Third-quarter sales up, prices down in Fairfield County’s housing market

Fairfield County”™s housing market during the third quarter featured year-over-year sales prices that were on the decline, according to data released by Douglas Elliman Real Estate.

The average sale price in Fairfield County for all residential properties during the third quarter was $648,488, up from $639,033 in the second quarter but down from the $659,259 price in the third quarter of 2018.

The median sale price of $418,000 was down slightly from the $420,000 of the previous quarter and below the median price of $425,00 set one year earlier.

The number of closed sales for all residential properties during the third quarter was 3,423, a jump from the second-quarter total of 3,099 and up from the 3,339 closed sales in the third quarter of 2018. The average number of days on the market totaled 106 in the third quarter, compared with 121 days in the second quarter and 82 days one year earlier.

SINGLE-FAMILY PROPERTIES
The average sale price for a single-family Fairfield County home in the third quarter was $730,574, slightly down from the $733,321 price in the previous quarter and a drop from the $763,162 in the third quarter of 2018. The median single-family sale price of $475,000 was lower than the $485,128 in the second quarter and below the $500,000 price from one year earlier.

A total of 2,732 single-family homes were sold in the third quarter, a jump from the 2,383 transactions in the second quarter and also up from the 2,547 transactions in the third quarter of 2018. But inventory levels were lower. The third quarter”™s 4,473 active listings were 367 fewer than the second quarter”™s 4,840 listings and less than the 4,624 listings in 2018”™s third quarter.

CONDOMINIUMS
Prices were also down in Fairfield County”™s condominium market. The average sale price for condos in the third quarter was $323,947, down slightly from $325,221 in the second quarter and just below the $324,328 in the third quarter of 2018. The median sale price of $262,500 for this sector was slightly lower than the previous quarter”™s $263,200 and was under the $275,000 price from one year earlier.

LUXURY MARKET
In Fairfield County”™s luxury market ”” which combines single-family properties and condos ”” the third quarter”™s average sale price of $2.39 million was higher than the $2.36 million in the second quarter but lower than the $2.397 million from the third quarter of 2018. The median sale price of $1.84 million was down from the $1.94 million in the previous quarter and less than the $1.9 million price of one year earlier.

Among the Fairfield County submarkets, Greenwich recorded the highest average sales price for a single-family home at $2.4 million while Darien saw the highest average sale price for condos at $1.13 million.