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Like most of Connecticut, Fairfield County real estate prices have been rising slowly in the last few years. Despite this slow rise, median home sales prices in Fairfield County remain 15% below the peak of the market just over a decade ago, leaving many upside down, and foreclosures and short sales continue.
Fairfield County Short Sale and Foreclosure Report YTD 2018:
Fairfield County residential real estate sales prices have been on an upward swing since the market bottomed out in 2012. As the rate of foreclosures dropped for several years following, distress inventory has remained a market staple, and in fact rose slightly so far in 2018:
While 2018 certainly looks to be another year of improving prices, the real estate market still has a way to go to full recovery. Many homeowners either purchased or refinanced while values were much higher and still owe more than their homes could sell for now. When faced with a need or desire to sell, doing so traditionally is simply not an option.
It will likely be several years before Fairfield County homeowners see their home values return fully to the values we saw during peak times. Fairfield County homeowners who cannot pay off their property debts with a home sale, do have the option to short sell.
Reid Real Estate Group specializes in Connecticut short sales and has been the states leading short sale real estate team since 2010.