Hello Fairfield and Westport!
If you are like many people I know, you would like to make a move but are trying to figure out the best timing for your goals. We are still in a seller’s market, and here’s the latest market update.
The charts below show a summary of what happened in June compared to June 2022. And my What Sold Reports list all the single-family homes that sold in June 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – JUNE 2023
WESTPORT SINGLE-FAMILY – JUNE 2023
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport. Here are four key points to understand about the market in June this year compared to June 2022.
- UNIT SALES WERE DOWN in both towns (20% in Fairfield, 30% in Westport).
- THE SELLING PRICE AVERAGED 103% – 105% of asking in both towns.
- MARKET TIME DECREASED to a range of 22 – 32 days to contract!
- CASH DEALS comprised 31% and 39% of the sales in June in Fairfield and Westport respectively.
If you are buying a home, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.
When you are buying in this market, you need to be prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want! The good news is that new listings are coming to the market each day.
If you are selling a home that you paid cash for, you can look forward to a high selling price and maximum equity!
There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average, are selling above the asking price based on June numbers though. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. But new listings are still coming to the market each day, so committing to the process will ultimately land you your new home!
Reach out to me anytime with your questions about the market and to discuss your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
Fairfield and Westport CT Real Estate Guide 