Fairfield Single Family Home Sales

As of November 30, 2008

As we look at the YTD data in the Greater Fairfield County MLS, we see the similar trend continuing.  The Good News is that we have been reasonably stable most of the year running between 30-40% behind last year in the number of homes sold.  After 11 months, we are down 33%. 

Are there any silver linings?  Yes.  We have Average Selling Prices down only 13%.  So if you purchased your home prior to 2005, you still will most likely get more than you paid.  However, if you bought your home in the last two years then you may be selling it for less than you paid.

The higher price ranges are having the most difficulty.  Homes listed for over $2 Million have sold 58% fewer units than one year ago.  Homes listed over $1 Million are off 40% from a year ago.  Homes priced under $1 Million are doing slightly better - they are down on 30% from a year ago.  The segment doing the best are those homes priced under $500,000.  This segment is only off 24% from a year ago.

In this type of market with fewer buyers looking for homes, the safest course of action is to price your home to be the next one sold.  This may end up being a little less than you want today but could very well be a more than you will get next year!