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Fairfield Real Estate Update June 2008 - The Beach Area

By
Real Estate Agent with William Raveis Real Estate - Fairfield, CT

Fairfield - Beach Area Real Estate Update

June 2008

The Beach Area has seen tremendous growth in recent years.  It has been prime area for "tear downs" and rebuilds.  Zoning Regulations have been modified to limit the size of newly built & newly rebuilt homes.  Now it seems the market has caught up with the Beach Area too.

Sales are off 49% from last year.  This is one of the steepest declines in town. There have been 31 Sales in the first six months of the year.  This is an average of only 5 homes sold per month.  With 74 homes for sale in this neighborhood, this spells an average market time of almost 15 months.

Selling Prices are off from 7-16%.  The silver lining in this update is that Beach Area homes are more affordable than they have been in a long time.  So for the buyer who has been waiting to find the right value, now is the time! 

Beach Area Update

Year to Date Sales of Single Family Homes

As of June 30

 

 

 

 

 

 

 

 

 

 

 

 

  

2008

2007

08 vs 07

2006

08 vs 06

Closes

31

61

-49%

51

-39%

Median Price

$650,000

$775,000

-16%

$700,000

-7%

Avg Selling Price

$897,169

$969,596

-7%

$940,490

-5%

  

  

  

  

  

  

 

 

 

 

  

 

 

 

 

 

 

 

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