Are Prices Rising or Falling in Fairfield?
Let's just take a look at Fairfield.
If we look at the Average Sales Prices for homes sold in Fairfield from 2002-2012 we the market has begun to make a bit of a recovery despite a dip this quarter from last year. But is looking just at the Average Sales Price deceptive?
In the first quarter of 2012 there have been 104 homes sold in Fairfield. The average sold price is $613,912. However if you look closely you will see that 19 of those homes that were sold were over $1M. How much does that skew the average sales price? As it turns out - quite a bit!
The average sales price of homes UNDER $1M in Fairfield is $443,602. Those million dollar homes homes brought the average up $170,000. In fact in the first quarter of 2011 when there were also 104 sales in Norwalk, 19 of them were again million dollar homes, the difference between the average price and the average price of homes under a million dollars was over $200,000.
Unfortunately while the overall average sales prices of homes in Fairfield over the last 3 years seems to be keeping steady, the average price of homes under the million dollar mark has dropped conistently.
Take a look at these charts that compare the average sold prices in Fairfield with and without the million dollar market - you will see that we aren't quite in a full recovery just yet.