Fairfield, CT Real Estate Market Forecast and Advice 2/2011

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 call 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:
 
What's Ahead in General: Current home sales averages at just less then 50 per month and condos average about 6 per month,  and both figures are seasonally adjusted. Fairfield sales seem to peak in June for the year. Those numbers should remain about the same for 2011, but start to edge up in May, through August for single family homes.  Condos, on the other hand, are lagging behind somewhat in sales and will continue to remain in the same range with a spike in the middle of the summer. The fall should also experience another sales spike.

ADVICE FOR SELLERS: Is there a better time to sell your home in Fairfield? Yes, LIST IT NOW!!!!  Take advantage of the buyers that are already out. They won't continue to be there as much come the end of April. While Fairfield's market has improved from 2009 to 2010, January was VERY slow. It's gained momentum already, but don't delay. I'm not sure that it will last beyond a few months, but I expect sales to be significantly  better than last year. If you want to sell your condo, put it on the market prior to mid March.  There's a lot of competition for relatively few buyers, so expect your marketing time to be 3 or 4 months, (with some exceptions of course)  That doesn't mean that if you have a pressing need or desire to sell your home that you should wait, or if your timetable does not coincide with my predictions, just do what you need to do.

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 or only rise slightly throughout the summer, but many sellers "fish for pricing" this time of year. That is, they put their home on the market to see if anyone will buy their home for a particular price, and don't really care if their home sells or not if they don't get that price. You'll save a lot of time and energy by trying to find something NOW as opposed to starting the process in a few months.   If you are looking to buy a condo, NEGOTIATE! Now is the time!

Fairfield CT Weekly Real Estate Market Statistics 2/8/11

FAIRFIELD CT HOMES: There are currently 334 homes on the market for an average of 1,198,817  that have been on the market 152 days. That equals an inventory drop of approximately 2% from last week.  There were 8 new listings and 1 home came back on the market after being under deposit.  5 Properties had a price change. In the last week,  9 properties have gone under deposit, which is what we call CTS. This means that the property just took a binder, but all the contingencies have not yet been met. 6 properties went into Pending status, which generally means that the all conditions have been satisfied, and the property is just waiting to close. The 12 properties that closed in the last week had an average price of 707,658 and were on the market an average of 109 days. There were 61 status changes in the last week.

FAIRFIELD CT CONDOS: There are currently 73 condominiums on the market listed at an average price  of 466,714 and they have been on the market  an average of 145 days. Therewere 2 new listings . 3 Properties had a price change. In the last week,  1 property went into CTS status,  and 1 property went into pending status. The 4 properties  that closed in the last week had an average price of 637,601 and were on the market on average of 153 days. There were 14 status changes for the week.

There are currently 92 rental opportunities available in Fairfield CT.



Fairfield Sales in January 2011 - details and pictures, too!

There were  27 single family homes and 3 condominium sales  that closed in Fairfield in the month of January that were recorded in our local MLS. Click on the link below to view this past months transactions.

    January 2011 Home Sales       January2011 Condo Sales  

If you would like to see our area's current listings, you can create a free MLS account, complete with addresses and instant notifications of new listings that meet your criteria by clicking the ListingBook logo below

Fairfield CT Weekly Market Statistics

HOMES: There are currently 342 homes on the market for an average of 1,167,766  that have been on the market 152 days. There were 5  new listings and 1 home came back on the market after being under deposit.  9 Properties had a price change. In the last week,  22 properties have gone under deposit, (TWICE AS MANY AS LAST WEEK!) which is what we call CTS. This means that the property just took a binder, but all the contingencies have not yet been met. 7 properties went into Pending status, which generally means that the all conditions have been satisfied, and the property is just waiting to close. The 11 properties that closed in the last week had an average price of 589,491.

CONDOS: There are currently 71 condominiums on the market listed at an average price  of 462,679 and they have been on the market  an average of 142 days. There was 1  new listing . No Properties had a price change. In the last week,  3 properties went into CTS status,  and 2 properties went into pending status. The 1 property  that closed in the last week had an average price of 198,000 and was on the market for 49 days.

Weekly statistics as of 1/27/2011

HOMES: There are currently 347 homes on the market for an average of 1,162,248  that have been on the market 148 days. There were 5  new listings and 1 home came back on the market after being under deposit. 6 Properties had a price change. In the last week,  11 properties have gone under deposit, which is what we call CTS. This means that the property just took a binder, but all the contingencies have not yet been met. 7 properties went into Pending status, which generally means that the all conditions have been satisfied, and the property is just waiting to close. The 8 properties that closed in the last week had an average price of 808,913.

CONDOS: There are currently 72 condominiums on the market listed at an averageprice  of 462,746 have been on the market 141 days. There was 1  new listing . No Properties had a price change. In the last week,  1 property went into CTS status,  and 1 property went into pending status. The1 property  that closed in the last week had an average price of 198,000.