Are Prices Really Falling in Redding?
Are prices rising or falling in Fairfield County?
Let's just take a look at Redding CT homes for sale.
If we look at the Average Sales Prices from 2002-2012 we definitely see that despite a bump in the market in 2010, sales still seem to be dropping in Redding. But is looking just at the Average Sales Price deceptive?
In the first quarter of 2012 there have been 9 homes sold in Redding. The average sold price is $470,688. However if you look closely you will see that NONE of those homes that were sold were over $1M. There are certainly homes that sell for over $1M in Redding. So how much have prices really dropped? What is happening to the million dollar market in Redding?
In the first quarter of 2010 there 10 homes sold - 3 of them were above $1M. In the first quarter of 2012 there were 16 homes sold and 1 of them was above $1M. So how much did those million dollar sales skew the average prices in Redding? As it turns out - quite a bit!
In 2010 the average sales price of homes in Redding was $897,145. However the average price of a home UNDER $1M was $531,635. In comparison, today's average sales price of $470,688 doesn't seem to have dropped off so terribly!
Take a look at these charts that compare the average sold prices in Redding with and without the million dollar market - when there are million dollar sales in Redding it really drives up the average sales price - perhaps misguidingly.