45°
Sales rose 11 percent in Weston and 9 percent in Redding compared to the second quarter in 2014. Wilton saw an 8 percent decline, and Easton sales fell 32 percent.
In Fairfield County, sales rose 6 percent for the second quarter compared to the same time frame last year. Figures were from the second quarter report from William Pitt and Julia B. Fee.
“The faster a fire burns, the faster it goes out,’’ said Peg Koellmer, Principal Broker of Realty Seven in Wilton and President Elect of the Mid-Fairfield County Association of Realtors. “Sales were rising so quickly it couldn’t sustain itself.”
The median selling price in Wilton rose 4 percent compared to the second quarter in 2014, to $855,000. The median selling price in Weston rose 4 percent, while the MSP fell in Redding (6 percent) and Easton (8 percent). For Fairfield County, the MSP fell 1 percent.
“I’m fine with the sale price being static,’’ Koellmar said. “We have to get rid of some of the inventory. A stability in sale prices would be great. I don’t think we’re going to see a huge burst in sale prices. It will be a gentle crawl up, which is exactly what you want in real estate.”
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.
Click here to follow Daily Voice Westport and receive free news updates.
