While doing my morning jog and swim at the beach this week, I saw some folks about to drift off from Jennings Beach in a small sail boat.  The scene was so peaceful and serene, I had to take a snapshot with my phone.  Enjoy the moment in the attached photo. 

And now on to a more dynamic topic such as our local housing markets-

What’s the Word for Sellers?
If you were thinking of selling your home now but decided to wait for a better time, you might want to think again.   Right now your competition is reduced, affordability is increased by interest rates that are even lower than before, the average sale price is steady or up depending on the town, and the sale to list ratio is strong.

At the end of July, the number of single family Homes on the Market in Westport was down to 335 from 348 in July 2011.  In Fairfield, the reduced inventory was significant with just 421 active listings versus 504 last July.  Between the two towns, there were nearly 150 fewer homes on the market to compete with as of July than there were last year at this time!

Sales were up four percent after the second quarter compared to last year in Fairfield, though  down sixteen percent in Westport.  The Average Sale Price was up sixteen percent in Westport and held steady in Fairfield.  Looking ahead a month or so, 66 sales can be expected in Westport  and 149 in Fairfield based on the tally of existing binders  and  contracts.  The percentage of active Listings with Accepted Offers can be a helpful indicator of the market condition when comparing one year to another.  In Westport, six percent of active listings had a binder at the end of July compared to seven percent last year, suggesting a fairly consistent market.   Accepted offers in Fairfield amounted to fourteen percent of the active listings, which was way up from eight percent last year.

The Sale to  List Ratio tells how close the sale price was to the asking.  The average ratio in both towns was 95% after the second quarter, and was fairly consistent with last year.  This means that sellers have been pricing their homes appropriately with the current market, and buyers have been stepping up to the plate with their offers.

And the Scoop for Buyers?
The market information above suggests a stablizing market.  Prices have been coming down since 2007, and interest rates are down to the 3% range.  With such lows, there’s really only one direction for things to go from here.  This presents a rare window of opportunity.  Need I say more?

Featured Listing!
479 South Benson Road- Charming Main House & Attached Guest Cottage
If you know of someone looking for two homes in one near the beach, marina, Sand Castles Playground, town and train, this may be the perfect opportunity for you.  Come visit during the OPEN HOUSE on September 23, 1-4pm and check out the home photo and listing information following the link below.

http://www.realtor.com/realestateandhomes-detail/479-S-Benson-Rd_Fairfield_CT_06824_M43008-99091

As always, please continue to contact me with your questions about the local housing market and your personal plans for moving forward!

Send a note or request to join my quarterly Word on the Street e-newsletter distribution providing the latest updates on Fairfield and Westport real estate: Linda.Raymond@Raveis.com
Visit my Facebook Page: https://www.facebook.com/LindaRaymondRealEstate

Originally Posted on August 3, 2012 at 3:31 pm