How is the Real Estate Market?

That’s a loaded questions with many angles. The Fairfield County Real Estate Market has been tracing upward. The number of home transactions have increased steadily over the past 4 years with a noticeable jump from 2015 to 2016. Average sale prices in Norwalk and Stamford are looking to regain the value held prior to the recession when the average home in August 2007 sold for $595,000 compared to this past August 2015 where homes sold for on average $550,000.
Very important to many sellers is the average days on market. Not only does this accrue property tax dollars & upkeep, but it also is a knock down your confidence. “My home isn’t selling??” In 2006 a home was on the market for a mere 77 days. 2015/2016 has an average home on the market for 125 days (4 months). On the bright side, the average is down from the high of 192 days (6+ months) in 2011.
The biggest growth (whether because of lack of ability to save or constant movement in jobs) is the rental market. In Norwalk and Stamford, the rental prices have grown since 2006 and are peaking. These monthly rent checks averaged about $1,896 per month ’06, $2,099 per month in 2008 and grew to $2,530 per month in 2015. Get your calculators out.

#InvestinRealEstate

-Brent

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