Fairfield CT Real Estate Weekly Report week of January 10, 2012

FAIRFIELD CT HOMES:  Expect more homes to be coming on the market in the coming weeks. There are currently 370 homes that are actively on the market. The median list price in Fairfield is $539,375, and these homes have been available an average of  143 days. These properties are listed at an average price of $1,176,014. The highest priced home for sale in town is listed at $25,500,000 and the lowest priced available single family home is $129,000.

Twenty three new listings came on the market this week, which is more than twice the amount that came on the week before. Three homes came back on the market after being under deposit. There were 14 properties that had a price change. Six properties have gone under the initial deposit stage, which we call CTS, and eight properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

TOWNWIDE PENDINGS: There are 41 properties scheduled to close, and their average price is $769,719.

CLOSINGS: Six properties were reported as sold this past  week, and they had an average list price of $632,233 and were on the market an average of 72 days. There were 83 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for the 50 condos that are available is $404,950. These properties have been  listed an average of 123 days, and have an average price of $525,866. The highest list price for a condo in town is $1,487,500 and the lowest priced condominium available is $105,900.

Five new listings came on the market this week, and no homes  came back on the market after being under deposit. One property had a price change. In the last week, two properties went into CTS status,  and three properties went into pending status.

TOWNWIDE PENDINGS: There are ten properties scheduled to close, and their average price is $373,230.

CLOSINGS: Three properties were reported as closed in the last week and were listed on average at $307,633. There were 18 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 116 homes or apartments available. The median monthly price is $2,012 and the average price is $3,389 per month. These year round rental opportunities have been on the market an average of 71 days.

There are five seasonal or summer rentals  available throughout Fairfield that have been on the market an average of 210 days, and at an average price of $14,640. The median  price of both furnished and unfurnished seasonal rentals is $3,350. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

Seven Year Annual Fairfield Real Estate Market Recap

2012 Fairfield Real Estate Forecast, Advice and 2011 Recap

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.

If you have a question about buying or selling Real Estate in Southport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

Southport CT Real Estate Market Weekly Update January 10, 2012

SOUTHPORT CT HOMES: The median list price in Southport is now $863,500. As of this morning, there are 47 homes that have actively been on the market for 167 days and are listed at an average price of $1,612,082.

The highest priced home for sale in the Southport area of town is listed at $13,900,000 and the lowest priced available single family home is $225,000.  

Two new listings came on the market this week, and no homes came back on the market after being under deposit.  There were one property that had a price change. One property has gone under the initial deposit stage, which we call CTS, and three properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

CLOSINGS: No single family home sales were reported as closed this past  week. There were ten status changes in the last seven days.

PLEASE NOTE:  Southport statistics include all properties within the 06890 zip code

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.

If you have a question about buying or selling Real Estate in Southport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

Fairfield CT Real Estate Market Weekly Update January 3, 2012

FAIRFIELD CT HOMES:  Inventory dropped TEN percent since just last week, and there are currently 363 homes that are actively on the market. The median list price in Fairfield is $537,500, and these homes have been available an average of  146 days. These properties are listed at an average price of $1,187,736. The highest priced home for sale in town is listed at $25,500,000 and the lowest priced available single family home is $129,000.

Eleven new listings came on the market this week, and three homes came back on the market after being under deposit. There were three properties that had a price change. Six properties have gone under the initial deposit stage, which we call CTS, and oneproperty went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

TOWNWIDE PENDINGS: There are 41 properties scheduled to close, and their average price is $770,585.

CLOSINGS: Three properties were reported as sold this past  week, and they had an average list price of $389,933 and were on the market an average of 67 days. There were 88 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for the 47 condos that are available is $402,000. These properties have been  listed an average of 136 days, and have an average price of $535,052. The highest list price for a condo in town is $1,487,500 and the lowest priced condominium available is $105,900.

No listings came on the market this week, and no homes  came back on the market after being under deposit. One property had a price change. In the last week, no property went into CTS status,  and two properties went into pending status.

TOWNWIDE PENDINGS: There are 11 properties scheduled to close, and their average price is $361,845.

CLOSINGS: One property was reported as closed in the last week and was listed at $175,000 . There were 18 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 106 homes or apartments available. The median monthly price is $1,962 and the average price is $3,447 per month. These year round rental opportunities have been on the market an average of 72 days.

There are five seasonal or summer rentals  available throughout Fairfield that have been on the market an average of 203 days, and at an average price of $14,640. The median  price of both furnished and unfurnished seasonal rentals is $3,350. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

Seven Year Annual Fairfield Real Estate Market Recap

2012 Fairfield Real Estate Forecast, Advice and 2011 Recap

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.

If you have a question about buying or selling Real Estate in Southport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

Southport CT Real Estate Market Weekly Update January 3, 2012

SOUTHPORT CT HOMES: The median list price in Southport is now $887,500. As of this morning, there are 50 homes that have actively been on the market for  167 days and are listed at an average price of $1,742,168.

The highest priced home for sale in the Southport area of town is listed at $13,900,000 and the lowest priced available single family home is $225,000.  

Two new listings came on the market this week, and no homes came back on the market after being under deposit.  There were no properties that had a price change. One property has gone under the initial deposit stage, which we call CTS, and no properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

CLOSINGS: No single family home sales were reported as closed this past  week. There were eleven status changes in the last seven days.

PLEASE NOTE:  Southport statistics include all properties within the 06890 zip code

Seven Year Annual Fairfield Real Estate Market Recap

2012 Fairfield Real Estate Forecast, Advice and 2011 Recap

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.

If you have a question about buying or selling Real Estate in Southport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

2012 Fairfield CT Real Estate Forecast, Advice and 2011 Recap

Be optimistic for the year ahead, but remember to stay cautious and watch the market. 2012 looks like it will bring more sales volume and higher prices, but not all segments of the market may experience those gains.

Historically, presidential elections have brought about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, I expect that 2012 will surpass last years sales in volume and pricing gains, and fully expect that we have a very good probabilty to gain more ground in value by the end of this year. We did manage to eke out an average 1.5% increase in value, although I wouldnt get too excited about it just yet.

Interestingly enough, after checking year over year figures for 16 different segments of the market, the only homes that actually gained value last year were four bedroom homes, six bedroom homes (just barely), New Construction, and 2001-2500 square foot homes. Sales in these categories represent almost half of the total unit sales for the year,  but what about the other half? There are twelve categories that lost some value, and some much more than others.

Fairfield's total sales volume of just over $362 million was down by 50 million from 2010. But even though unit sales were down, last years's sale prices actually gained about $11,000 on average. The average sales price in Fairfield last year was $692,668.

There were 524 single family home sales in 2011 as reported in our local MLS system, and that number is much less than the 605 sales reported in 2010, but much better than 2009's 465 sales. In fact we nearly mirrored 2008's 521 units sold. When you look at Easton's 49 percent unit volume drop in 2011, it doesn't seem so bad.

Anticipate a few minor "bumps" to contend with come Spring and early summer, when it is expected that we will begin to see Fairfield's shadow inventory coming on to the market, and competing with owners wishing to sell their homes.

There were some segments of the market that were so close to matching 2010's average prices, that it is not even reasonable to say they either gained or lost in value. However, there were certain categories that showed strong increases or declines. Those specific segments are the ones to watch especially closely  in 2012.

The biggest winners in overall average gain:

+14% - New Construction
+14% - 2001-2500 square foot homes

Suffering the most last year:

(-12.5%) - Waterfront Properties
(-15.8%) - Homes over 4000 square feet


National trends are showing that buyers are opting for smaller homes, and locally, 2011 has shown that buyers have gotten much more conservative as well. That trend isn't going away in 2012, and the larger sized homes are still in danger of continuing their decline in value.

Best bets for selling for top dollar in the year ahead are homes between 1501-2500 square feet and  new construction.

Best bets for buyers are where the market has suffered, and they are apt to get a better deal. At the top of the list would be any home over 5,000 square feet, waterfront properties, condos, and homes under 1500 square feet where an addition could easily and affordably be built.

Bottom Line: Expect your home to hold its value throughout the year, with only minor price increases or declines in pricing in segmented markets, except for the larger sized homes, where there still is a higher risk of continued decline. We might see an overall increase for 2013- the "jury is still out, so to speak", so stay tuned for more updates throughout the year. This market has to be watched closely in the year ahead- things could change in certain segments of the market in a blink of an eye and values have the ability to increase on a moments notice.

If you have a question about buying or selling Real Estate in Fairfield, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy