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Elliman Report: Fairfield County Sales 1Q 2017

Record sales volume and low inventory continued to define the Fairfield County housing market, consistent with the other outlying New York City suburbs. The sales boom has remained concentrated on the entry to mid tier markets. There were 2,092 sales in the quarter, up 10.1% from the year ago quarter and the most first quarter sales in 11 years. Listing inventory fell 14.6% over the same period to 5,044, the second lowest housing supply in a dozen years. With higher demand and less supply, the absorption rate, defined as the number of months to sell all supply at the current rate of sales, fell 22.6% to 7.2 months from 9.3 months in the prior year quarter…

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