The sales rate of single family homes in Fairfield County throughout 2008 has remained consistent and although sales numbers are down from this time last year, inventory continues to move. There have been 4871 closed sales and an active inventory of 4848 home on the Greater Fairfield County Consolidated Multiple Listing service. That represents a unit sales decrease of 29% vs. 2007 resulting in an 11 month supply of homes on the market, currently. The median selling price county-wide is $505,000 down 10% from the median selling price this same time last year.
Sales over $2MM represent just 5.2% of homes that have sold but 12% of homes on the market waiting to sell. Sales over $3MM represent 2.1% of the total homes sold but 6% of homes currently listed for sale.
There are 360 properties with fully executed contracts waiting to close. The median price of those homes is 25% lower than the median price of closed homes so far this year. There are 179 properties with accepted offers. The median list price of those with accepted offers is $410,000, 18.9% lower than the median selling price for the properties that have closed so far this year.
Sellers and Buyers should talk to their REALOR(R) about market numbers specific to the town they are looking to sell or purchase in.
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