As far as the market is concerned, opportunity still knocks! So, why stay on the fence, when you can get a new one! 😉

You, like many others have been ready to get out of your current home for quite a while, but you haven’t made the move yet. It’s a monumental decision for sure. You want to get the best ROI and the best terms when you sell and also be able to transition to the right new home for your next chapter. You are worried about how to prepare your house for sale, navigate the process, and manage the timing. This is all very understandable. This is also why you need an expert agent who understands the current market and who will implement a strategy for you that fits with your priorities and guides you toward achieving your goals.

How’s the single-family housing market in Westport and Fairfield Connecticut as we head into July?

Take a look at the stats below comparing June 2021 to last June 2020:

In WESTPORT

• Single-Family Homes Sales are UP 25.5% from 51 to 64 homes sold.
• The Median Sale Price is UP 7.1% from $1,495,000 to $1,601,000.
• Inventory is DOWN 22.6% from 283 to 219 homes for sale.
• Months of Supply is DOWN 56.7% from 9 months to 3.72.
• Market Time is DOWN 65% from 123 to 43 days.

In FAIRFIELD

• Single-Family Homes Sales are UP 12.9% from 93 to 105 homes sold.
• The Median Sale Price is UP 16.9% from $650,000 to $760,000.
• Inventory is DOWN 42.9% from 434 to 248 homes for sale.
• Months of Supply is DOWN 64.8% from 7 months to 2.46!
• Market Time is DOWN 45.1% from 91 to 50 days.

The trends of extremely low inventory, increasing median sale price, and short market time continue through June. However, the market is not stagnant. Unit sales are up and we are seeing more homes listed for sale. In fact, as of the day of this writing, there are 71 newly listed single-family homes and condos in Westport and Fairfield. The buyer demand is still stronger than the supply which is keeping the inventory low, causing many multiple offer situations, and pushing sale prices upward in both towns.

Opportunities are here for both buyers and sellers in this dynamic marketplace, but we can all benefit from more homeowners listing their properties for sale!

As the summer temps rise, home appreciation as well as interest rates are anticipated to follow. Yet interest rates are still expected to remain historically low, and buyers continue to look for their perfect homes. If you are a homeowner on the fence, now is a great time to sell!

If you are thinking of selling in the next 12 months and would like to discuss how to buy and sell your home in the current market, call me today 203.912.4440.