Home Sales in New Fairfield, CT 06812
New Fairfield CT Home Sales
What Homes Have Been Selling in New Fairfield, CT?
As the new year 2017 begins, we are all full of new hopes and expectations, including those related to more vigorous home sales in the area of Candlewood Lake. Below is an analysis of homes sales in New Fairfield, CT most recently as well as over a period of the last fourteen years. The focus is on the number of homes sold in New Fairfield during that period, the average prices at which the homes sold and what the trends are.
Homes sold in New Fairfield, CT in January, 2017
In all of January 2017, ten homes changed hands in New Fairfield, CT. The properties ranged in price from $77K to $600K. The average price was $358K and the median was ten thousand higher at about $368K.
Homes sold in New Fairfield, CT in January 2016
Just for to compare the numbers with last year’s results during the same time last year, there were sixteen home sales during the month of January in 2016 New Fairfield, CT. Those property prices averaged $383K, with a median price falling at $345K. It’s interesting to note that interest rates were a tad lower at this time last year, while the unemployment rate, average wages and consumer confidence are in fact higher in 2017 on a national basis.
Homes sold in New Fairfield, CT in all of 2016
The number of homes sold in New Fairfield, CT during the entire year of 2016 continued to show a positive trend with 198 homes sold that year compared to 194 the year before and 184 in 2015. The increases have been gradual since the start of the downturn in 2009, when only 110 properties sold. Perhaps due to the somewhat slow short sale process, the number of sales declined in 2011, only to resume its upward and thereafter steady climb (please see the attached chart for details). In New Fairfield, as in most of Connecticut, we are still trying to catch up to our banner sales year of 2004, when a total of 261 single family homes were sold in New Fairfield, CT.
Homes sold in New Fairfield, CT over the last 14 years, from 2003 to 2016
Over the period of the last fourteen years, the average prices for homes sold in New Fairfield, CT peaked in 2007 at $517K, reflecting the overheated housing market of the years prior. Since then, average prices for the town have declined down to $354K in 2012, then began to pick up gradually ($377K in 2013, $382K in 2014), then dipped again in 2015 to $362K, indicating that lower-priced homes were more attractive to buyers than high-end properties.
In 2016, New Fairfield’s average prices ended at a healthy $392K, which indicates an encouraging price trend. The number of homes sold was also on the rise at 198 units. The lowest-priced property was sold at $55K. While there are still some lingering foreclosures in the area, the town enjoys sharing Candlewood Lake, where the direct waterfront properties enjoy popularity and high prices. The highest-priced home in New Fairfield, CT in 2016 was a large high end lake waterfront that sold at $3, 250,000, contributing a a healthier average home price number. The median price was more modest at $325K
New Fairfield. CT Number of Homes Sold and Average Prices (source: CTMLS)
CONCLUSION:
Homes in New Fairfield are selling and at an improving rate, which is good news for sellers. Home prices are still struggling to catch up to where we were, but the trend is positive, which is also good news for sellers. The good news for buyers is that New Fairfield, for the most part is still a BUYERS’ MARKET: values are good, there is healthy inventory and interest rates continue to be very competitive.
To find out more regarding HOW HOMES ARE SELLING IN NEW FAIRFIELD, CT or for any other real estate questions, call me or email at consultwitholga@gmail.com.
Comparison of home sales in New Fairfield, CT over the last few years.
