Youd be hard-pressed to find someone around Fairfield who isnt eager for spring to start. But Phyllis Selig, like every real estate agent, always looks forward to the warmer months. A realtor at The Higgins Groups Fairfield offices, Phyllis always finds her business slow in the winter months. But this January has been particularly slow for the real estate market.
[The markets] been dormant because of the weather being so severe, Phyllis said. I think it hurt everybody.
But Phyllis predicts a bigger bounce-back this spring after the bigger-than-usual slowdown this winter. She says shes already fielding calls from buyers anxious to move into Fairfield.
I personally have been running out every day, dealing with interested buyers, Phyllis said. Which is good, because there was a time when there wasnt an interest.
Fairfield has not fully recovered from the hit the entire nations market took just a few years ago. The median sales price took a sharp drop at the end of 2010, falling 9.2 percent since the late summer, Trulia.com reports. These figures zig-zag from month to month and dont measure the value of individual homes, but they show a trend.
Home prices peaked at the end of 2006, fell in 2007, then tried to recover, but fell back. Theyve been zig-zagging along since early 2009. And sales volume is down more than 28 percent compared with this time last year.
This dip was reflected in the towns recent revaluation by the tax assessors office. Fairfields 20,000-plus homes dropped more than $1 billion (10.3 percent) in combined value since the last revaluation in 2005. But Phyllis was quick to point out that southern Connecticut fared better than other areas across the country.
The Gold Coast hasnt been hit as hard as Las Vegas or Florida, with all their foreclosures, she said. Weve had some, but not as many.
Looking into the spring, Phyllis is maintaining an optimistic attitude. She says the usual winter slowdown has already broken earlier than usual. And when spring does finally come, I see an upsurge, Phyllis says. I think March and April are going to be terrific months.
Would you buy or sell your home in this market? Or would you wait even longer for the market to thaw? Share your thoughts in the comments below. And check out our Real Estate page for news of the market around Fairfield County.
CORRECTION: The first paragraph of this story originally said Phyllis "looked forward to this spring for years now." The wording was changed upon futher consideration.
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