Monday, February 25, 2008

2007 Fairfield Market Statistics and Overview

Fairfield year end 2007 single family sales totalled 766 vs. 656 in 2006, representing an increase of 17%. Although 'high end' sales were also up in Fairfield, the average sales price of $889,866 ( average listing price $ 927,357) is an indication of the large inventory of affordable housing in Fairfield. This average represents an increase of 8% in sales prices over 2006. The listing to sales ratio between 2006 and 2007 was practically identical, 95.79% vs. 95.95%. Also noteworthy is the fact that the marketing time of 97 days compares very favorably to the average 0f 107 days in Westport, though this is also higher than at the height of the market.

Currently there are 402 single family homes for sale in Fairfield. The number of 'high end' listings represents a much smaller percentage of the market than in Westport for example.
There are 43 homes over $2 million in Fairfield vs. 128 in Westport. Keep in mind also that the population of Fairfield is approximately double that of Westport. Fairfield had 50 sales over $2 million vs. 119 in Westport in 2007. Based on the current inventory vs. 2007 sales, Fairfield has approximately 11 months of 'high end' inventory vs. 13 months in Westport.

Current activity reflects trends similar to 2007. Fairfield currently has 81 homes either under contract or bindered vs. 42 in Westport. Of these homes 17 in Fairfield are listed at over $1 million vs. 30 in Westport.


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