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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