If you are like many I know, you would like to make a move but are trying to figure out the best timing for your goals.
I am seeing some buyer resistance to prices due to the added expense of current interest rates. However, the imbalance of supply and demand still keeps us in a seller’s market despite the rising rates. Here’s the latest market update.
The charts below show a summary of what happened in July 2023 compared to last July. My What Sold Reports include a list and summary of all the single-family homes that sold in July 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – JULY 2023
WESTPORT SINGLE-FAMILY – JULY 2023
William raveis Local Housing Data
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport.
Here are six key points to understand about the market in July this year compared to last July.
INVENTORY WAS DOWN 13 – 14% in the two towns.
UNIT SALES WERE DOWN 39% in Fairfield and UP 6% in Westport.
SALE PRICES AVERAGED 104% – 105% of asking in both towns.
ACCEPTED OFFERS COMPARED TO ACTIVE LISTINGS REMAINED HIGH at 27% of active listings in Fairfield and 15% in Westport. Although these are lower percentages than in July of 2020 through July 2022, the accepted offer levels were still significantly higher than those of July 2019 pre-pandemic; double in Fairfield (13%) and triple in Westport (5%)!
MARKET TIME INCREASED to a range of 36 – 50 days to contract.
CASH DEALS comprised 36% and 38% of the sales in July in Fairfield and Westport respectively.
When you are buying in this market, you want to be prepared to come in with a competitive offer. This includes being prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want! Remember, there’s a 36-38% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer. The good news is that new listings are coming to the market each day.
If you are selling a home that you paid cash for, you can look forward to a high sale price and maximum equity!
There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average were still selling above the asking price in July. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. As a buyer in this market, you can anticipate increased equity from price appreciation that is expected to continue. New listings continue to come to the market each day. Rates may also come down enabling you to refinance. Committing to the process will get you to your new home!
Reach out to me anytime with your questions about the market and to discuss your plans.
Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
If you are like many people I know, you would like to make a move but are trying to figure out the best timing for your goals. We are still in a seller’s market, and here’s the latest market update.
The charts below show a summary of what happened in June compared to June 2022. And my What Sold Reports list all the single-family homes that sold in June 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – JUNE 2023
WESTPORT SINGLE-FAMILY – JUNE 2023
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport.Here are four key points to understand about the marketin June this year compared to June 2022.
UNIT SALES WERE DOWN in both towns (20% in Fairfield, 30% in Westport).
THE SELLING PRICE AVERAGED 103% – 105% of asking in both towns.
MARKET TIME DECREASED to a range of 22 – 32 days to contract!
CASH DEALS comprised 31% and 39% of the sales in June in Fairfield and Westport respectively.
If you are buying a home, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.
If you are selling a home that you paid cash for, you can look forward to a high selling price and maximum equity!
There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average, are selling above the asking price based on June numbers though. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. But new listings are still coming to the market each day, so committing to the process will ultimately land you your new home!
Reach out to me anytime with your questions about the market and to discuss your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s the latest market update.
The charts below show a summary of what happened in May compared to May 2022. And my What Sold Reports show all the single-family homes that sold in May 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – MAY 2023
WESTPORT SINGLE-FAMILY – MAY 2023
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport.Here are four key points to understand about the marketin May this year compared to May 2022.
UNIT SALES WERE DOWN in both towns.
THE MEDIAN SALE PRICE WAS UP in both towns.
MARKET TIME INCREASED from last May and averaged 41 days to contract in Fairfield and 83 days in Westport. However, the May Median days on market in both towns was less than in April!
30-40% of all sales in May were CASH deals.
The amount of cash offers nearly doubled since before the pandemic. Thirty-three percent of all sales in Fairfield from January through May were cash deals, versus 18% during the same months in 2019. In Westport, forty percent of the sales YTD through May were cash, up from twenty-two percent in 2019.
If you are buying, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.
When you are buying in this market, you want to be prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want!The good news is that you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.
If you will be selling a home that you paid cash for, you will enjoy full equity and a high selling price!
There are multiple offers on some properties, while others receive just one. Homes on average, are selling close to the asking price. This means some are selling for full price, some above, and others below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! The inventory is still low and buyer demand remains high.
Reach out to me anytime with your questions about the market and to talk about your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
Hello May,🌷and hello home 🏡 sellers in Fairfield, Westport, and surrounding towns!
I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s what you need to know.
The charts below show a summary of what happened in the month of April this year compared to 2022 and 2021. And my What Sold Reports show what single-family homes sold in April 2023 in Fairfield and Westport Connecticut.
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall markets in Fairfield and Westport.Here are four key points to understand about the market this April:
New Listings – are DOWN from the previous two years at this time but have been increasing since January.
The Median Sale Price – is UP from the past two years and from last month.
Pending Sales – are DOWN in April compared to April 2022 and 2021.
Months of Supply is UP.
There are multiple offers on some properties, while others receive just one. Some homes are selling on average, close to the asking price. This means some are selling for full price, and some above and others below. The time on market from list to contract is between 50 and 60 days in Fairfield and Westport, respectively, which is up from about 30 to 45 days last April. So buyers are enjoying a little more time and leverage in some cases. It depends on the level of activity on the individual property.
Bottom line: Now is a great time to sell! The inventory is low but has been increasing since January, so listing your house now gets you in front of buyers before peak competition. As a buyer, you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.
Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.
I know many of you are thinking of making a move but may be hesitating due to uncertainty. Of course, no one has a crystal ball for the future, but the charts below and the What Sold Reports show what happened with single-family homes March 2023 in Fairfield and Westport Connecticut.
One thing we know is that the low inventory environment will not be changing anytime soon. Also of note in the following Fairfield and Westport graphs is that the months of supply peaked in June last year. So, if this year follows suit, June will be the time of highest competition for sellers and the most choice for buyers. Feel free to reach out to me for values in additional towns.
FAIRFIELD PRICES & INVENTORY
The median (midpoint) sale price was down 3.1% in March compared to March 2022 (first graph), however it has been increasing since January. This is likely the result of more smaller homes selling. The average price per square foot actually increased 12.9% (second graph)! Smaller homes tend to sell for more per square foot, and prices may be heading upward as well. Lastly, the inventory has remained incredibly low with only 1.8 months of supply (third graph). This low level is the same as last year at this time. A balanced market has 5-6 months of supply!
Fairfield Median Sale Price – March 2023 DOWN 3%
Fairfield Median Price Per Square Foot UP 14.2%
Fairfield Months of Supply 2.5 UP from 2.1 in March 2022
WESTPORT PRICES & INVENTORY
The median sale price was also down in Westport, by 18.5% from last March (first graph). But the sale price per square foot was up 4.9% suggesting price increases (second graph). The months of supply did improve by 3.8% since last month but still remains low at 2.7 months (third graph).
Westport Median Sale Price – March 2023 DOWN 18.5%
Westport Median Price Per Square Foot – March 2023 UP 4.9%
Westport Months of Supply – March 2023 UP 3.8%
Tight Inventory and Strong Buyer Demand Continued
We saw some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. However, this leverage was only on a a case by case basis.
Due to the tight inventory, many homes still sold very quickly and with multiple offers.
Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.
I know many of you are thinking of making a move but may be hesitating due to uncertainty. Here’s what’s happening in Fairfield and Westport, Connecticut. Reach out to me for values in additional towns.
Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers when comparing February 2022 vs February 2023 market stats. (March numbers will be out soon.)
FEBUARY 2023 MARKET HIGHLIGHTS
New Listings & Sales Volume: DOWN In Both Towns
New listings were down 27% in Fairfield and 49% in Westport which limited the sales volume. Unit sales were down 53% in Fairfield and 42% in Westport. Average days on the market also increased in both towns.
Price Per Square Foot: UP in Both Towns
Although the Fairfield median and average sale price metrics were down this February, the average sale price per square foot was up! When you look at what sold this February, you can see that more smaller homes sold (average square foot =1,741) and only one sale was above $1M compared to last year. In February 2022 the average size home that sold had 2,215 square feet, and there were seven sales between $1M and $3M. So it appears to be more about the mix of homes that sold that resulted in the appearance of prices decreasing in Fairfield.
In Westport, prices were up any way you look at it!
Tight Inventory and Strong Buyer Demand Continued
We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. However, this leverage was spotty and remained only on a a case by case basis.
Due to the tight inventory, many homes still sold very quickly and with multiple offers.
So when you are buying, you want to to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!
On a national note, the experts predicted that prices would remain relatively stable by the end of 2023 followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!
Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.
It’s February, but March is Just Around the Corner!
The January numbers are in, so where do things appear to be going at the moment? I know many of you are thinking of making a move but may be hesitating due to uncertainty (see 3rd video below). I will keep you abreast of home values in Fairfield and Westport Connecticut each month here on the blog. Reach out to me for values in additional towns.
Since we are starting a New Year, I pulled the report showing 12 months ending in January compared to the same timeframe the previous year. Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers.
Home values were up.
The median and average sale prices were up as well as the average sale price per square foot in both towns compared to the 12 months ending in January 2021.
Inventory and new listings were down, putting upward pressure on prices. Homes sold on average for 102% of the list price, compared to 100% in the previous year.
In favor of buyers, unit sales and contracts were down. We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. This leverage is very much on a case by case basis.
Due to the tight inventory, many homes are still selling very quickly with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.
Below are my market comments for the last week in January and second and third weeks in February. (Click each image for the 60-second videos on Instagram). We saw an increase in new listings, but the accepted offers far exceeded this count! 🤷♀️ So we need new listings! 🏡 🏠 🏡
On a national note, the experts anticipate prices to remain relatively stable followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!
Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.
Finally, the home you love just came on the market and you want to buy it.
But your existing house won’t be closing in time for you to make a competitive offer. In this market of tight inventory you need to be able to act quickly and come in with a complete and solid offer for the new home that you want to buy.
Did you know you can secure your mortgage pre-approval before you close on the sale of your home? Here’s a great tip you should know about!
If your dept-to-income ratio doesn’t allow for you to carry two houses, but you have an accepted offer for the sale of your house, this could be good news for you!
Have your downpayment ready.
Get the contingency-free loan commitment letter from the buyers for your house.
If the buyer for your house is financing and will give you their contingency-free loan commitment letter, you may be able to get your mortgage pre-approval to buy before you close on your sale.
With your buyer’s contingent-free loan commitment letter, your lender does not have to include your existing mortgage debt when figuring your debt-to-income ratio for your new loan. All you need is your down payment, and you are good to go.
It’s January 2023 and you are wondering, are home values falling? As a potential home buyer or home seller, you want to know where the values of your Fairfield County house are now and where they are likely heading.
I will keep you abreast of Fairfield County house values in Fairfield and Westport each month here on the blog. Reach out to me for values in additional towns.
Below is a comparison chart for each town showing the year-to-date change and an estimated forecast to address the question, “are home prices falling”.
As you can see, we are still in a seller’s market. Home values are up 12-25% in Fairfield and Westport at the end of 2022 compared to 2021. Inventory and new listings are down, and market time is down year over year.
Yet, in favor of buyers, unit sales and contracts are also down. And months of supply was up in December in both towns (data not shown). So this offers some opportunity for buyers to possibly have a little more time, choice and negotiating ability in the coming year. This leverage is on a case by case basis though. Due to the tight inventory, many homes are still selling very quickly and some still with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.
On a national note, the experts have not projected home prices falling in 2023. They expect to see prices remain relatively flat followed by continued appreciation beginning in 2024. So more equity should be there for the taking for home buyers this year!
Reach out to me anytime with your questions about the market and to talk about your plans.
During a recent meeting of the Greater Fairfield Board of Realtors, a panel of town officials from several departments presented updates and information for discussion among the group. I was struck by the new Conservation Director’s announcement that the volume of inland wetland violations has skyrocketed recently with all the new homeowners moving into town and being unaware about the presence and importance of wetlands. He asked if we could help him get the word out to people.
So (on an unseasonably hot day in November!) I met with Fairfield’s new Conservation Director, Tim Bishop over coffee to talk about how I can help homeowners in town learn how to protect our precious wetlands. Tim is an expert environmentalist with almost two decades of experience. He is an excellent resource for our town and truly wants to collaborate with homeowners to help them get their home improvements done while protecting our fragile natural resource, the inland wetland areas.
When meeting with Tim, I learned that most people are not aware of the importance of protecting wetlands. I learned that protecting our inland wetlands is critical to controlling flooding and stormwater run-off, maintaining our water quality, and preserving natural ecosystems that need still (vs. flowing) water to breed and live. Healthy wetland areas hold onto water which allows a natural cleaning process to occur and provides the environment necessary for wildlife survival, while controlling flooding.
People don’t realize that their actions could be permanently destroying this critical natural resource, and they don’t realize that what they do in their yard impacts other people. So I assembled the information below to address the key issues and also put it in a handout for people to use and share.
HOW DO I KNOW IF MY PROPERTY IS REGULATED?
Call the Conservation Department. Ask your REALTOR® to check your deed.
Your property may have a water course, wetland soils, a buffer zone from adjacent wetlands, or a conservation easement to preserve another fragile natural resource.
Your property may have wetlands and be regulated even if it appears to be dry. Regulated activities include any “digging” (even 1 inch down) and “dumping” (depositing any material in wetland areas)
WHAT SHOULD I DO IF ACTIVITY ON MY PROPERTY IS REGULATED?
Call the Conservation Department to learn what impact your future plan would have on the environment and how it can be done safely. They will tell you if your project needs a “staff level permit”, a “commission level permit”, or no permit at all.
Be sure to come in for a Concept Review before submitting a permit application online! After your Concept Review, you can submit your online permit application.
WHAT’S IN IT FOR ME?! Water Quality: Healthy wetlands hold onto water & enable a natural cleansing process for clean water. Flood Control: Healthy wetlands control flooding & prevent storm run-off.
Ecosystems: Healthy wetlands hold onto water that is critical to wildlife’s ability to breed & survive. Prevent Permanent Loss: Once a natural wetland area is damaged or destroyed, it can never be restored to its original natural integrity. Prevent Violations: Conservation violations are costly to the department, to you, and to the environment.
Resource to Help You: The Conservation Department is led by expert director, Tim Bishop who is here to help you plan your project and protect our inland wetlands.
Just Give Them a Call!
CALL BEFORE YOU START. Learn whether your property is regulated, what you can do, and where you can do it.
Tim Bishop, NEW Conservation Director 203-256-3071
FAQS:
Q. I’ve heard horror stories about getting Conservation involved in any projects. Why should I jump through hoops and pay the town extra money?!
A. Good news! There is a NEW director of conservation and new staff, all of whom are experts at protecting the inland wetland environments. They want to collaborate with Fairfield residents to ensure we can all enjoy the benefits of preserving healthy wetlands. They are very reasonable and are streamlining pricing, guidelines, and the way they work with homeowners. They truly want to connect with you to help you get your project done in a way that is safe for the environment and protects it for generations to come.
Q. Why would activity on my property be regulated by the Conservation department?
A. There are three possible conditions: 1) There are watercourses or wetland soils on your property. 2) There are wetlands or wetland soils on a nearby property with a protective buffer zone extending onto your property. 3) There is a conservation easement on your property deed (I.e. to protect a meadow). If any of these conditions exist, activity on your property is regulated by Conservation. This does not mean you will always need a permit or that you can’t implement your plans. It means that the experts in the department need to work with you on a plan that is safe for the environment.
Q. Why does conservation regulate my land?
A. The department only regulates activity that has an impact on the environment in regulated areas. It does not regulate your land. What you do in your yard impacts other people and the environment.
Q. What activities are regulated?
A. Any activity that involves digging (even an inch down) and dumping (depositing material in a wetland area) that disturbs wetlands. Some examples are: Installing pools, fences, patios, generators, sprinklers, koi ponds, dumping branches, brush, animal waste, etc.
Q. Can I plant stuff?
A. Check with conservation first if you have a regulated property to learn which species are native vs invasive. A permit will be needed for anything requiring trucks or heavy equipment, but manually planting native species might not even need a
Q. How long will it take to get a permit?
A. There are two types of permits, the CWC (Certificate of Wetland Conformance), and IWP (Inland Wetland Permit). CWC is a “staff level” permit which takes 1 to 1.5 months. It includes a 15-day waiting period for the public to weigh in on the applicant’s posting in the newspaper regarding their proposed activity. The template for the post is provided by conservation.
IWP is a ”commission level” permit which takes 3 to 4 months. The inland wetland commission is a self-managed group that adheres to regulations from the state. They meet monthly. Some projects may need discussion in more than one meeting.
Q. How much will it cost me to get conservation involved?
A. The new director, Tim Bishop is in the process of revamping the fees to make them much more cost effective. There will be a simple menu of activities, each with a very reasonable associated fee.
Q. How can I stay informed about inland wetland information?
A. Tim posts new information each month on the department homepage at Fairfieldct.org/conservation. But you can always call and ask your questions directly. Tim says, “Just give us a call!” Of course you can also stop in during office hours and visit the wetlands map.
If you are thinking of buying and/or selling a property and have questions, you can reach out to me below.
Fairfield and Westport CT Real Estate Guide 