Holidays are coming!
As the holiday season approaches 🥳, Fairfield and Westport homeowners are eager to understand the trajectory of the real estate market. Questions about whether it will persist or come to a halt are on many minds, especially for those contemplating a move and uncertain about the ideal timing. Let’s delve into the recent market activity to gain insights and set expectations.
The October report is in!
The October 2023 report has arrived, providing a comprehensive overview of this month compared to the same period last year. Explore the What Sold Reports for a detailed look at all single-family home sales in Fairfield and Westport, Connecticut during October 2023. For those who appreciate visuals, charts await you below! 🤩
7 Things to know about what happened in October:
Yes, mortgage rate and price increases have sidelined some buyers, but not enough to offset the low inventory. Here are seven points to understand about what happened in October.
- INVENTORY WAS DOWN 19.2% in Fairfield and 5.7% in Westport.
- UNIT SALES WERE DOWN 27.9% in Fairfield and UP 19.0% in Westport.
- MARKET TIME WAS DOWN averaging 40 days in Fairfield and 43 days in Westport.
- MEDIAN SALE PRICE WAS UP 12.9% in Fairfield and UP 26.4% in Westport.
- SALE PRICES AVERAGED 103.3% and 102.2% of the list price in Fairfield and Westport respectively.
- SOLD OVER LIST PRICE: 68.8% in Fairfield and 52.0% in Westport.
- SOLD FOR OVER 95% OF LIST PRICE: 91% in Fairfield and 84% in Westport
Low inventory and strong buyer demand continue to upward pressure on prices.
Buyer tip:
When you are buying in this market, there is still a good amount of competition and a 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!
Seller tip:
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 your home for sale. Your agent will guide you on the strategy to maximize the demand for your listing in the current market.
So what’s the take away?
Bottom line: Sixty-seven homes sold in November 2022 which means that 134 parties made a successful move. So we can expect a good amount of people making successful moves this November as well. Will one of them be you?
People buy and sell in every season and 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.
William Raveis Local Housing Data
FAIRFIELD SINGLE-FAMILY – OCTOBER 2023
WESTPORT SINGLE-FAMILY – OCTOBER 2023
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!
Fairfield and Westport CT Real Estate Guide 