fairfield county’s Q2 housing market records easing in sales price acceleration

via Westchester & Fairfield County Business Journals

By Phil Hall | Published on July 31, 2022

The residential real estate market in Fairfield County saw a slowing in year-over-year activity during the second quarter of this year, with fewer sales and a relatively mild year-over-year increase in home prices, according to new data from Douglas Elliman.

The average sales price for a Fairfield County residence in the second quarter was $970,396, up by 18.6% from the $818,477 price in the first quarter and up 2.4% from the $947,230 price from one year earlier. The second quarter’s median sales price of $600,000 was up by 22.4% from the first quarter’s $490,000 and up 5.3% from the $570,000 in the second quarter of 2021.

The total number of sales closed in the second quarter was 3,230, an increase from the 2,466 in the previous quarter but down from 4,061 one year earlier. Listed properties spent fewer days on the market: 42 days in the second quarter versus 59 days in the first quarter and 60 days in the second quarter of 2021.

The active inventory listing for the quarter totaled 1,859 properties, up from 1,038 in the previous quarter but down from 2,254 from the previous year. Fairfield County ended the quarter with a 1.7-month supply of homes for sale, slightly up from the 1.3-month supply in the first quarter and unchanged from one year earlier.

Among property types, the average sales price for a single-family home was $1.14 million, up from the $984,117 in the first quarter and up from $1.13 million one year before. The median sales price for a single-family home was $715,000, up from $600,000 in the previous quarter and up from $690,000 one year earlier.

Fairfield County’s condos sold for an average price of $460,824, up from $406,366 in the first quarter and up from $406,209 in 2021’s second quarter.

The luxury market, which is defined as the upper 10% of sales and encompasses both single-family homes and condos, recorded an average sales price of $3.61 million, up from $3.24 million in the previous quarter and up from $3.57 million one year before. The median sales price of $2.88 million was up from $2.80 million in the first quarter but down from $2.97 million in the previous year.

Among the Fairfield County submarkets, Greenwich had the highest average sales price for a single-family home at $3.10 million and Darien had the highest average sales price for a condo at $1.36 million.