Fairfield CT Real Estate Market Report 5/17/11

FAIRFIELD CT HOMES: A near flurry of activity, both with active listings and with sales,  Fairfield's real estate market is not out of the woods, but things aren't slow either Even with 38 new listings this week, the net gain to the market is fourteen properties. What I am seeing in Fairfield is sellers are adjusting their pricing expectations accordingly if their homes are not selling, and seem to be among the most willing to do so.

The median list price in Fairfield remains steady at  $549,975.  As of this morning, there are 500 homes actively on the market for  94 days and are listed at an average price of $1,073,889.  The most active price ranges in town are the 500-600k, which represents 11 percent of the inventory and the 1-1.5 million range which represents almost 12 percent of active listings.

Thirty -eight new listings came on the market this week, and one home came back on the market after being under deposit.  There were 27 properties that had a price change. 24 properties have gone under the initial deposit stage, which we call CTS, and 25 properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. CLOSINGS: Nine properties sold this past  week, and they had an average price of $615,422, and  were on the market an average of 128 days. There were 139 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for a condo in Fairfield is $347,000, . The  87 condominiums that are available  have been  listed an average of 85 days, and have an average price of $466,609. Sixteen percent of available inventory is priced between 250-300k.

Six new listings came on the market this week,  and no homes  came back on the market. Four properties had a price change. In the last week,  no properties went into CTS status,  and five  properties went into pending status. One property closed in the last week that was listed at $525,000 and was on the market for 54 days. There were 22 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 121 homes or apartments available. The median monthly price is $1,850 and the average price is $3,196 per month. These year round rental opportunities have been on the market an average of 46 days.

There are 26 seasonal or summer rentals  available throughout Fairfield that have been on the market an average of 44 days, and at an average price of $9,126. The median  price of both furnished and unfurnished seasonal rentals remains at $4,250.

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.