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Is there a new trend emerging?

Happy Holiday Season! The November numbers are in. As 2023 comes to a close, let’s take a look at what happened in our local Fairfield and Westport markets in November. For a list of all the single-family sales, explore the What Sold Reports. If you love the visuals, charts await you below! ⬇️

Here’s what happened in November:

Prices.

Sale prices averaged 100% of asking in both Fairfield and Westport. This is down from 102-103% in October suggesting a slight shift toward a more balanced playing field between buyers and sellers. The seller market was still strong though, with more than half the homes selling above asking price and the majority homes selling for over 95% of the asking price.

The median sale price was 13% lower year over year in Fairfield, likely due to a mix of sales that included more smaller homes. In Westport, the median sale price was up 9.7%. The median sale price per square foot was up in both towns compared to November 2022.

Pace.

The time on-market averaged 48 days in Fairfield and Westport, which was shortest November market time in the past three years.

Unit sales were down 11.1% in Fairfield and up 8.7% in Westport. There were eight new listings in each town at the time of this post. Inventory was up very slightly in Fairfield (3.1%) but down 12.5% in Westport.

There were approximately three months of supply in both towns, (2.78 months in Fairfield and 3.32 months in Westport). This metric shows that we are still in a sellers’ market given that a balanced market has closer to a six-month supply. However, the market is not as extreme in the seller’s favor as it was when the supply was in the two-month range in March (Westport) and April (Fairfield).

What does it mean?

There are some signs that the real estate market may be moving toward a more balanced state given that market activity is resulting in a sale to list ratio of 100% (versus way above) and that the supply is hovering in the three-month range.

Rates, ratio, and supply may suggest a shift toward a more balanced market. But this does not appear to be a clear trend yet, and market time is still quite short, so we will have to wait and see.

If you plan to buy 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!

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.

Bottom line

Eighty-nine homes sold in December 2022, meaning that 178 parties made a successful move during this holiday month last year. So we can expect a good amount of serious people making successful moves this December as well. Do you plan to be one of them?

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time 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 – NOVEMBER 2023

WESTPORT SINGLE-FAMILY – NOVEMBER 2023

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