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The median price fell 5 percent in the third quarter, and is flat over the past 12 months.
Sales climbed 19 percent in Fairfield and Stratford. Monroe (9 percent) and Trumbull (7 percent) also saw an increase in sales. For the past 12 months, sales are up 20 percent in Stratford, 17 percent in Monroe and 16 percent in Fairfield. Sales are up 4 percent in Trumbull.
Homes priced under $1 million moved swiftly in the region, while homes above that figure languished.
“With loosening credit and improving confidence, the first time home buyer has collided with the empty nester to create a strong demand in this sector, with transaction volume 13 percent higher than the third quarter of 2014 and inventory labels stable,’’ the Pitt report said. “Despite strong demand, buyers remain highly discriminating regarding price, condition and location.”
The lack of activity in the higher priced homes has dragged down the median sale price in nearly every community.
The quarterly median sale price rose 10 percent in Monroe and 7 percent in Fairfield in the third quarter compared to last year. Stratford's median sale price stayed flat. For the past 12 months, the MSP is up 6 percent in Monroe and 1 percent in Fairfield while Stratford is down 1 percent and Trumbull is down 5 percent.
“Builders who have followed the trend towards smaller, walk to town, amenity-rich homes in the middle pricing tier continue to enjoy success,’’ said Paul Breunich, President and Chief Executive Officer of William Pitt Sotheby's. “As older small homes in close to town or in-town locations become available for sale, builders are purchasing them at a rapid rate and building new homes that meet the needs of today’s buyers, thereby rejuvenating neighborhoods at a rapid pace. This has the effect of meeting the needs of multiple age categories and enriching the fabric of the downtown areas.”
For the complete report from William Pitt Sotheby's, click here.
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