It’s a great time to be a buyer in Fairfield County! Fairfield County’s real estate market continues to be in a Buyer’s Market. As you can see below, only three towns (Danbury, Bethel and Bridgeport) are in a Seller’s Market. The majority of Fairfield County towns are in a Buyer’s Market. What does this mean for sellers in a Buyer’s Market? Does it mean you can’t sell your home? Of course, you can sell your home BUT at the right price. All this means is that you should be realistic with pricing your home. You need to give buyers a reason to buy your home otherwise your home will sit on the market for a long time and you will have to go through multiple price reductions to eventually sell your home.
How can you tell if you are in a buyer’s or seller’s market? A good indicator is the Months Supply of Inventory, which is computed as the number of homes currently for sale divided by the average number of homes sold. A balanced market usually has 5-6 Months Supply of Homes for Sale, a Buyer’s market has more than 6 Months Supply of Homes for Sale and a Seller’s market has less than 5 Months Supply of Homes for Sale. The data below is based on April 2019, May 2019 and June 2019 home sales data. We will be updating this report every quarter. Overall, Fairfield County’s real estate market continues to be in a buyer’s market.
Fairfield County’s Real Estate Market: Towns in a Buyer’s Market
Most towns in Fairfield County are in a Buyer’s market. As you can see below, the homes in these towns have more homes for sale than being sold (Months Supply of Inventory is high) and it is taking longer to sell homes in these markets (Days on Market is high).
If you are a buyer in these towns then you are in luck. You have the upper hand and can negotiate on prices. While if you are trying to sell your home in these markets, then you really should be realistic with your pricing otherwise your home will sit on the market for a long time.
One thing to note is this gives a general overview of the town’s real estate market. There may be specific neighborhoods within each town that are experiencing a seller’s market.
- New Canaan
Fairfield County’s Real Estate Market: Towns in a Seller’s Market
There are only three towns in a Seller’s market. As you can see below, there are not enough homes in the market for sale in these towns (Months Supply of Inventory is low) and homes are selling fast (Days on Market is low).
If you are a buyer in these towns then you are probably chasing after the same homes that a lot of potential buyers are looking at. You are likely in a competitive market with bidding wars. While if you are a seller thinking of selling your home in these towns then you are in luck. You have the upper hand. If you price your home right, you can have a multiple offer situation and selling your home will be quick.
Fairfield County’s Real Estate Market: Towns in a Balanced Market
These towns are in a balanced market. What does this mean? In general, the inventory of homes and rate of sale match up.
One thing to note is this gives a general overview of the town’s real estate market. There may be sub-areas within every town that are experiencing a buyer’s market or seller’s market, depending on the price point and neighborhood.
Bethel has moved from a balanced market to a seller’s market. However, Newtown and Stamford real estate markets have slowed down and moved from a balanced market to that of a buyer’s market. The good news, if you are a buyer you are in a great position. Remember, real estate is cyclical- take advantage of the buyer’s market now!
Q2 2019 Fairfield County Connecticut Real Estate Metrics
|Town||Niche 2019 Best School Districts in Connecticut||Months of Supply of Inventory||Days on Market (CDOM)||Median Sales Price (Single Family Homes, Condos and Coops)||Median Sales Price (Single Family Homes)|
|Danbury||Did not make top school ranking||4.2||48||$280,000||$325,000|
|Redding||Did not make top school ranking||11||87||$560,000||$562,500|
|Bridgeport||Did not make top school ranking||3.9||49||$170,000||$210,000|
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