Inventory Trends for Fairfield

Inventory in Fairfield

In Fairfield and the surrounding towns, inventory is down. The number of homes for sale is lower than in 2006. There is no question that the year 2006 will go down in history for its record levels of homes on the market. It seems there was a For Sale sign in front of every mailbox....

In fact the number of homes on the market peaked in Fairfield at 558 in October of 2006. This is a dramatic increase over the typical high point of 330-340 homes in past years. It also indicates that longer market times that it takes to get a home sold. 558 homes on the market compared to a total of 656 homes that sold in all of 2006 gives us an average Market Time of over 10 months - not the type of news that a Seller wants to hear.

It is easy to see the market slow down in the climbing inventory throughout 2006. We went from approx 250 Homes in January to 558 in October. It tailed off a little at yearend. 2007 picked up again the inventory levels climbing through the first have of the year from over 350 in January to just over 500 in June. It was about this time the increasing rate of sales (units sold was up 20% for 2007 over the prior year) began to show. The inventory level for the first time in over 24 months started to drop below the prior year. We finished 2007 with less than 400 homes for sale or just under an average of 6 months to sell a home.

We can see the activity building for 2008 right now. I am hearing from almost every agent I talk to that they are seeing lots of action out in the market place. This bodes well for the spring market....the buyers are back....and as long as there are no new "quakes" in the Mortgage arena, we should continue our climb back to a good, strong market.

Just keep your fingers crossed......