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Median Home Sale Price Rises 14% In Darien

FAIRFIELD COUNTY, Conn. -- Despite dreary weather, first-quarter residential real estate statistics looked encouraging for Fairfield County homeowners.

Single-family home sales increased 13 percent in Fairfield County in the first quarter of 2015.

Single-family home sales increased 13 percent in Fairfield County in the first quarter of 2015.

Photo Credit: Flickr/www.aag.com

Single-family home sales jumped 13 percent in Fairfield County for the first quarter, compared with the same time frame last year, according to the first-quarter report from William Pitt Sotheby’s International Realty. Days on market declined by 8 percent. The median selling price fell 3 percent countywide, down to $394,000 from $405,000 in the first quarter of 2014.

“It’s hard to encapsulate the first quarter,’’ said Rick Higgins, CEO of Higgins Group. “It was like three different periods -- before the snow, the snow and after the snow. Since March it has been pretty busy. The spring market has started to take off.”

The William Pitt Sotheby’s report said there were 1,288 closed sales in Fairfield County in the first quarter, and dollar volume approached $1 billion, which was the figure for the pre-recession years from 2004-07.

Darien (16 percent) and New Canaan (6 percent) saw decreases in single-family home sales, while Stamford home sales increased 28 percent. The median sale price rose 14 percent in Darien among the 32 homes sold, while the median price fell 14 percent in Stamford and New Canaan.

The three communities had some other encouraging trends, too. The days-on-market fell by double-digits on a percentage basis in all three towns -- Daren (18 percent), New Canaan (11 percent) and Stamford (16 percent). In Darien and Stamford, the average days on market was 108 days, about 3 ½ months.

Inventory also declined in Darien and Stamford. Darien saw the steepest drop, 47 percent, one of the top decreases in the county. Stamford inventory fell 23 percent, while New Canaan’s inventory climbed 13 percent.

Peg Koellmer, principal broker-owner of Realty Seven in Wilton, said many homeowners could not list properties until March due to the weather.

“For the first 2 ½ months of a three-month quarter, you couldn’t see if a house had a pool. I’d stand in the house and say, ‘Are there gardens?’ I couldn’t tell because there was so much snow.”

The first-quarter report from William Pitt Sotheby’s said low interest rates and a strong economy bode well for the rest of year.

“Pending sales were a full 78 percent higher than the first quarter of 2014 as buyers took advantage of the strong economy and low interest rates to secure new housing. Both local buyers and relocating buyers were active in the marketplace very early in the season, mirroring 2014 patterns,’’ the report said.

The delayed spring market could spark a strong second quarter. Gregg Wagner, Coldwell Banker's regional vice president in Fairfield County, said there are already encouraging signs.

"We thought a lot of the demand might be shifted to the second quarter, and so far that is coming true,'' Wagner said. "It could be a really dynamite second quarter. It has all the trappings for just that. I think this is going to be the most important quarter for the year."

Click here for the William Pitt Sotheby's market report. The first-quarter report from Berkshire Hathaway HomeServices New England Properties is attached as a PDF.

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