Fairfield and Westport CT Real Estate Guide

August is Almost Gone! 🌻

Here’s a quick look at what happened last month in our local Fairfield and Westport single-family markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in July 2024.

Prices: Varied in July. Homes still sold at or above asking on average

• Single-family home sale prices averaged 101 percent of asking in Fairfield and 103 percent in Westport.

• The median sale price in Fairfield was $1,175,000, UP 7.4% compared to July 2023. The median sale price per square foot was down 1.2% from a year ago to $422. This was likely due to more larger homes selling. In Westport, the median sale price was $2,000,000, down slightly (1.4%) from a year ago. The median sale price per square foot was $528, which was UP 10.7% from last July.

Pace: Short market time on average, some homes sitting, low unit sales, 3-4 months of supply.

• Market time averaged a brisk 20 days in Fairfield and 25 days in Westport pointing to more cash deals. Market time ranged from one day to 101 days.

• Unit sales in Fairfield totaled 71, UP 26.8% from July 2023, and 33 in Westport, DOWN 34% compared to last July. Unit sales are still well below pre-pandemic levels. Inventory in Fairfield was UP 5.1% from last July with 104 single-family homes for sale and UP 11.7% in Westport with 162 homes for sale.

• The months of supply metric was UP 25.8% in Fairfield and 28.8% in Westport compared to July 2023, with levels of 3.50 and 4.33 months respectively, though still well below a balanced market with six months of supply. Within the previous seven days of this post, there were 26 New and Coming Soon MLS listings in Fairfield and Westport combined.

What does it mean?

The sellers market continued in July with ongoing low inventory 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 sat on the market longer and required price reductions. As the end of summer approached, there was some seasonal slowing due to vacations and back-to-school preparations. Some would-be buyers and sellers also paused while anticipating a rate cut. But some people kept their focus on moving forward with their plans.

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 – JULY 2024

To review last month’s market report.

Want a quick online home estimate?

Hello July! 🌺

Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in June 2024.

Prices: Up about 10 percent from last June, homes sold above list price on average.

• Single-family home sale prices averaged 105 percent of asking in Fairfield and 103 percent in Westport.

• The median sale price in Fairfield was $947,883, UP 10.2% compared to June 2023 and up from May as is seasonally expected. The median sale price per square foot was UP .8% from a year ago to $389, but was lower than last month. In Westport, the median sale price was $2,325,000, UP 10.7% from a year ago and also up from last month. The median sale price per square foot was $522, which was UP slightly (1.5%) from last June.

Pace: Short market time on average, some homes sitting, fewer sales, 3-4 months of supply.

• Days on market averaged a brisk 19 in Fairfield and 29 in Westport pointing to a significant amount of cash deals. Of note though, is that the days on market ranged from one to 184! In Fairfield, 24% of the homes were purchased with cash, and 47% of the Westport sales were cash deals.

• Unit sales in Fairfield totaled 65, down 8.5% from June 2023, and 30 in Westport, down 38.8% compared to last June. Inventory in Fairfield was the same as in June 2023 with 150 single-family homes for sale and down 6.8% in Westport with 96 homes for sale.

• The months of supply metric was UP 22% in Fairfield and 6.6% in Westport compared to June 2023, with levels of 3.33 and 3.78 months respectively. Within the previous seven days of this post, there were 41 New and Coming Soon MLS listings in Fairfield and Westport combined.

What does it mean?

Continued low inventory and short market time favored sellers. There were still multiple-offer situations, but these were on a case-by-case basis. Some homes sold for full price or more than asking, and some sold for less.

Bottom line.

If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. In some cases, there is more balance than before, but we are still in a seller’s market due to low inventory. When buying, patience and interest rates, now in the 6s, can work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. 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, 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 all depends on how much competition exists for a particular home at the point in time when you want to pursue it. You will need to be ready to make an informed decision if you really want to get your new home. This means you have everything ready to submit a competitive offer, especially your mortgage pre-approval or proof of funds in your agent’s hands! Keep in mind that if you will be financing and enter a multiple-bid situation, 24 to 47 percent of the competing buyers may be offering cash, so you will have to compensate with other attractive terms. Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Would you love to be in a new home this summer? 🍉 What new lifestyle objectives you are focused on? Share your thoughts in the blog comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JUNE 2024

WESTPORT SINGLE-FAMILY – JUNE 2024

To review last month’s market report.

Want a quick online home estimate?