It’s February, but March is Just Around the Corner!

The January numbers are in, so where do things appear to be going at the moment? I know many of you are thinking of making a move but may be hesitating due to uncertainty (see 3rd video below). I will keep you abreast of home values in Fairfield and Westport Connecticut each month here on the blog. Reach out to me for values in additional towns.

Since we are starting a New Year, I pulled the report showing 12 months ending in January compared to the same timeframe the previous year. Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers.

Home values were up.

The median and average sale prices were up as well as the average sale price per square foot in both towns compared to the 12 months ending in January 2021.

Inventory and new listings were down, putting upward pressure on prices. Homes sold on average for 102% of the list price, compared to 100% in the previous year.

In favor of buyers, unit sales and contracts were down. We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. This leverage is very much on a case by case basis.

Due to the tight inventory, many homes are still selling very quickly with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.

Below are my market comments for the last week in January and second and third weeks in February. (Click each image for the 60-second videos on Instagram). We saw an increase in new listings, but the accepted offers far exceeded this count! 🤷‍♀️ So we need new listings! 🏡 🏠 🏡

On a national note, the experts anticipate prices to remain relatively stable followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.