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.
Sales were up in Darien (10 percent) and down in New Canaan (4 percent). Activity really took off in Stamford, however, with a 21 percent increase in homes sold. There were 241 transactions in Stamford in the third quarter, and 2,246 in the county.
Homes priced under $1 million moved swiftly in the region, 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, Stamford home sales have improved 22 percent. Sales have also improved in Darien (6 percent) and New Canaan (4 percent).
The lack of activity in the higher priced homes has dragged down the median sale price in every community. In Stamford, the MSP fell 6 percent for the quarter and is down 7 percent for the year. New Canaan’s median sale price fell 18 percent in the third quarter, while Darien’s stayed flat. Darien’s median sale price is up 8 percent over the past year -- one of the best figures in the county -- while Stamford (7 percent) and New Canaan (4 percent) are down.
“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, Pitt's President and CEO. “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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