Fairfield sales fall as buyers shift toward smaller homes

The luxury market remains soft

New York /
Apr.April 18, 2019 08:00 AM
(Credit: iStock and Wikipedia)

The average square footage of properties sold fell 6.8 percent to 2,323 square feet (Credit: iStock and Wikipedia)

As Fairfield buyers opt for smaller homes, the Connecticut county’s luxury market remains soft.

The number of sales dipped 2.6 percent in the first quarter versus a year earlier to 1,968 deals, according to Douglas Elliman’s latest market report. At the same time, the median sales price fell 6.6 percent to $359,450. That decline was driven by buyers opting for smaller properties, said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report.

“The tax law is more impactful on the higher end,” he said. “You could argue the market is moving sideways or slightly softening in terms of the pace.”

Among single-family homes, the average square footage of properties sold fell 6.8 percent to 2,323 square feet, Miller said. Square footage ticked up 3.1 percent among condo buys to 1,378 square footage.

Meanwhile, the top end of the market saw more pronounced declines. The median sales price tumbled 20.7 percent to $1.58 million while sales dropped 3 percent. The entry threshold to the luxury market lowered 14.7 percent to $1.075 million as inventory grew 6.5 percent.

“It’s a shift in the mix,” Miller said. “And it’s that shift that’s affecting price trends.”

In Greenwich, the single-family market struggled while condo sales picked up. Deals for single-family homes tumbled 24.5 percent while the median sales price slipped 16.7 percent to $1.69 million. That was the lowest first quarter sales total in eight years, according to Elliman. By contrast, condo sales surged 33.3 percent but the median price slid 5.1 percent. Condo transactions have climbed in three of the last four quarters.


Related Articles

arrow_forward_ios
images from the old IBM campus (Kingston — The IBM Years via Facebook.)
Ulster County eyes revamp of long-closed IBM campus
Ulster County eyes revamp of long-closed IBM campus
Photo illustration of Taylor Spellman (Discovery+, iStock/Illustration by Alexis Manrodt for The Real Deal)
Interior designer Taylor Spellman launches show on Discovery+
Interior designer Taylor Spellman launches show on Discovery+
Triplemint CEO David Walker with Carol Marrone and Owen Berkowitz (iStock)
Triplemint moves into Westchester with Elliman team
Triplemint moves into Westchester with Elliman team
(iStock)
NYC escapees buying commercial real estate in Hudson Valley
NYC escapees buying commercial real estate in Hudson Valley
305 Hurley Avenue in Kingston with E&M's Daniel Goldstein and Irving Langer (Photos via Google Maps; E&M)
After big upstate push, multifamily heavyweight E&M cashes in chips
After big upstate push, multifamily heavyweight E&M cashes in chips
Travelers CEO Alan Schnitzer and a rendering of the distribution center (Photos via Travelers; rendering via JLL)
Hicksville Home Depot distribution center sells for $74.5M
Hicksville Home Depot distribution center sells for $74.5M
Jonathan Miller: Resi markets are facing a "chronic lack of inventory"
Jonathan Miller: Manhattan’s sales market is an “outlier” — and not in a good way
Jonathan Miller: Manhattan’s sales market is an “outlier” — and not in a good way
The Palisades Center Mall was worth $881 million in 2016. Now, a new appraisal says the mall is worth less than half that. (Google Maps)
Palisades Center worth half what it was in 2016: Appraisers
Palisades Center worth half what it was in 2016: Appraisers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...