Wednesday, January 24, 2007
My analysis of 7,219 of the units sold in the 20 Fairfield County towns during 2006 revealed a high single family home list price of $7,595,000 and a high selling price of $7,275,000. The average list price was $531,277 and average selling price was $511,790, 96.3% of the average list price. The median list price was $385,000 and the median selling price was $375,000, 97.4% of the median list price. This shows the existance of a broad range of housing/prices throughout the towns in Fairfield County and it also proves that fairly priced properties are selling close to their asking prices. Inventory, however, is high, representing a 7.6 months supply. It is interesting to note that while the 2006 median list price increased just 3.3% over the 2005 median list price, the median list price of those single family homes currently on the market is 22.6% higher than the median list price of homes sold in 2006. Homes that are well priced, that is priced for the current market are selling and they are selling at 96-97% of list price. So this is a good time to sell a house. There is a large supply of houses from which buyers may choose and some sellers are pricing their houses fairly so it is also a good time to buy a house.
Labels: State of the Market