Prudential Report Shows—

Fairfield County Drives State’s Real Estate Market

A recent report from Prudential Connecticut Realty, based on Multiple Listings Services (MLS) for January to September of this year, indicates that Fairfield County continues to drive the state’s real estate market.

According to Connecticut market statistics from January 1 to September 30 for single-family homes, the average sales price for Fairfield County was $794,091, which reflects a 20 percent increase over last year’s average price of $661,402. Fairfield County also leads other counties in the number of homes sold, 7,953, a two percent increase from 2003. Fairfield County also showed a more rapid market time, selling nine percent faster, 74 days in 2004 versus 81 in 2003.

The average sale price for Newtown for the first three quarters of 2004 was $529,628, compared to $463,935 in 2003, a 14 percent increase. The number of properties sold was slightly down in Newtown, from 400 in 2003 to 386 in 2004, a four percent decrease. Homes were on the market an average of 85 days compared to 92 in 2003.

The average sales price for all of Connecticut for the first nine months of 2004 was $423,243 or a 15 percent increase over the first three quarters of 2003, $369,295. The entire state showed a four percent increase in unit sales for the first three quarters of 2004 compared to 2003, 28,299 units compared to 27,293 in 2003.

“In the first nine months of 2004 we’ve seen a strong appreciation in home sale prices in all areas of the state. Additionally, the pace of sales has quickened slightly as homes remain on the market for a shorter time this year compared to last year,” said Candace Adams, Prudential Connecticut Realty’s chief operating officer. “These indicators reflect a phenomenally robust market in Connecticut, and we expect to see this trend continue through the next year.”

Windham County showed a 19 percent increase in sales price, $215,472 for this year versus $181,700 for 2003.

Every county showed a double-digit increase in sales prices, except for Hartford County, which reflected a seven percent increase.

Hartford County was second in the number of homes sold, 6,706, or six percent higher than 2003, but its average sales price was $265,500, a seven percent increase over 2003. Hartford homes were on the market for an average of 46 days in the first nine months of 2004, versus 44 in 2003.

The statistics were derived from Prudential Connecticut Realty’s proprietary Real Estate Reporter, an ongoing analysis that utilizes data from seven Multiple Listing Services. For a complete report, Real Estate Reporter can be accessed by visiting www.prudentialct.com.