Let's just take a look at Ridgefield.
If we look at the Average Sales Prices of Homes For Sale in Fairfield CT from 2002-2012 when the market is relatively strong 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 51 homes sold in Ridgefield. The average sold price is $625,884. However if you look closely you will see that 6 of the 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 Ridgefield is $495,896. Those million dollar homes homes brought the average up over $100,000. In fact in the first quarter of 2011 when there were 46 sales in Ridgefield, 11 of them were million dollar homes, the difference between the average price and the average price of homes under a million dollars was over $300,000!
In fact, while the overall average sales prices of homes for sale in Ridgefield CT over the last 3 years seems to be keeping steady - with a big jump last year - 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 in Ridgefield with and without the million dollar market - you will see that we aren't quite in a full recovery just yet.