High-end and high-volume sales, low inventory mark Fairfield Real Estate Market Trends this 2018.
As of April 2018, Property Sales in Fairfield real estate market were 17, down to a -19% from April 2017 and 41.% higher than the 12 sales last month. Sales in April 2018 were at their lowest level when compared to the same period of time last year and in 2016. April’s year-to-end sales of 51 were -21.5% behind April 2017’s year-to-end sales of 65.
From April 2017’s $750,000, the Median Sales Price was $740, 000 this April which is a 1.3% decrease. The Average Sales price for April 2018 was $814, 288, a 1.4% percent decrease from $621, 000 average sales prices in April 207.
We have also seen a decrease in the total inventory of properties that are available for sale. April 2018 has 216 inventory of properties, a 19.4% decrease from April 2017 to 268. When compared to 2017 and 2016, April 2018 has the lowest level.
The average days on market of the market time shows just how many days that an average property is on the market before it sells. A downward trend means a move towards more of a seller’s market, while an upward trend means a move towards the buyer’s market. As of April 2018, the days on market was 101 days which has a 52.4% decrease from 212 days in April 2017. Days on Market of April 2017 was the lowest when compared to April of last year and 2016.
For the property values’ direction, the selling price is an important indicator. Since average sales price and median sales price can be influenced by the “mix” of low or high-end properties in the market, selling price per square foot can be a more normalized indicator on the current direction of property values. As of April 2018, the selling price per square foot was $224, a 14.5% decrease from April 2017’s $262 selling price.
The listing price vs. selling price shows the average or regular amount that the home sellers agree to come down from their list price. A ratio at or above 100% moves towards the seller’s market while a lower ratio below 100% indicates more on the buyer’s market. From April 2017, the list price vs. selling price was 93.2% and increased to 94.2% in April of this year.
Fairfield real estate market has 68 new listing and sales this April 2018, a 19% decrease from 84 in April 2017. Currently, the median home price for Fairfield is $825, 000 and has 720 homes listed which include 40 condos.
From May 13, 2018, to May 19, 2018, Fairfield real estate market has 19 homes that were sold, 17 pending, 30 that continues to show, 39 price reductions, and 48 new listings.