Wednesday, June 03, 2009

Fairfield County Market Update

The spring market is in progress. New listings are hitting the market each day. Buyers are out looking and buying. During 2009, the average number of single family homes selling monthly increased from 243 last month for the first 3 months of the year to 256 this month for the first 4 months of 2009. The highest selling home sold for $6,000,000 and the lowest was well under $100,000 highlighting the diverse supply of houses in Fairfield County. The low was a Bridgeport townhouse which sold for $22,500. Currently, there are 512 single family homes with purchase agreements in place vs 441 last month. There are 684 homes with fully executed contracts, just waiting to close as compared to 568 contracts last month. Prices are lower than they’ve been in the last several years, in some towns and there are a large number of houses from which to choose. The median selling price, county-wide in the Greater Fairfield County Consolidated Multiple Listing Service is $460,000 down 18% vs. this time last year. Interest rates are at a 40 year low. Now is definitely the time to buy a house.There is even an additional incentive for first time buyers or those who haven’t owned a home during the last 3 years. The federal government is offering an $8,000 tax credit to those who close before November 30, 2009. One of my listings over $2,000,000, received two offers with a third buyer asking if the sellers would consider an additional offer. On another of my listings priced at $700,000, I received three offers in less than 3 weeks on the market. Clearly, buyers now recognize value and are capitalizing on the interest rates before it is too late.