Weak Q4 single-family home market for Fairfield County

Fairfield County”™s housing market during the fourth quarter featured year-over-year sales price declines and fewer single-family home sales, according to data released by Douglas Elliman Real Estate.

The average sale price in Fairfield County for all residential properties during the fourth quarter was $576,391, down from the third quarter”™s $648,488 and down from $639,033 in the fourth quarter of 2018. The median sale price of $380,000 dropped from the third quarter”™s $418,000, but rose from $375,000 set one year earlier.

The number of closed sales for all residential properties during the fourth quarter was 2,741, a decline from the third quarter total of 3,423 but an increase from the 2,632 closed sales in the fourth quarter of 2018. The average number of days on the market totaled 124 in the fourth quarter, compared with 106 days in the previous quarter and 113 days one year earlier.

SINGLE-FAMILY PROPERTIES
During the fourth quarter, the average sale price for a single-family Fairfield County home was $662,656, down from the third quarter”™s $730,574 and down from the $677,398 recorded in the fourth quarter of 2018. The median single-family sale price of $436,625 was down from the $475,000 price in the previous quarter but higher than the $420,000  from one year earlier.

A total of 2,026 single-family homes were sold in the fourth quarter, a tumble from the 2,732 transactions in the third quarter but higher than the 1,960 transactions in the fourth quarter of 2018. Inventory levels were in decline, as well: 3,145 properties were listed in the fourth quarter, compared to 4,473 in the previous quarter and 3,429 one year earlier.

CONDOMINIUMS
In Fairfield County”™s condominium market, the average sale price in the fourth quarter was $331,953, up from the third quarter”™s $323,947 but down from the $346,068 in the fourth quarter of 2018. The median sale price of $270,000 was up from the third quarter”™s $262,500 and also higher than the $258,000 recorded one year earlier.

More condominiums were being sold in Fairfield County: 715 in the fourth quarter, compared with 691 in the third quarter and 673 in the fourth quarter of 2018. There were 760 active listings for condominiums, down from 1,004 in the previous quarter but up from 743 one year earlier.

LUXURY MARKET
In Fairfield County”™s luxury market ”“ which combines single-family properties and condos ”“ the fourth quarter”™s average sale price of $2.14 million was lower than the $2.39 million in the third quarter and down from than the $2.30 million from the fourth quarter of 2018.

The median sale price of $1.7 million was down from the $1.85 million in the previous quarter and also down from the $1.8 million price set of one year earlier.

Among the Fairfield County submarkets, Greenwich recorded the highest average fourth-quarter sales price for a single-family home at $2.16 million and the highest average sale price for condominiums at $893,944.