Although Connecticut was in the news for leading the nation in price declines over the second quarter (March-May), Fairfield’s prices continue to rise and the market is a healthy one, particularly compared to New Canaan and Greenwich which were reported to have experienced 12.9% price declines during that period. More good news is seen with the increasing List to Sales price ratio of 96% and fewer days on market. Fairfield remains in a Buyer’s Market with 7.9 months of inventory, but the Three Month trend of 6.1 months is almost in Seller’s market territory (less than 6 months of inventory).
In retrospect, it looks like Fairfield hit bottom in Q1 2012 and a recovery is now underway.
HOTTEST HOMES IN FAIRFIELD
What homes are most in demand by buyers in Fairfield? The sweet spot in the market is for 4 bedroom homes with a list price of $850,000-875,000. They tend to be on the market only 88 days and sell for 96% of list price.