Home Fairfield Sales rise and prices drop in Q2 Fairfield County housing market

Sales rise and prices drop in Q2 Fairfield County housing market

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The number of second-quarter sales in Fairfield County’s housing market increased year over year after five straight quarters of declines while listing inventory fell year over year for the first time in three quarters, according to data released by Douglas Elliman Real Estate. Year-over-year sales prices dropped during the second quarter.

The average sale price in Fairfield County for all residential properties during the second quarter was $639,033, up from the first-quarter price of $545,179, but down from the $675,269 in the second quarter of 2018. The median sale price of $420,000 was 16.8% higher than the previous quarter’s $359,450, but was 1.2% below the median price set one year earlier.

The number of closed sales for all residential properties during the second quarter was 3,099, a 57.5% increase from the first-quarter total of 1,968 and a 0.4% rise from the 3,087 closed sales in the second quarter of 2018. The average number of days on market totaled 121 in the second quarter, down from the 137 days in the first quarter and close to the 119 days from one year earlier.

SINGLE-FAMILY PROPERTIES

The average sale price for a single-family Fairfield County home in the second quarter was $733,321, an 18.6% increase from the first quarter’s $618,118, but a 4.2% decline from the $765,537 price set in the second quarter of 2018. The median single-family sale price of $485,128 was a 15.5% uptick from the first quarter’s $420,000, but a 2.1% slide from the $495,650 price set one year earlier.

A total of 2,383 single-family homes were sold in the first quarter, a 64.8% spike from the 1,446 transactions in the first quarter and only five fewer than the 2,388 sales in the previous year. There was also more inventory to work with. The second quarter’s 4,840 active listings were 25.4% higher than the first quarter’s 3,860 and slightly lower than the 4,864 listings in 2018’s second quarter.

CONDOMINIUMS

In Fairfield County’s condominium market, prices were on the decline. The average sale price for condos in Fairfield County during the second quarter was $325,221, down 5.2% from the first quarter’s $343,127 and down 11.4% from the $366,883 in the second quarter of 2018. The median sale price of $263,200 for this sector was slightly lower than the previous quarter’s $265,000 but was substantially lower than the $280,000 price from one year earlier.

There were 716 condos sold in the second quarter, more than the previous quarter’s 522 sales and more than the previous year’s 699 transactions. This sector’s active inventory of 966 outpaced the first quarter’s 832 but was lower than the previous year’s 989.

LUXURY MARKET

In Fairfield County’s luxury market — which combines both single-family properties and condos for its total data — the second quarter’s average sale price of $2.36 million was an 18.6% increase from the first quarter’s $1.99 million, but it was lower than the $2.56 million from the second quarter of 2018. The median sale price of $1.94 million was a 23.1% spike from the previous quarter’s $1.58 million, but a 2.4% drop from the $1.99 million price of one year earlier.

Sales activity in the luxury market totaled 310, up from the previous quarter’s 197 and only three less than the previous year’s total of 313 properties. The second quarter’s active listing inventory of 1,453 properties was lower than the first quarter’s 1,607 and almost equal to the 1,454 properties in 2018’s second quarter.

Among the Fairfield County submarkets, Greenwich recorded the highest average sales prices for a single-family home at $2.5 million and for a condo at $976,320.

“It’s encouraging to see Fairfield County sales up this quarter as well as the decrease in inventory,” said Scott Elwell, Douglas Elliman’s senior executive regional manager of Westchester and New England. “Market conditions are favorable, which is why we’re seeing more activity, and it makes sense to speculate that we’re now past the roughest part of the market adjustment to the new tax law.”

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