Happy March! Has spring fever 🌸 hit you yet?

I know many of you are thinking of making a move but may be hesitating due to uncertainty. Here’s what’s happening in Fairfield and Westport, Connecticut. Reach out to me for values in additional towns.

Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers when comparing February 2022 vs February 2023 market stats. (March numbers will be out soon.)

FEBUARY 2023 MARKET HIGHLIGHTS

New Listings & Sales Volume: DOWN In Both Towns

New listings were down 27% in Fairfield and 49% in Westport which limited the sales volume. Unit sales were down 53% in Fairfield and 42% in Westport. Average days on the market also increased in both towns.

Price Per Square Foot: UP in Both Towns

Although the Fairfield median and average sale price metrics were down this February, the average sale price per square foot was up! When you look at what sold this February, you can see that more smaller homes sold (average square foot =1,741) and only one sale was above $1M compared to last year. In February 2022 the average size home that sold had 2,215 square feet, and there were seven sales between $1M and $3M. So it appears to be more about the mix of homes that sold that resulted in the appearance of prices decreasing in Fairfield.

In Westport, prices were up any way you look at it!

Tight Inventory and Strong Buyer Demand Continued

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. However, this leverage was spotty and remained only on a a case by case basis.

Due to the tight inventory, many homes still sold very quickly and with multiple offers.

So when you are buying, you want to to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

On a national note, the experts predicted that prices would remain relatively stable by the end of 2023 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.