Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

Category Archives: Market Updates

Market reports, Beach Bulletin


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2013 Fall Housing Market: Westport & Fairfield CT

1284 Fairfield Woods Rd, Fairfield CT

1284 Fairfield Woods Rd, Fairfield CT Sold for $445,000 on September 17, 2013

It’s safe to say that our local single family housing markets have been doing well this year compared to September 2012!  Sales and prices are up, and inventory is down.

In Westport, the number of homes for sale through September decreased 11% from 364 last year to 324 this year.  Sales jumped 29.4% from 279 to 361homes sold this year.  The median sale price increased 3.5% from $1,225,000  to $1,268,000 at the same time this year.

In Fairfield, we also saw inventory down from 501 last year to 482 this fall, a reduction of 3.8%.  Unit sales were up 18.4% from 479 to 567 homes sold.  And the median sale price was also up 4.7% from $549,000 to $575,000.  Take a look at the chart for more detail.

Please contact me with questions, comments or new business opportunities!

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How’s the Winter 2014 Real Estate Market Fairfield in County CT?

We sure have been hit hard with winter extremes since the New Year with everything from sub-zero temperatures to multiple blizzards and some freezing rain mixed in for good measure! No doubt the weather has been keeping our spring real estate market at bay, but how did sales look in our neighborhood markets in January after the holidays?
Let’s take a look at a few measures across three towns, and see how they relate to last year. Comparing the number of homes on the market, total sales and the average market time in January, we see some promising numbers.  View or print charts here.
 
In Weston, Westport and Fairfield inventory of homes for sale was up between nine and twenty-two percent suggesting stronger seller confidence in the market this year.   Sales in fact, were way up in Weston (50%) and Fairfield (42%) compared to January 2013. Westport sales were down twenty-two percent, but there had been a big spike in the December sales.  The average days on market was way down (-40%) in Westport, though up a bit in Weston and Fairfield (5% and 12% respectively).
 
Overall, the increased inventory and sales in addition to average market time as low as 80 days in Westport, suggest to me that there is pent up demand on both the buy and sell sides of the market.   It would be great to see the market jump up to the pace noted in my post from last June.   I expect to see a flurry of activity in the housing market instead of snow as soon as Mother Nature decides to get the weather under control!
 
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Live in Downtown Fairfield- Commuter’s Dream Home!

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Live in Downtown Fairfield- Commuter's Dream Home!

Charm Central: 34 Glover Street, Fairfield, CT 06824
NEW PRICE: $499,000
MLS# 99039689


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Look for Me on HGTV

HGTV’s, House Hunters Renovation will be moving east for the first time this coming spring. Until now, the show has focused on the west coast, but the new season will be showcasing homes, buyers and their agents in our neighboring areas as well as right here in Fairfield! 

The show is a spinoff of the popular series, House Hunters, and this is how the premise of the show is described on HGTV.com,

“Ever wonder what happens AFTER House Hunters choose? In House Hunters Renovation, our buyers look for a new home that is anything but turnkey. Watch as they tour three potential homes and ultimately choose the one that’s waiting for their special touch. Then stay as they renovate and decorate, ultimately revealing their new space!”

Keep your eyes open for a new episode featuring me and my clients Michael and Ella.  After a quick sale of the home they bought with me four years ago in Black Rock, they have fast-tracked their Fairfield search and found three properties that will meet their main goal of getting their kids into good schools.

The final search narrows to a home on Samp Mortar Drive, Sterling Street and Hunyadi Avenue.   I tour Michael and Ella through each and help them weigh the pros and cons relative to their priorities.  Once the big choice is made, the HGTV design team meets with the couple to brainstorm and envision how this house can become their dream home.  Watch HGTV’s designers and contractors transform the home, and see this family get ready to live happily ever after!   Check HGTV.com regularly for opportunities to win cash for remodeling your home, and stay tuned for the date of the show-
Image

The above photo was taken at Sweet Basil in Fairfield.  I am seated across from Michael and Ella and next to HGTV director Andrea and project manager, Andrew.  The camera man and sound guy are sitting at the back right of the table.


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From Southport CT to Southport CT – Success Story

Some happy clients left their Southport home behind for a gorgeous new home in none other a wonderful place than… Southport!

921 Kings Hwy W w gift

Mom gave 100% approval and even supported the endeavor as a partner. They got a great deal on a bank owned new construction, and the bank even hired a new builder to complete the house and provide custom finishes.

Here’s to a new chapter and a new home. – Cheers!

921 Kings Hwy W


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And They’ll Live Happily Ever After!

The couple in the long distance relationship had to come together sooner or later, and they did just that in Fairfield’s university area this month!

Gary was living in his New York apartment and working in Manhattan. Jackie was working and living in her house in New Hampshire with her son. Every Friday, Gary took the train to Boston and then drove another half hour to Jackie’s house to be with her for the weekend. He didn’t mind the weekend trips, but travel and distance was still a barrier between them.

Since Jackie had a house to sell and didn’t know how long it would take, they figured they would rent in Fairfield where Gary’s parents live until they could get more settled with their plans. It turns out, I had the perfect house to show them, and they loved it. Jackie put her house on the market the next week and sold it in one day!

So they came together in Fairfield, and the rest is history!
5 Ermine Gary & Jackie at Closing
5 Ermine Gary & Jackie


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Movin’ Like Hot Cakes! Summer Real Estate 2013

Folks have been asking me if the market’s been picking up, and I have to say YES! Here’s a mini-update on what’s happened with me within the past month or so.

My listing on 113 Charles Street in Fairifield SOLD at the end of May for $500,000. It went for 95% of the asking price to a nice young couple that has joined the beach area. The previous owners moved on to a new job promotion in Boston and new home in South Norwalk.

House Beach Grass Optimized 800x600

My listing at 479 South Benson Road, Fairfield also SOLD at the end of May for $750,000 at 94% of list. This was a short sale through Bank of America in which my clients were accepted into BoA’s “Cooperative Short Sale Program”. Believe it or not, I have to say that I was extremely impressed with the bank’s process and efficiency. The entire transaction was managed via the online program called Equator and through educational resources available on the bank’s website. They provided a chart with an overview of the steps in the process and how much time was allotted for each step- and they stuck to it! We closed on time, and my clients moved on with their plans!
Charming front porch complete with swing and private back patio.
Currently under CONTRACT with my buyers, is 921 Kings Highway West in Southport. This is a lovely new construction home that is bank owned with a listing price of $819,900. They can’t wait to move in and enjoy!

921 Kings Hwy W

Also under CONTRACT with my buyers is 5 Ermine Street in Fairfield’s lovely University area. The asking price is $659,900. The happy couple will be uniting here as they prepare to get married. He is coming here from New York’s Big Apple, and she is coming from New Hampshire. They will be moving to Fairfield in time to enjoy the beaches this summer.

5 Ermine

So what’s up and coming, you may ask?

We have an OPEN HOUSE coming up on Sunday June 23rd from 1:00 to 3:00 at 1284 Fairfield Woods Road, Fairfield CT.  This is an impeccable and charming home with four bedrooms, two full baths and nearly a third of an acre with completely fenced level yard.  Asking price is $459,900. Click the image below for more pic’s and info!

1284 Fairfield Woods

…And COMING SOON to the market is Black Rock Gem, 184 Harborview Ave, to be listed at $324,000.   184 Harborview
Stay tuned for more….

So, you can say that things are definitely moving out there!   Let me know if you are ready to move on with your plans.  As always, I’m here to help! -Linda

Spring Tulips!

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Spring Tulips!

I just sent this beautiful post card to three of my clients who are having home buying or selling anniversaries this spring. One was a two-month anniversary, one a two-year, and the third was a seven-year anniversary!! Isn’t Spring great?


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New Family Joins Fairfield’s Beach Area

The Fairfield Beach Area will soon be welcoming a very excited young family!
Relocating here from North Carolina, the wife is working in Wilton and the husband is the new branch manager for a bank on Black Rock Turnpike.  Only Ken was present for the closing yesterday while Jenn was off to Belgium on business, but they will be together again shortly with their two little ones and nearby relatives.

97 Cummings Ken at Closing

This happy family can’t wait to enjoy their gorgeous new home on Cummings Avenue and to meet their new neighbors this spring!  97 Cummings Ken at House


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Housing Market Update Post-Storm 2013, Westport, Fairfield, Weston CT

Housing Market Update Post-Storm 2013, Westport, Fairfield, Weston Connecticut

Hurricane-blizzard Nemo, the second ‘biblical’ weather event to hit us within a short time frame, has caused another lull in the local housing markets.   But has it really dampened this year’s market compared to last year?   Are we still a buyer’s market, or are the scales tipping in favor of sellers?  Read on to find out!  I’ve looked at the data and prepared this ‘housing market update post-storm 2013, Westport, Fairfield & Weston Connecticut’ to answer these questions for you.

In Favor of Sellers
There are  a number of indicators that mean good news for sellers- low inventory, lots of offers,  low interest rates and a strong average sale-to-list price ratio.

113 Charles St, Fairfield CT

113 Charles St, Fairfield CT
$525,000 MLS# 99009704

Low inventory- The number of homes for sale dropped significantly from last January to this January.  There were 14% fewer homes on the market this year in Weston compared to last year and 26% fewer in Fairfield.   This equates to 165 fewer homes for sale this January among the three towns. The shortage of homes for sale was not matched by a shortage of buyers however, so this meant more buyers for each listing.

TABLE FOR BLOG jpgLots of offers- As a result, the number of accepted offers (binders) surged this January.   The percentage of active listings with binders was 5-10% in Westport, Weston and Fairfield last year at this time.  But binders jumped to 12-13% this year in all three towns!  Contracts were also way up, almost doubling in Westport with 22 last January and 43 this year.

Low interest rates-  Although the lending environment was quite challenging with stricter regulations, the interest rates remained extremely low and encouraged buyers to shop and make offers.  When homes were priced in line with recent comparable sales, appraisals matched the sale price and transactions were successful.  Low rates also enabled a larger pool of buyers to afford the homes for sale.

Strong sale/list price ratio- For sellers pricing their property in accordance with the current market, sale prices remained close to asking.  Sale prices averaged 95% of list with some homes going for full price or more while many of these sellers enjoyed multiple offers and fast sales.  Five homes in Fairfield sold at or above the asking price in January.

111 Mill Hill Rd,    List: $325,000  Sale: $333,500

133 Arbor Dr,        List: $349,900  Sale: $365,130

2698 Easton Tpk,   List: $369,900  Sale: $370,000

29 Flora Blvd,        List: $559,000   Sale: $562,000

30 Carroll St,          List: $1,030,000 Sale: $1,030,000

In Favor of Buyers

Lowest interest rates ever- Buyers continued to capitalize on low prices and the absolute lowest interest rates in history .   Those prepared to act quickly and step up to the plate on price experienced a successful purchase and the joy of a new home.   Others remained out there looking and awaiting the home of their dreams to hit the market.

Mortgage Trend since 2009

And that’s the scoop on the housing market update post-storm 2013, Westport Fairfield & Weston Connecticut.

So if you are looking to buy, keep looking!  More homes are being listed for sale each day.  Contact me using the form below to help you find that perfect home or start browsing homes now by clicking the Search Like an Agent! tab at the top of this blog.  For a  mortgage pre-approval with a top-notch lender, submit a request in the form below to reach Mark Hawkins at William Raveis Mortgage.   Raveis Mortgage is currently averaging an unbeatable 33 days commitment time from submission, and Mark will be happy to assist you.

And if you are thinking of selling your house, now is prime time to get it on the market while your competition is low, shoppers are poised to buy and interest rates are offering you the largest pool of buyers for your price.  Give me a call or send me a request using the form below for a complementary pricing analysis for your home and any other market questions you may have.

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Linda Raymond, Realtor Licensed in Connecticut
William Raveis Real Estate Mortgage & Insurance
203-912-4440
Linda.Raymond@raveis.com