October numbers are in!

Greetings, Fairfield and Westport homeowners. I know many of you would like to make a move but are trying to figure out the best timing for your goals.

The charts below summarize what happened in September 2023 compared to August and to September 2022. You can also view the What Sold Reports to see all the single-family homes that sold in September 2023 in Fairfield and Westport Connecticut.

If you don’t like charts, skip to the summary below! 🤩

FAIRFIELD SINGLE-FAMILY – SEPTEMBER 2023

WESTPORT SINGLE-FAMILY – SEPTEMBER 2023

William Raveis Local Housing Data

Low inventory and strong buyer demand continue to maintain some upward pressure on prices.

Yes, mortgage rate increases have sidelined some buyers, but not enough to offset the low inventory. Here are five key points to understand about the market in September this year vs last year.

1. INVENTORY WAS DOWN 21% in Fairfield and 1% in Westport.
2. UNIT SALES WERE DOWN 37.9% in Fairfield and 55.3% in Westport.
3. MARKET TIME averaged 48 days in Fairfield and 58 days in Westport.
4. MEDIAN SALE PRICE was down slightly (1.1%) in Fairfield and UP 17.4% in Westport.
5. SALE PRICES AVERAGED 102.3% in Fairfield and 96.6% of asking in Fairfield and Westport respectively, (so pretty close to asking).
6. SOLD OVER ASKING: 74.3% in Fairfield and 18.8% in Westport.

When you are buying in this market, there is still a good amount of competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision and have everything you need to submit a competitive offer. This means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece!

When you are selling, the market’s response to your listing depends on how compelling your asking price is for the property you are presenting and the demand for your property at the time you list it for sale. In September, homes sold close to the asking price on average and went under contract in 48-58 days. Your agent will guide you on the strategy to maximize the demand for your listing in the current market.

Bottom line: There is a very nice window right now to sell your home. We are after the back-to-school rush and before the holiday craziness, after the summer heat and before the wintery mix. Buyer demand remains higher than the supply, and the inventory is still low.

People buy and sell in every market, so embrace your dream lifestyle and go for it, if now is right for you! The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

If you’re not ready to think about your move yet, please refer your friends to me using the form below. Referrals are a win-win!