IT’S MAY!! 🌷☀️

Word on the street- is that prices continued to rise in Fairfield and Westport. Here’s a summary of what happened in April in our local Fairfield and Westport single-family housing markets compared to a year ago in April 2024.

Check out the What Sold Reports to see all the homes that sold last month! Stay informed of new listings, price changes, local market insights, and mortgage rates.

April 2025
Market Changes in Favor of Buyers & Sellers

Was it still a seller’s market in April?

Prices continued to rise in both towns in favor of sellers. However, a number of metrics suggested some movement toward a more balanced playing field. Unit sales were down in both towns compared to the prior April stats. Market time was a bit longer, though it still ranged from about a month to a month and a half from list to contract. Sale prices averaged very close to asking (vs above asking). In Westport, despite a 24.7% increase in the median sale price, we saw more inventory, more months of supply (4.55), and more new listings compared to last year. Behind these numbers, we saw case-by-case home sales where some flew off the shelf with multiple bids and closed over-ask, while others took longer and may have had price adjustments. Overall, conditions favored sellers due to the inventory shortage though there are still plenty of opportunities for buyers to snag their dream home. Another word of encouragement to buyers is that the sooner you get into your new home, the sooner you can enjoy the price appreciation and your earned equity!

At the time this post was written, the 30-year fixed conforming mortgage rate was 6.875% down from 7% the prior month, and rates in the high fives and sixes remained for other loan products.

Action Items.

Whether you are thinking of buying, selling, or both, it’s in your best interest to plan ahead by meeting with your agent early in your process. This will help you know what to expect in the current market and have a plan in mind.

Many sellers ask, when is the best time to sell? The answer is, when you are emotionally ready, your house is market-ready, and the time is right for you. There will always be pros and cons to the current market, and no one can accurately time it.

Pro Seller Tip: Remember not to resign yourself to a sellers market being an automatic slam-dunk. It is still critical to position your home to show its very best, which may include some staging, and price it appropriately with the market in order to sell for top dollar in the least amount of time. Critique your home as if you were a protective buyer to gain perspective.

Reach out to your agent proactively with your questions and desired outcomes so you’ll have a plan and timeline to get you where you want to go. Collaborate with your agent for the best marketing strategy and negotiations to maximize demand for your listing in the current market. If you’re concerned about where to go, consider this story. Here’s an overview of what you can expect for the process.

As a buyer in this market, be patient, diligent… and ready to go! Reach out to your agent proactively to go over the process, current forms, and a plan that meets your needs. Your agent will help you navigate the market for a successful sale and/or purchase. The competition for a particular property at the time it hits the market determines how much leverage you will have to negotiate price, timing, and terms. Competition continues among buyers and there is still a short window before most sellers receive and accept offers.

If you are ready to make an informed decision, you will be well positioned to secure your new home. This means you are prepared to submit a competitive offer and your proof of funds or mortgage pre-approval are in your agent’s hands. Keep in mind if you are in a multiple-bid situation with financing, you may be competing with cash offers. Talk to your agent about how you can make your offer more attractive in other ways. If you need to sell your house before buying, discuss your options with your agent. Here’s a guide for what you can expect.

The spring market is in full swing and many new home sellers are diving in. Will you be one of them who is positioned to extract top dollar in the least amount of time? 🌷 🏡 ☀️

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