Fairfield Real Estate Sales Surge 48 Percent In 4th Quarter

“It’s the best year for the office we’ve ever had,’’ said Brad Kimmelman, Brokerage Manager in Southport for William Pitt Sotheby’s International Realty. “It was much better than 2014.”

In the fourth quarter, Sotheby's summary reported 179 transactions, up from 121 in 2014. For the year, 787 homes exchanged hands, an 18 percent increase over 2014.

“I think people are more confident,’’ Kimmelman said. “The economy is stronger. People want to move. Interest rates are low and we had more inventory. We’re bullish on 2016.”

The median selling price in Fairfield in the fourth quarter was $548,000, just $2,000 less than in 2014. For the year, the median sale price improved by 2 percent to $579,000 according to the Sotheby's report.

Kimmelman attributed the increased activity to several factors. More millennials are entering the home buying market. Other families are trading up and down.

“Not any one segment stood out,’’ Kimmelman said. “Younger people are trading up. They’re feeling more secure about their jobs and their future. We saw a little bit of an influx from Manhattan. Some nice properties are being sold. The upper end of the housing market started to see more activity.”

Fairfield’s strong year paralleled the surge in sales county-wide. Sales improved by 8 percent in Fairfield County in the fourth quarter compared to the same time frame last year. Sales improved 10 percent for the year in the county, including huge jumps in Redding (41 percent), Bethel (31 percent) Monroe (29 percent).

Benign winter weather, so far, should spark an earlier spring market. Pending sales in the fourth quarter were 28 percent higher than in 2014, according to Sotheby's report.

“I’m optimistic as always,’’ Kimmelman said. “We’re selling Fairfield and Southport. We believe in the community and the product. We’re seeing a lot of interest in the upper end homes, and that’s always a good sign.”

Click here for the fourth quarter report from William Pitt Sotheby's International Realty.

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