Fairfield CT Real Estate Weekly Market Report 5/3/11

FAIRFIELD CT HOMES: Fairfield is experiencing an interesting real estate market. While the median price has gone down $18,000 in the last week, and the average list price of single family homes has dropped over $40,000, I do not feel that it is cause for concern, and would not take that in any way as a negative indicator. Sales are brisk, and homeowners are becoming more educated on pricing their homes correctly.

The median list price in Fairfield is $549,950.  As of this morning, there are 469 homes actively on the market for  99 days and are listed at an average price of $1,077,083.  Forty new listings came on the market this week (Twice as many as last week!), and that figure includes three homes that came back on the market after being under deposit.  There were 15 properties that had a price change. 17 properties have gone under the initial deposit stage, which we call CTS, and 24 properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close- and the total properties under deposit are right on par with last week's activity. CLOSINGS: 20 properties sold this past  week, which is more than twice what sold the week before, and they had an average price of $706,505, and  were on the market an average of 122 days. There were 148 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for a condo in Fairfield is $363,750, and is down about $27,000 from last week. The  86 condominiums that are available  have been  listed an average of 90 days, and have an average price of $479,962, also down about $16,000.  Five new listings came on the market this week,  and no homes  came back on the market. No properties had a price change. In the last week,  two properties went into CTS status,  and two properties went into pending status. One property closed in the last week that was listed at $299,000 and was on the market for 90 days. There were 14 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 103 homes or apartments available. The median monthly price is $1,925 and the average price is $3,151 per month. These year round rental opportunities have been on the market an average of 48 days.

Not too many seasonal rentals left around this time of year- there are still 20  available throughout Fairfield that have been on the market an average of 51 days, and at an average price of $11,395. The median  price of both furnished and unfurnished seasonal rentals remains at  $6,900.

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.

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