Fairfield, Bridgeport, and Black Rock Single Family Market Reports - Jan through Aug 2011

By
Real Estate Agent with William Raveis Real Estate RES.0772823

 

 

 

 

 

 

 

 

 

 

 

 

155 Grovers Avenue in Black Rock - Listed at $645,000, Sold for $633,000, Closed on 6/27/11

Listing Agent:  Gail Robinson, Selling Agent: Gail Robinson

 

MARKET REPORTS

January through August 2011

 

SINGLE FAMILY - FAIRFIELD

 

Number

% Change

Average

% Change

Inventory

Currently on Market

    444

 

$1,216,140

 

  10  mos.

Sold Jan-Aug 2011

    384

   -13%

$698,647

 0%

 

Sold Jan-Aug 2010

    439

 

$699,518

 

 

 

Single family home sales have slowed in Fairfield by 13% from the previous year.  This is not surprising as last year there was a first time homebuyer’s tax incentive.  It’s actually good news that the prices are flat and not declining given that there are fewer sales.  There is currently a 10 months’ supply of single family homes in Fairfield, which means it is still a Buyer’s market.

SINGLE FAMILY - BRIDGEPORT

 

Number

% Change

Average

% Change

Inventory

Currently on Market

   354

 

$207,730

 

  10 mos.

Sold Jan-Aug 2011

   289

  -13%

$142,168

   -13 %

 

Sold Jan – Aug 2010

   331

 

$162,794

 

 

 

Single family home sales have also slowed down in Bridgeport by 13% from the same period a year prior.  Prices have also declined another 13%.  Inventory is equally as high as Fairfield at 10 months, which means it is still a Buyer’s market.

SINGLE FAMILY – BLACK ROCK

 

Number

% Change

Average

% Change

Inventory

Currently on Market

      30

 

$653,790

 

  24 mos.

Sold Jan-Aug 2011

      10

     -45%

$492,245

   22%

 

Sold Jan-Aug 2010

      18

 

$386,875

 

 

 

Single family home sales have also slowed down in Black Rock to nearly half from the same period a year prior.  Prices, however, have also increased by 22%.  Inventory is much higher than Bridgeport or Fairfield.  What does this mean?  First of all it shows that when you deal with fewer units, statistics become unreliable.  What is actually happening is that more high end homes sold in 2011 than 2010.  This is good for the market, however, at the current rate of sales, it would take two years to sell the current inventory.  This means that most homes on the market will expire rather than be sold during a six month listing agreement.  It would be a mistake for a seller to raise the price of their home based on the increase in average sale price.  This is clearly a Buyer’s market in Black Rock and smart buyers are purchasing high end homes while prices and mortgage rates are low.

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