fairfield home values: Connecticut wants to TAX All Home Buyers 1% of Purchase Price!!! - 04/20/09 06:06 AM
State wants to Tax Home Buyers 1%!
OK, what could possibly make today's Real Estate market worse for everyone and kill off the Federal Economic Stimulus program?  Our very own Connecticut State Legislature. Bill #6397 is one of the bills to make it out of committee.  If it goes forward, it will take effect on July 1, 2009!
This Bill requires HOME BUYERS to pay a 1% tax that would go to Towns and Municipalities to fund Open Space purchases, Brownfields and some other restricted uses (see below). This would have a very significant impact by making all Homes much less … (0 comments)

fairfield home values: Fairfield Homes Sales Update - November 2008 - 12/06/08 06:34 AM
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 … (0 comments)

fairfield home values: Real Estate Predictions - 11/24/08 03:22 AM
How far can you see into the future?
Or who is going to win the national election?
In the old days long before the internet and daily polling, we used to have these old sayings or guidelines or "predictors" for National Presidential elections. One example is: As Maine goes, so goes the Nation.  In other words, once you knew the voting outcome in Maine that predicted who would win the entire election for President.
So it is in that spirit that I bring you this little nugget.  In 9 out of the last 10 years for the town of Fairfield, the … (0 comments)

fairfield home values: 2BR Ranch in Lower Greenfield Hill - 07/28/08 04:10 AM
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fairfield home values: New Price and A Great Value in Fairfield, CT - 07/26/08 04:55 AM
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fairfield home values: Fairfield Rental Update - June 2008 - 07/26/08 04:36 AM
Fairfield Rental Market Update
June 2008 
While home sales are taking a tumble, the rental market is doing quite nicely.  Units rented are running 11% up over last year and a eye popping 25% up over 2006!  The statistics are for yearly unfurnished rentals as reported by the Greater Fairfield County MLS.  Rental prices while stable compared to last year have grown 6-10% over 2006.  So as you might expect, buyers are turning into renters.  They are prepared to wait out the turmoil in the mortgage and credit markets with temporary housing.  The good news here is that once things turn … (0 comments)

fairfield home values: Fairfield Real Estate Update - Stratfield June 2008 - 07/25/08 01:05 AM
Stratfield Neighborhood Update
June 2008
The Stratfield Neighborhood of Fairfield is a shining light in the current gloom surrounding the local Real Estate market.  It is easily out performing it's other highly touted neighborhoods in Fairfield like Southport, Greenfield Hill, the Beach Area and the University Area.  Being down 15% from last year may not sound great but when the town overall is down 42%, this makes Stratfield a real standout for value!  And prices still seem to be appreciating.....another amazing strong point that is sure to make local homeowners smile. 
Stratfield has a distinct heritage and character valued by home buyers.  … (0 comments)

fairfield home values: Fairfield Condo Sales - June 2008 - 07/21/08 06:36 AM
Fairfield Condo Update
June 2008
There has been much discussion of the downturn in Single Family home sales.  Let's take a look at Condos.  Condos in Fairfield have traditionally been 10-14% of the sales of Single Family Homes.  With Single Family home sales trailing last year by 42%, Condos seem to be following suit.  Prices are off 14 - 18%.  This should create some great opportunity for first time buyers to find a home at a very good discount.  Also, for people looking to downsize, this can be a very good time to find just the right new home. 
 
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fairfield home values: Southport Real Estate - June 2008 Update - 07/21/08 06:25 AM
Southport Real Estate Update
June 2008
Southport has always been a great value....combining historic homes, a scenic harbor, a convenient train station for commuters and its own village center.  This mid year update shows sales off 47% from last year.  Prices too have taken a hit.  The Average Selling Price may be impacted by the small number of homes sold but the Median is showing a significant drop compared to last year.  So while the overall market is off, the highend has really slowed down. 
 
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fairfield home values: New Price and A Great Value! - 07/21/08 06:14 AM
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fairfield home values: Fairfield's University Area - June 2008 - 07/18/08 03:07 AM
Fairfield - University Area Update
June 2008 
The Fairfield neighborhood known as the University Area is generally a haven for commuters due to its proximity to the downtown train station.  Some buyers literally time their drive to the station before committing to purchase.  A time in the single digits of minutes is a valuable feature to those that live and die by the train schedule for trips to NY City. 
It is a real surprise to see this neighborhood off 53% from last year in closings.  With a average of 6 sales per month and 78 homes on the market, this … (0 comments)

fairfield home values: Fairfield Real Estate Update June 2008 - The Beach Area - 07/17/08 12:27 AM
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 … (0 comments)

fairfield home values: Greenfield Hill Real Estate - June 2008 Update - 07/16/08 09:12 AM
Greenfield Hill Neighborhood Update
June 2008
The slow market is hitting all segments and neighborhoods of Fairfield.  Greenfield Hill one of the most desirable neighborhoods in town and the location for many of the larger estate properties is feeling the impact of the current real estate slump.  Home Sales are off 43% from last year for the same period.  With 86 homes on the market and sales of 5 per month so far this year, we are looking at an average market time of over 17 months.  This makes planning to move a rather challenging adventure.... 
 
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fairfield home values: Welcome to the best value in Fairfield - 07/11/08 08:02 AM
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fairfield home values: Great Condo Alternative in Fairfield - 07/11/08 07:57 AM
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fairfield home values: Fairfield Homes For Sale Trend - July 2008 - 07/07/08 12:05 AM
Homes for Sale in Fairfield
July 2008
After starting trailing 2007 inventory levels, homes on the market have risen to some historical highs.  The downturn in sales this year has fueled this trend.  This has given buyers many choices to select from.  It also comes with an increase in market time.  The average home is now taking approx 12 months to sell.  This is longer than most sellers want to hear. 
With lots of homes to choose from, low interest rates and declining prices, it appears that the buyers market will be with us for the rest of the year....
 
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fairfield home values: Fairfield Real Estate and Home Sales Update - June 2008 - 07/06/08 11:30 PM
Fairfield Real Estate and Home Sales Update
June 30, 2008
Here we are at the halfway point for the year.  We still find buyers sitting on the sidelines.....waiting and then waiting some more.  The slowdown on home sales continues with closings off 42% from last year.  Prices are lagging 5-10% behind last year too. 
Hopefully, the second half of the year will see a turnaround.  We have record inventory of homes for sale, interest rates at all time lows and falling prices on homes.  There are some great values on the market.  This should be a good time for buyers to … (0 comments)

fairfield home values: Fairfield Home Sales Update - May 2008 - 06/09/08 01:09 AM
 
Fairfield Homes Sales Report
With Sales off 42% from last year...that means we have one half the buyers in the market place....anyone who really needs to sell should consider putting their lowers possible price on the listing asap....     Fairfield is on track to sell 450 homes.....this is far below the peak rates of 950-1000 in the late 90's.   Most of the surrounding communities have a similar story....don't wait to drop the price and miss the market......   Average Sales Price and Median Sales Price are both down....
 

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fairfield home values: Rental Update for Fairfield, CT March 2008 - 04/27/08 03:05 AM
Fairfield Rental Market Update
March 2008
With all the turbulence in the Sales sector, we have been getting asked what is happening with Rentals - so here is a quick update from the first three months of the year.  This market data is for yearly rentals that are unfurnished.  This is the largest segment of the market and should provide the best information on trends.  We included rentals of all types and all numbers of Bedrooms.
Overall, the Rental segment is surprisingly stable.  The units rented for the past three years are relatively consistent.  The Median Rental Price and the Average Rental price seem … (0 comments)

fairfield home values: Greenfield Hill Update - March 2008 - 04/26/08 10:22 AM
Greenfield Hill Update
March 2008
Greenfield Hill is off to a slow start to 2008 just like the rest of Fairfield and the surrounding region.  Unit Sales are off 32%.  The Median Price came in higher than the Average Selling Price demonstrating the slow demand in the highend property segment.  In fact, the highest sale in Fairfield's Estate neighborhood came in at just over $1.8 million.  You would think that Greenfield Hill buyers are somewhat insulated from the short term ups and downs of our economy.  However, this year it looks like everyone is taking a wait and see approach to buying.
 
 
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Mike Tetreau, ABR, CRS, GRI,  Sales Vice President (William Raveis Real Estate - Fairfield, CT)

Mike Tetreau

ABR, CRS, GRI, Sales Vice President

Fairfield, CT

More about me…

William Raveis Real Estate - Fairfield, CT

Address: William Raveis Real Estate, 2525 Post Road, Southport, CT, 06890

Office: (203) 255-6841

Mobile: (203) 520-8318

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