Real Estate Update - Good News for Fairfield!

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

After two of the stronger months for sales in the last year, Fairfield is now only trailing 2008 by 21%.  June and July home closings are bringing us back from trailing by up to forty percent earlier in the year.  Selling prices seemed to have stablized at 10-15% below last year.

The Fed Stimulus programs now seem to be having an impact.  First Time Home Buyers only have till December 1st to close on a home to be eligible for the $8,000 Tax Credit program.

The rebound is being driven by home sales under $1 Million.  The highend segment is still experiencing the brunt of the slowdown.  Home Sales over $1 Million are running 28% behind last year and 60% behind 2007.  

For homes over $3 Million, we only have 2 homes sold so far this year.  Compare this to 12 at this point in 2007.

Keep your fingers crossed the rebound continues!

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Mike Tetreau

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