Fairfield County Q3 home prices up, sales down

By Phil Hall

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The average sales price for residential property in Fairfield Country reached $625,875 during the third quarter, a 7.7 percent increase from the $581,263 level reached one year ago, according to data released by Douglas Elliman Real Estate.
The median sales price for the county was $407,500 during the third quarter, up 13.2 percent from the $360,000 level reached in the third quarter of 2015.
Although prices were up, the number of closed sales were down: 3,321 in the third quarter, a 15.8 percent decline from the 3,944 sales one year earlier. And the number of days that residential prices were on the market also fell: 104, down 5.7 percent from 110 days one year earlier.
Among the county’s more expensive submarkets, Greenwich posted the priciest real estate in the third quarter, where single-family homes carried an average sales price of $2.2 million (down 1.5 percent from a year ago) while the median sales price was $1.72 million (down 1.9 percent year-over-year). Condos in Greenwich carried an average sales price of $972,727 (up 30.9 percent from $743,327 a year ago) while the median sales price was $755,000 (up 11 percent from last year’s $680,000 level).

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