Fairfield Update
October 2008
Halloween may be over but the scary Real Estate market hasn't come to an end. The yearlong story continues with the same theme - 31 percent fewer homes have sold than at this time last year. Median Sales Price appears surprisingly stable though Average Sales Price is off by 12 percent. This reflects a slower market for high end homes.
The numbers may be stable but "the reality" of the story behind the numbers is that buyers are getting a lot more home for their money today. Prices are really off ten percent or more.
From what most projections are saying, we are at or close to the bottom of the market. There are lots of good deals to be had. For a buyer, it doesn't make sense to miss out on a great deal in the neighborhood you have been searching for - don't wait for prices to start to climb, interest rates to begin to rise and the best values to be gone. Take a look around - we haven't seen a better market for buyers in over twenty years.
All the best, Mike
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Fairfield Update |
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Year to Date Sales of Single Family Homes |
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As of October 31 |
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2008 |
2007 |
08 vs 07 |
2006 |
08 vs 06 |
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Closes |
480 |
693 |
-31% |
555 |
-14% |
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Median Price |
$617,000 |
$635,000 |
-3% |
$629,000 |
-2% |
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Avg Selling Price |
$789,958 |
$899,312 |
-12% |
$823,724 |
-4% |
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Prepared by the TETREAU Real Estate Group from W. Raveis Real Estate |
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