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Single-Family Home Sales Fall 9% In 4th Quarter In Westport

The house at 131 Millstone Road in Wilton is listed for $1.475 million.
The house at 131 Millstone Road in Wilton is listed for $1.475 million. Photo Credit: Realty Seven Inc.

FAIRFIELD COUNTY, Conn. -- Sales of single-family homes fell markedly in the final quarter of 2014 in Westport, Wilton and Weston, a trend reflected throughout Fairfield County.

Single-family home sales dropped 14 percent in Weston in the fourth quarter, compared with the fourth quarter last year. Westport (9 percent) and Wilton (8 percent) also saw declines, according to the fourth quarter report from William Pitt Real Estate.

Sales in Easton fell 11 percent and in Redding fell 5 percent. Single-family home sales fell 4 percent throughout Fairfield County during the fourth quarter.

“The fourth quarter just kind of died off,’’ said Peg Koellmer of Realty 7 in Wilton and the president-elect of the Mid-Fairfield County Association of Realtors. “We were moving well until Thanksgiving, and then it took a nosedive. Things seemed to pull together a little bit right before the holidays.”

Weston saw a 37 percent increase in the median sale price for a single-family home, compared with the last quarter in 2013. The median sale price rose 9 percent in Wilton and 6 percent in Easton. Westport stayed flat, while Redding’s sale price fell 13 percent. Fairfield County averaged a 4 percent gain in the median sale price in the final quarter.

For the year, Fairfield County closed sales fell 6 percent from 2013. Easton’s home sales improved 19 percent for the year. Sales fell 12 percent in Westport and Weston, 17 percent in Wilton and 24 percent in Redding.

The 112 homes sold in Easton was the highest figure in the last four years, and more than double the total sales in 2011, when they numbered 53.

"We seemed to come out of the economic downtown in 2013,'' said Mary Crist, an agent with Berkshire Hathaway HomeServices New England. "2014 did not look quite as good because we were balancing again."

The median sale price stayed flat in Fairfield County. Redding’s median sale price for 2014 jumped 12 percent, to $587,000. Easton’s median sale price rose 7 percent, while Westport and Weston (6 percent) and Wilton (3 percent) also showed growth. The median sale price for all five communities was well above Fairfield Cunty average of $460,000.

Realtors are optimistic for the spring market, especially as mortgage rates remain historically low.

“The nice thing we’re seeing right now is because houses are not on the market yet, some of our older inventory are getting binders,’’ Koellmer said. “That’s nice and helpful to the people who need housing now but can’t wait for the spring market.”

"With the interest rates at historic lows, we are seeing a lot of movement in the market,'' Crist added. "Our preparations to list are way up. This year is projected to be a very strong year for us."

Click here for the complete report from William Pitt. The fourth quarter report from Coldwell Banker is online, and the Berkshire Hathaway HomeServices report is also online.

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