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!