FAIRFIELD, Conn. -- Real estate sales in the town of Fairfield continued their upward trend in the first quarter of 2016.
Sales increased 6 percent over last year and the median selling price rose 14 percent, to $622,000. In the first quarter, 120 properties exchanged hands according to the first quarter report from William Pitt Sotheby’s International Realty.
“Everything in the report is consistent with what we’re experiencing in our office,’’ said Brad Kimmelman, brokerage manager for William Pitt Sotheby’s in Fairfield and Southport. “We’re up in year-to-date sales and last year was the best ever for our office. I’m optimistic that we’ll have a great 2016.”
First-time homebuyers are particularly finding new homes in Fairfield. The quarterly dollar volume for homes sold in the first quarter fell 1.1 percent, despite the increase in unit sales.
“The lower and mid range priced homes are selling,’’ Kimmelman said. “First-time homebuyers have always been drawn to Fairfield. But the high-end segment of the market is not moving as quickly as we would have hoped all over Fairfield County. If those homeowners want to sell, they will have to make price adjustments. If they bring prices in line, we’ll start to move that high end inventory, which we need to move.”
Kimmelman said homebuyers are flocking to two areas in particular in Fairfield. Homes near town center are moving quickly, as are homes in the beach area. “We were concerned after Hurricane Sandy that area was going to suffer, but it hasn’t happened,’’ Kimmelman said. “It has not deterred diehard beach lovers. Beach area new construction is selling soon after they are built. And buyers like homes near town for convenience.”
Kimmelman expects Fairfield’s real estate momentum to remain sustained over the next six months. “Consumer confidence has waned slightly,’’ he said. “I think that is correlated with the election. I’m a little surprised we’re humming along like we are. We might see a slight lull as we get closer to the election, but overall, I think the next six months are going to be fruitful and bountiful.”
Click here for the William Pitt Sotheby’s first quarter report.