FAIRFIELD COUNTY, Conn. -- Third quarter real estate sales in Fairfield County improved by 10 percent over the same time frame in 2014, according to statistics released by William Pitt Sotheby’s International Realty.
The median price fell 5 percent in the third quarter, and is flat over the past 12 months.
While the county overall did well in activity, sales declined in Ridgefield, Wilton and Weston. Ridgefield’s sales fell 15 percent compared to the third quarter in 2014. Weston sales fell 14 percent, and Wilton sales fell 6 percent. Sales fell 11 percent in Easton and 43 percent in Redding.
Homes priced under $1 million moved swiftly in Fairfield County, while homes above that figure languished.
“With loosening credit and improving confidence, the first time home buyer has collided with the empty nester to create a strong demand in this sector, with transaction volume 13 percent higher than the third quarter of 2014 and inventory labels stable,’’ the Pitt report said. “Despite strong demand, buyers remain highly discriminating regarding price, condition and location.”
For the year, sales are down 11 percent in Ridgefield and 8 percent in Wilton. Sales in Weston are up 1 percent. Redding's sales this year are up 36 percent, and Easton's are down 11 percent.
The quarterly median sale price rose 4 percent in Ridgefield in the third quarter, and 5 percent in Wilton. Weston’s stayed flat, while Easton's fell1 percent and Redding's fell 16 percent. In the past 12 months, Ridgefield’s median sale price is down 4 percent. Weston (9 percent) and Wilton (5 percent) showed solid gains. Redding is down 12 percent and Easton is down 2 percent.
“Builders who have followed the trend towards smaller, walk to town, amenity-rich homes in the middle pricing tier continue to enjoy success,’’ said Paul Breunich, President and Chief Executive Officer of William Pitt Sotheby's. “As older small homes in close to town or in-town locations become available for sale, builders are purchasing them at a rapid rate and building new homes that meet the needs of today’s buyers, thereby rejuvenating neighborhoods at a rapid pace. This has the effect of meeting the needs of multiple age categories and enriching the fabric of the downtown areas.”
Click here for the complete report from William Pitt Sotheby’s.
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