Fab Real Estate Blog: New Fairfield, CT - March, 2007 Real Estate Market Report

New Fairfield, CT - March, 2007 Real Estate Market Report

New Fairfield, Connecticut Real Estate Update
March, 2007

Closed home sales in New Fairfield, Connecticut:

In March of 2007, there were 6 home sales closed in New Fairfield, CT.Welcome to New Fairfield, Connecticut
List Prices ranged from $419,000 - $749,000.
Closed Sales Prices ranged from $390,000 - $709,000.

The average closed real estate sales price for New Fairfield was $519,000.
The median closed real estate sales price for New Fairfield was $507,500.
On average, these homes sold for 95% of their list price.
Days on Market ranged from 66 - 416 days, with the average being 238 days of market time.

This compares with 19 closed sales in March, 2006, with an average sales price of $506,957 and a median sales price of $435,000.


Currently available homes for sale in New Fairfield, Connecticut:

Currently, there are 123 homes for sale in New Fairfield, CT.
List Prices range from $144,900 for a 1930's fixer to $5,500,000 for a palatial estate fronting Candlewood Lake.


New Fairfield, Connecticut is a small community of about 14,000 residents that borders New York State to the west and Candlewood Lake to the east.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  New Fairfield enjoys a convenient commute location to lower Fairfield County and Westchester County, New York.  New Fairfield is situated just over an hour by car to Hartford, Connecticut and New York City.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

 

Data compiled from the Consolidated MLS and believed to be accurate.

Comment balloon 2 commentsDon Fabrizio-Garcia • April 14 2007 05:31PM

Comments

Don:  Same question as I had for Sherman.  Wondering if there is an uptick in inventory or not?
Posted by Philip Turner, Mortgage Banker Since 1980 (MCCUE MORTGAGE COMPANY) over 11 years ago

Hi Philip -

I answered your questions about Sherman's market report.  Now let's run the numbers for New Fairfield.

I just started tracking these numbers as of January, 2007.  The MLS, unfortunately, won't allow us to determine how many active listings there were on a certain date in the past.  I can tell you that the inventory is increasing.

When I prepared the January 07 report on February 2, 2007, there were 88 active listings.
When I prepared the February 07 report on March 21, 2007, there were 113 active listings.
Today, there are 123 active listings.
This represents a nearly 40% increase in inventory since February 2.

Without having the hard numbers (historical figures) to back this up, it appears to me that we have now re-built the listing inventory up to the pre-holiday numbers of this past fall.

Anecdotally, we now seem to have more movement in the market.  But that movement is so dependent on each particular home and its price.  Homes that show well and are priced right are selling relatively quickly, and we are seeing multiple offers on some of these homes, which are then selling for very close to or at list price.  Again - these are homes that are priced right from the beginning and prepared for the market.  Homes that are priced high are sitting on the market and suffering through multiple price reductions as well as going stale in the market's eyes.

It's an interesting market to be in from my point of view.  But it reinforces the need for proper pricing and presentation of each home.

The days on market for homes can also be so misleading, so I have tried to fix that issue.  For each of these market condition reports, I actually investigate the history of each closed sale (yes, it take a very long time...).  If they've expired and then immediately re-listed, or canceled and then immediately re-listed, I add up the total days on market to come up with the actual days on market totals.  This, in my opinion, then provides a much more realistic indication of how long it takes to sell a home in this market - not skewed by home listings that are frequently cancelled and then quickly re-listed in order to make the days on market appear to be lower.

Of course, other homes site on the market for long periods of time and don't sell.  In most cases, this can be attributed to price, location, price for that location, condition, showing condition and price for those conditions of the home.

Price a home properly and you should find a buyer in a realistic period of time.  Price for the home's location and condition. Make adjustments to the list price for these issues.  Make the home easy to show.  Maintain the home in pristine showing condition.  Offer a highly competitive buyer broker fee. Market the home properly.  It takes a lot of work by both the sellers and the listing agent.  But the end result should be the desired sale of the home for it's current market value.

 

I think I could have written a whole new blog post from this response!

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 11 years ago

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