Fairfield County home listings fall to record lows

Sales tightened as markets sped up in the fourth quarter

Tri-State /
Jan.January 21, 2022 03:59 PM
Fairfield County (iStock)

Fairfield County (iStock)

Connecticut’s home market has proved to be no exception to the low inventory problem punishing buyers since the onset of the pandemic.

In Fairfield County, single-family listings have dropped to their lowest level on record, according to appraisal firm Miller Samuel for Douglas Elliman. Listing inventory in the quarter was 898 homes, a 46.4 percent drop from the third quarter and a 38.8 percent drop year-over-year, marking the fastest-moving market in 17 years.

It was the 11th straight month of inventory decline in the county. By the end of the quarter, the number of single-family homes available was only enough supply for a single month, significantly less than the past decade’s average of seven months.

Inventory dropped in the state’s hottest local market as well. Greenwich held a 2.8-month supply of homes and had 167 active listings at the end of the quarter, a 37.2 percent decline from the third quarter and down 47.3 percent year-over-year.

A lack of inventory typically reduces the number of sales and increases prices, but that wasn’t necessarily the case in Connecticut’s largest county last quarter.

The median price of single-family homes sold in Fairfield County dropped 0.2 percent year-over-year, from $580,000 to $579,000. It was a more pronounced drop from the third quarter, down 12.3 percent. Single-family home sales, meanwhile, fell 27.8 percent year-over-year to slightly fewer than 2,600.

Meanwhile, the median price of a single-family home sale in Greenwich surged 9.8 percent year-over-year to $2.25 million as closed sales dropped 35.8 percent to 181 in total, the first annual drop in two years. There were 48 condo sales in the market in the fourth quarter, as the median price grew by 4.9 percent year-over-year to $889,500.

The pandemic-fueled desire for space seems to have abetted as prices have risen, as people settle for homes they can afford. The average square footage for a single-family home sale in Greenwich was 4,734 feet, a 0.1 percent drop year-over-year. For condos, the average sale square foot fell 0.8 percent year-over-year to 2,001 feet.





    Related Articles

    arrow_forward_ios
    Accurate CEO Jack Klugmann and the Fairfield, CT Metro North train station (Accurate, Robert Mortell/via Wikimedia Commons, iStock)
    NJ developer buys Fairfield Metro dev site
    NJ developer buys Fairfield Metro dev site
    Anthony "Fat Tony" Salerno and the Rhinebeck horse farm (Hudson Modern, Getty)
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Long Island Board of Realtor's Tessa Hultz (LIRealtor.com, HomeForAllOfUs.org, iStock)
    How not to discriminate: Long Island Realtors launch fair housing effort
    How not to discriminate: Long Island Realtors launch fair housing effort
    Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Sophocles Zoullas and 275 Ox Pasture Road in Southampton (Getty Images, Harald Grant Real Estate, iStock)
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    Mariano Rivera and 1 Brook View Lane in Rye (Getty Images, Compass, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Exit Sandman: Mariano Rivera closes sale of Rye mansion for $2M loss
    Exit Sandman: Mariano Rivera closes sale of Rye mansion for $2M loss
    95 Conant Valley Road, Pound Ridge (Zillow)
    Pound Ridge home sells for more than twice its ask after bidding frenzy
    Pound Ridge home sells for more than twice its ask after bidding frenzy
    Suzy Welch and 124 Eden Knoll, Red Hook (Compass, suzywelch101010.com)
    Suzy Welch lists Hudson Valley estate for $25M
    Suzy Welch lists Hudson Valley estate for $25M
    arrow_forward_ios

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

    Loading...