As we all enjoy this beautiful Labor Day holiday, experienced Realtors are busy working the Fall 2014 Real Estate market in Fairfield. I glanced at the MLS this morning, and there were already 464 single family homes on the market.
Second quarter 2014 was already the busiest second quarter in recent memory, and I believe the third quarter data will also be equal or better than 2013. Why? More inventory. The bump in inventory will also stem the price rises: the Median 2nd qtr. sales price for a Fairfield home was $597,000 - versus $530,000 for the same period in 2013. Dollar volume for the year to date was up 13% over 2013. I am expecting the third quarter data to show a much lower price increase, followed by a similar trend in the fourth quarter.
What does this mean for buyers and sellers of Fairfield Real Estate? It means that we are in a "good" real estate market, where there is plenty of inventory for buyers to choose from - yet sellers of move-in quality homes priced appropriately will see excellent prices as a result.