The Fairfield real estate market closed April with 172 sales; this is down 9.5% from 2016.  Despite this result, listing inventory continued to pull back, settling in at 538 active properties, which is a 14.7% decrease from a year ago. The absorption rate dropped from 11 to 10 months, which is similar to last year’s total of 9 months. Pricing was up with the median at $615,000 (+5.6%) and the average at $769,798 (+5.2%).

The pipeline holds 188 sales, which is a 5% increase over 2016.   86 sales are CTS (binder) and 102 are pending (contract).  Of these, 31 are $1-2 million and 1 is $2-3 million and 1 is $3-4 million.

May 2016 generated 65 closings, so with a strong pending result of 102 sales, May 2017 could point the Fairfield market in a positive direction.

Number of sales:

Month

Sales, Number of 2015

Sales, Number of 2016

Sales, Number of 2017

Jan

47

35

40

Feb

25

31

33

Mar

41

54

46

Apr

61

70

53

May

89

65

Jun

101

103

Jul

95

94

Aug

79

81

Sep

70

53

Oct

60

42

Nov

56

40

Dec

63

54

 

Year:              All $           $0-1 mil       $1-2 mil        $2-3 mil        $3-4 mil         $4 million +

2016:              190              152                      31                       5                      2                           0   

2017:              172              140                      27                       3                      1                           1    

 

Number of listings:

Month

Active Listings, Number of 2015

Active Listings, Number of 2016

Active Listings, Number of 2017

Jan

416

464

383

Feb

450

514

438

Mar

508

569

507

Apr

579

631

538

May

643

627

Jun

650

615

Jul

631

557

Aug

595

515

Sep

611

536

Oct

578

516

Nov

525

442

Dec

444

383

 

Months of inventory (absorption rate):

Month

Months of Inventory 2015

Months of Inventory 2016

Months of Inventory 2017

Jan

9

13

10

Feb

18

17

13

Mar

12

11

11

Apr

9

9

10

May

7

10

Jun

6

6

Jul

7

6

Aug

8

6

Sep

9

10

Oct

10

12

Nov

9

11

Dec

7

7

Median sales price:

2016:             $582,000

2017:           $615,000 

 

Average sales price:

2016:           $731,216

2017:           $769,798