Fairfield CT - Weekly Real Estate Market Statistics Report - October 18, 2011

FAIRFIELD CT HOMES:  The median list price in Fairfield is $552,500 and is down about two and one half percent from last week.  As of this morning, there is a significant rise in inventory to 491 homes that are actively on the market. They have been available an average of  114 days and are listed at an average price of $1,215,417. 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.

There are 184 four bedroom homes on the market  and they comprise over 37 percent of all the homes on the market. Average list price of these four bedroom homes is $1,042,148 and they have been on the market an average of 118 days.

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 10.4 months, and is up slightly from last week. The goal for a neutral market in Fairfield is six months.

Twenty-three new listings came on the market this week, and three homes came back on the market after being under deposit.  There were 15 properties that had a price change. Nine properties have gone under the initial deposit stage, which we call CTS, and six properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Average list price on those pending properies was $508,067 and their average market time  was 92 days.

CLOSINGS: Eleven properties were reported as sold this past  week, and they had an average list price of $880,664  and  were on the market an average of 127 days. There were 79 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for a condo in Fairfield is $354,759. The  72 condominiums that are available have been  listed an average of  120 days, and have an average price of $469,523. The highest list price for a condo in town is $1,075,110 and the lowest priced condominium available is $159,900.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 10.4 months, and is consistent with last week. The goal for a neutral condominium market in Fairfield is 7-7.5 months.

Two new listings came on the market this week,  and no homes  came back on the market. Six properties had a price change. In the last week, six properties went into CTS status,  and no properties went into pending status.

CLOSINGS: One property closed in the last week, and was listed at $464,000 and was  on the market for 108 days. There were 17 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, and there are 128 homes or apartments available. The median monthly price is $1,975 and the average price is $3,498 per month. These year round rental opportunities have been on the market an average of 54 days.

There are four seasonal or summer rentals  available throughout Fairfield that have been on the market an average of  197 days, and at an average price of $13,675. The median  price of both furnished and unfurnished seasonal rentals is $3,350.

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

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Fairfield CT - Weekly Real Estate Market Statistics Report - October 11, 2011

FAIRFIELD CT HOMES:  The median list price in Fairfield is $564,000.  As of this morning, there is another  dip in inventory this week to 468 homes that actively on the market. They have been available an average of  115 days and are listed at an average price of $1,242,334. 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.

The biggest price pocket in town continues to be between the $1-1.5 million dollar range, and these 60 homes comprise a little over 23 percent of the inventory, and have been on the market an average of 112 days..  There are also 60 homes available in the $500-600,000 range and they have been on the market an average of 97 days.

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 9.79 months, and down slightly from last week. The goal for a neutral market in Fairfield is six months.

Fourteen  new listings came on the market this week, and one home came back on the market after being under deposit.  There were 18 properties that had a price change. Seven properties have gone under the initial deposit stage, which we call CTS, and fourteen properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Average list price on those pending properies was $634,671 and their average market time  was 124 days.

CLOSINGS: Twelve properties were reported as sold this past  week, and they had an average list price of $633,558  and  were on the market an average of 81 days. There were 87 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for a condo in Fairfield has dropped about three percent sinc last week to $342,450. The  69 condominiums that are available have been  listed an average of  121 days, and have an average price of $460,094. The highest list price for a condo in town is $1,075,110 and the lowest priced condominium available is $159,900.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 10.35 months, and is down again from last week. The goal for a neutral condominium market in Fairfield is 7-7.5 months.

Three 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, four properties went into CTS status,  and three properties went into pending status, with an average market time of 41 days.

CLOSINGS: Four properties closed in the last week, and were listed at an average price of $699,965 and were  on the market for 76 days. There were 21 status changes for the week.


RENTALS: If you are looking to rent year round, either furnished or unfurnished, and there are 127 homes or apartments available. The median monthly price is $1,900 and the average price is $3,472 per month. These year round rental opportunities have been on the market an average of 52 days.

There are four seasonal or summer rentals  available throughout Fairfield that have been on the market an average of  191 days, and at an average price of $13,675. The median  price of both furnished and unfurnished seasonal rentals is $3,350.

Click here for FOURTH QUARTER real estate market advice.

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

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

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Southport CT - Weekly Real Estate Market Statistics Report - October 4, 2011

SOUTHPORT CT HOMES: A lull in activity for Southport continues. The median list price in Southport dropped slightly a few weeks ago to $984,500 and is holding.  As of this morning, there are 62 homes that have actively been on the market for  132 days and are listed at an average price of $2,352,545.

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 $349,900.  

No new listings came on the market this week, and no homes came back on the market after being under deposit.  There were two properties that had a price change. No 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: One single family home sale was reported  sold this past  week, and was listed at $1,229,000. It was on the market for 125 days before it sold. There were three 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 - Weekly Real Estate Market Statistics Report - October 4, 2011

FAIRFIELD CT HOMES:  The median list price in Fairfield is $563,500.  As of this morning, there is a slight dip in inventory to 479 homes that actively on the market. They have been available an average of  115 days and are listed at an average price of $1,230,005. The highest priced home for sale in town is listed at $25,500,000 and the lowest priced available single family home is $160,000.

The biggest price pocket in town continues to be between the $1-1.5 million dollar range, and these 59 homes comprise a little over 12 percent of the inventory.  

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 9.97 months, and is up again slightly from last week. The goal for a neutral market in Fairfield is six months.

Fourteen  new listings came on the market this week, and no homes came back on the market after being under deposit.  There were 23 properties that had a price change. Thirteen 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. Average list price was $833,363 and their average market time  was 136 days.

There are currently 45 properties townwide in pending status, and their average price is $757,282.

CLOSINGS: Eighteen properties were reported as sold this past  week, and they had an average list price of $803,678  and  were on the market an average of 103 days. There were 107 status changes in the last week.

FAIRFIELD CT CONDOS: The median price for a condo in Fairfield is now  $359,900. The  72 condominiums that are available have been  listed an average of  119 days, and have an average price of $468,082. The highest list price for a condo in town is $1,075,110 and the lowest priced condominium available is $169,000.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 12.53 months, and is down again from last week. The goal for a neutral condominium market in Fairfield is 7-7.5 months.

Two new listings came on the market this week,  and no homes  came back on the market. Three properties had a price change. In the last week, two properties went into CTS status,  and one property went into pending status, with an average market time of 63 days.

CLOSINGS: Two properties closed in the last week, and were listed at an average price of $524,000 and were  on the market for 77 days. There were 14 status changes for the week.

There are twelve condominiums townwide that are currently in Pending status. Their average list price is $429,724.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there is a drop of 10 percent of inventory just over last week, and there are 119 homes or apartments available. The median monthly price is $2,100 and the average price is $3,519 per month. These year round rental opportunities have been on the market an average of 48 days.

There are four seasonal or summer rentals  available throughout Fairfield that have been on the market an average of  183 days, and at an average price of $13,675. The median  price of both furnished and unfurnished seasonal rentals is $3,350.

Click here for FOURTH QUARTER real estate market advice.

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

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Fairfield CT Real Estate Market Overview, Conditions and Forecast- October 2011

Fairfield, Connecticut  is a coastal town of 30 square miles and approximately 58,000 residents living in  21,600 households. Incorporated in 1639, just about 37 percent of the current housing stock was built prior to 1950. Approximately 81 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Fairfield, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each town has its own type of market, and within the town, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Fairfield at a particular time, then you should do it. You should also contact me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
State of the Market: Current home sales average at around 45 per month and condos average about 6 per month. Fairfield sales seem to peak in in the second quarter, as does much of the market. Sales are still good, although the median price has dropped about four percent  from the last quarter.  I expect that the market won't make any big changes from now until the end of the year. Condos have been pretty consistent in sales throught the year.  Prices have indeed risen on average in town, however negotiation from  listing prices has risen dramatically, especially for condos. There is over a year's supply of condos available right now,  so remember- it's always best to price your condo "for the market".

What's Ahead in General: Tread lightly, even though there will be no major price adjustments either way in the coming months. Fairfield's real estate market  is giving some mixed signals, so when you sell your home, or choose to buy, make sure you review detailed analyses to make sure you are selling your home at the best price, or buying your home at the best price.

ADVICE FOR SELLERS: Is there a better time to sell your home in Fairfield? Yes, LIST IT NOW!!!!  There is a almost a TEN percent drop in inventory as opposed to last quarter. You have less competition, so take advantage of the buyers that are already out and looking now.

 ADVICE FOR BUYERS: Now, now, now, NOW! If you are looking to buy in Fairfield CT, I would get going on it right away! I believe prices will remain level throughout the coming fall and winter, and the interest rates are low right now. The same house  at the same price will cost you more when interest rates rise. Besides, sellers don't really "fish for pricing" this time of year..  If you are looking to buy a condo, NEGOTIATE! Now is the time!  You are still VERY Much in the drivers seat, so take advantage of it.

BEST BETS FOR BUYERS AND SELLERS: Three and Four bedroom homes, and/or homes priced within the $350,000-$400,000, $500,000-$700,000 ranges as well as the $1- $1,500,000 range. Two bedroom condos are also a good investment. Good price ranges in the condo market are between $300,000-$350,000 and $600,000-$700,000.

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