September is in Full Swing! 🪻🏡

As we dive into ‘back to school’ mode, here’s a look at what happened at the end of summer in our local Fairfield and Westport single-family housing markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in August 2024.

Prices: Up in Both Towns Compared to August 2023. Homes Sold At or Above Asking On Average

• Single-family home sale prices averaged 103 percent of asking in Fairfield and 102 percent in Westport.

• The median sale price in Fairfield was $1,150,000, UP 23.7% compared to August 2023. The median sale price per square foot was UP 6.8% from a year ago to $448. In Westport, the median sale price was $2,450,000, UP 41.6% from a year ago, although there was a distinct dip in the median sale price during August 2023. The median sale price per square foot was $517, which was up slightly (1.7%) from last August.

Pace: Short Average Market Time, But Some Homes Lingered. Unit Sales Down. < 4 Months Supply, But Inventory Increased.

• Market time averaged 23 days in Fairfield and60 days in Westport. Market time ranged from two days to 349 days, so the average contains a broad range.

• Unit sales in Fairfield totaled 58, DOWN 21.6% from August 2023, and 37 in Westport, DOWN 7.5% compared to last August. Inventory in Fairfield was UP 12.8% from last August with 141 single-family homes for sale and UP 4.7% in Westport with 89 homes for sale.

• The months of supply metric was UP 28.9% in Fairfield and 26.4% in Westport compared to August 2023, with levels of 3.13 and 3.75 months respectively. Though still below a balanced market with six months of supply, inventory levels did rise in both towns. Within the previous seven days of this post, there were 49 New and Coming Soon Single-Family MLS listings in Fairfield and Westport combined, almost double that of last month.

What does it mean?

The market volume was slower than last August, but the seller’s market continued with low inventory, high prices, and short market times. Some homes sold for full price or more than asking, and some sold for less. Many homes sold quickly, but some lingered on the market and required price reductions. There was also seasonal slowing due to vacations and back-to-school preparations. But now that we are in ‘back to school mode’, it’s expected that people will be focused on the inventory that we are seeing increase, lower interest rates, with jumbo loans in the 5s, and increased activity due to all the pent up demand!

Bottom line.

If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. If you’re concerned about where you can go, consider this. Here’s an overview of what you can expect.

If you plan to buy in this market, patience and preparedness will work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. There may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers receive and accept offers. It depends on how much competition exists for a particular home at the moment you want to pursue it. You need to be ready to make an informed decision if you really want to secure your new home. This means you are ready to submit a competitive offer, so your mortgage pre-approval or proof of funds should be in your agent’s hands! Keep in mind if you will be financing and enter a multiple-bid situation, you may be competing with cash offers, so you will need other attractive terms to be competitive. Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Are you planning a move this fall? What new lifestyle dreams are you focused on? Share your thoughts in the blog comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JULY 2024

WESTPORT SINGLE-FAMILY – JUNE 2024

To review last month’s market report.

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