House Sales Dragging in Fairfield County But Report Gives Hope For Recovery
Single-family home sales in Fairfield County have plunged to the lowest level in over two decades.
There were 3,756 home sales in the first three quarters of 2009. That’s 18 percent lower than a year earlier and 61 percent below the 9,659 homes that traded during the same months a decade ago, according to The Warren Group.
This year has seen the fewest home sales transactions since The Warren Group started tracking Connecticut’s residential real estate sales in 1988.
Median home prices have also taken a dive.
The median selling price for Fairfield County stood at $450,000 through the end of September, which is the lowest it’s been in five years.
In 2007, the median price for the first three quarters reached $603,000.
Still, William Pitt Sotheby’s International released a report this week showing that pending home sales in Fairfield County during the third quarter shot up 45 percent from the third quarter of 2008.
We’ll have to wait and see whether those pending sales translate into an increase in completed home sales in the following quarters …