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Fairfield Real Estate Values Rise After Bad Winter

FAIRFIELD, Conn.? Fairfield’s real estate market is not quite as healthy as it was in previous years, but it has steadily improved since the beginning of 2012.

Fairfield Realtor Julie Vanderblue even went as far as to call the current state “the best market for buyers” of her 15-year career.

“I feel that the environment, the overall general feeling of buyers, is more positive,” says Vanderblue, head of a Fairfield-based team of Realtors . “The buyers that are looking to find value are more confident that the values will stay steady.”

Fairfield’s median home sale price for March through May 2012 was $417,000, according to data from Trulia. That mark was a 17.8 percent drop from the same stretch in 2011 and more than $300,000 difference from the market’s high point in 2006.

Trulia’s numbers separate Southport from the rest of Fairfield, but that market showed similar trends. The median sales price in the 06890 ZIP code for March to May 2012 was $655,000. That represented an 18.1 percent decline from the same time period in 2011.

Both the Fairfield and Southport markets hit lows this past winter. Fairfield’s median sales price hit $353,000 in February. Southport’s median sales had dipped to $360,000 in January, though that figure was based on a pool of only five sales.

The data showed the market improving this spring. The winter months of December 2011 to February 2012 registered a median sales price of $368,000. That climbed 13.3 percent in the next three-month period. The raw number of home sales also has been steadily climbing since the beginning of 2012.

Vanderblue added the numbers her firm keeps improved even more in June. She reports June’s average sales price is “about one percent off” from 2011.

“Even if the market goes down a little bit, [buyers] see that they can’t go down much more, and now’s the time to buy, while you still have buying power,” Vanderblue said. “It’s the best time in my opinion to buy, in my career.”

Fairfield’s confidence, however, does not seem to be down. The median asking price for houses on the market in both Fairfield and Southport is above $1 million, according to Trulia. Vanderblue said she’s seen asking prices become more “realistic,” which is attracting buyers. She also said this is a sign the market might be back on track after its boom and bust in the previous decade.

“It’s finally starting to get back on its feet,” Vanderblue said of the housing market. “I think we’ll find that values will continue to rise, and we will get back to where we should be.”

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