sales climbed by more than 5 percent in Fairfield County over last year, according to statistics released by Coldwell Banker.

Southern Fairfield County communities saw a mixed bag of numbers in the Coldwell Banker report. Sales fell 4.91 percent in Norwalk and 6.25 percent in Wilton compared with the same quarter last year. Westport (1.52 percent) saw a slight uptick, while Weston’s sales increased 4.79 percent and Easton’s sales increased 42 percent. Home sales in Redding grew 4.3 percent.

The median sale price in Westport jumped an astonishing 17.19 percent, to $1.35 million. The median sale price in Easton climbed 10.53 percent, while the MSP rose 9.16 percent in Weston and 9.18 percent in Redding. Norwalk’s median sale price fell by less than 1 percent, to $337,000.

Overall in Fairfield County, the real estate market appears to be holding steady. The median sale price rose 2.25 in the first quarter compared to the same quarter last year, and days on market declined four percent. There were more than 5,000 new listings in the first quarter, an increase of more than 17 percent from the first quarter last year.

"There's a healthy level of buyer demand right now,'' said Joe Valvano, president of Coldwell Banker Residential Brokerage in Connecticut and Westchester County. "Consumer confidence is steady. Employment has improved. Interest rates have remained low. It was a very good first quarter, especially compared to last year. The spring market was pretty late getting started last year because of the weather."

The median sale price for homes in Fairfield County has been hurt by a drop in high-end home purchases. First-time home buyers are moving into the market, but pricier homes are slow to move.

“The high-end segment of the market is not moving as quickly as we would have hope all over Fairfield County,’’ said Brad Kimmelman, brokerage manager for William Pitt Sotheby’s in Fairfield and Southport. “If those homeowners want to sell, they will have to make price adjustments. If they bring prices in line, we’ll start to move that high end inventory, which we need to move.”

Click here for the first quarter report from Coldwell Banker.

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