Are prices rising or falling in Fairfield County?
Let's just take a look at Norwalk CT.
If we look at the Average Sales Prices of Homes For Sale in Norwalk from 2002-2012 we see that 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 113 homes sold in Norwalk. The average sold price is $467,380. However if you look closely you will see that 8 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 Norwalk is $346,524. Those 8 homes brought the average up over $100,000. In fact in the first quarter of 2011 when there 131 sales in Norwalk and 14 of them were million dollar homes; the difference between the average price and the average price of homes under a million dollars was almost $200,000.
Unfortunately while the overall average sales prices of homes for sale in Norwalk over the last 3 years appears to be recovering, the average price of homes under the million dollar mark has dropped consistently.
Take a look at these charts that compare the average sold prices of homes for sale in Norwalk with and without the million dollar market - you will see that we aren't quite in a full recovery just yet.