The latest Elliman Report on Fairfield County home sales put out by New York-based Douglas Elliman Real Estate, with 79 offices including in Chappaqua, sees a two-year trend of recovering home prices continuing to “drift higher.”
The report found luxury housing ”“ defined as the top 10 percent of the market, currently starting at $1,078,500 ”“ grew faster than other sectors.
Douglas Elliman”™s Fairfield County findings included:
Ӣ Housing prices continued to drift higher in the final quarter of 2014, a trend that began two years ago.
Ӣ The median sale price in the fourth quarter reached the second-highest for the fourth quarter since 2007.
Ӣ Sales slipped year over year like most of the New York City metro area but remain well above the average for the decade.
Ӣ The number of sales for the entire year were up sharply from the prior year.
Ӣ Rising prices have pulled in more inventory, but the total at year-end was the fourth lowest in 19 years.
Ӣ Single-family housing prices moved higher as condo prices stabilized.
Report metrics for Fairfield County homes included:
Ӣ The median sale price increased 1.4 percent, to $375,000.
Ӣ The average price per square foot increased 7.5 percent, to $244.
Ӣ The average sale price increased 1.7 percent, to $593,262.
Ӣ The number of sales slipped 2.9 percent, to 2,263.
Ӣ Listing inventory increased 25.9 percent, to 6,425.
Ӣ Days on the market was 110, down from 113.
Ӣ The listing discount was 4.5 percent, down from 4.7 percent.
